Home Selling in 19138>Question Details

Sheray, Home Seller in Viginia Beach

I have a rental property in Philadelphia,but I can't afford to maintain it anymore. How do I ....?

Asked by Sheray, Viginia Beach Sun Oct 14, 2007

How do I sell it without evicting my tenant, and doing a standard home sell?

zip 19138, West Oak Lane, 3 BR 2 B. Avg sale price $125k

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Answers

6
In PA the terms of the lease continue when ownership transfers. So if the tenant has 6 months left before their lease is up, a new landlord cannot come in and change those terms without the consent of the tenant. If the tenant is on a month to month arrangement there is a lot more flexibility to do what needs to be done. Will the house show better with or without them? Many investors would prefer to purchase a property with a good tenant already in place but if there is a history of late payments or the home looks like a pack rats den it could be a hard sell.

Talk to your tenant ahead of any action so they have no fear of what is happening. After all, it is your rental property but it's their home.
1 vote Thank Flag Link Thu Oct 25, 2007
If you have lease w/ your tenant, check the lease to determine if the lease runs w/ the sale. It commonly does, and landlord/tenant laws frequently are written in favor of protecting the lease in the event of a sale. I am not an attny, nor am I a RE Pro in PA.

There are investors who would welcome the purchase of a property that has a tentant with a solid on-time pay history. If your tenant has been inconsistent or is behind, that will make it harder for you to sell w/ the tenant in place.

You will need the cooperation of your tenant to allow easy access to the property. Buyers need to to see it,a nd how easily that is achieved may depend upon the tenant. Gather you lease documents, review and consult an attny if you are unsure of the terms. Contact a few local Realtors and obtain their marketing plans and pricing opinions on the property.

We sell properties all the time w/ tenants in place. The Realtors just need to know the details, the terms, and the history of tenant. If you goal is to keep the tenant in place, do have that discussion w/ the tenant as a "for sale' sign can make a tenant a bit nervous about an unknown future.
1 vote Thank Flag Link Sun Oct 14, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
I may be interested in purchasing your house. Please contact me at anytime at nickbaker9@gmail.com.
0 votes Thank Flag Link Thu Oct 25, 2007
Hello,

As mentioned previously selling your investment while it is tenant occipied should not be an issue. I would like to apply for the job. Give me a call and we can set up a time to further discuss this opportunity.
Thanks
Greg

Gregory S. Parker, Realtor

Coldwell Banker Realty Professionals

2924 Swede Road

East Norriton, PA 19401

Office 610-277-5000 Ext. 249

Direct 610-994-1147

Fax 610-277-1556

E-Mail greg.parker@coldwellbanker.com

Website http://www.phillyareahomehunter.com
0 votes Thank Flag Link Sun Oct 14, 2007
I strongly agree with Deborah. I had sold properties with tenants and a lease always go over the sale but should not be an issue. I on North Jersey and again a agree 100% with the previous anwers. Good luck. Mike
0 votes Thank Flag Link Sun Oct 14, 2007
Selling the investment property while tenant-occupied is not an issue. Please contact me to discuss.
Web Reference: http://PhillyandBeyond.com
0 votes Thank Flag Link Sun Oct 14, 2007
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