Home Selling in 22193>Question Details

Dennisman, Home Buyer in Wilmington, NC

I want to sell a town house in Woodbridge under lease until 5/14 The lease is "not covered by the "Virginia Residential Landlord- Tenant Act ."

Asked by Dennisman, Wilmington, NC Tue Jan 29, 2013

It is the only rental property I own. . Am I required to do anything more than a 90 day notice?

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Dear Dennis:

There are many different options available to sell your house while it's in a lease. We manage properties here in Woodbridge, VA and have helped clients with similar needs. If you would like to discuss your options, please feel free to contact me via email or phone.

I look forward to helping you!!

Sincerely,
Faiza Alvi - Realtor®
Prince William Realty, Inc.
703-389-7973 (Direct)
703-580-9995 (Fax)
http://www.house2homeva.com
MILLION DOLLAR CLUB - PWAR 2011

I believe:
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
0 votes Thank Flag Link Tue Jan 29, 2013
You may approach the sale a couple of different ways. However, first look to your lease to see what it says about giving notice, showing the property, putting a sign a lockbox on the door, and if sale of the property negates the lease (usually it does not).

You may want to consider first offering the tenant the opportunity to purchase. Should that person decline, you may also offer them the opportunity to cancel the lease, based upon mutually agreed upon terms. You may also offer to "sweeten the pot" but returning all security deposit reqardless of move out condition, and even offer some additional money to mutually break the lease. Be sure to get the agreement in writing signed and dated by all parties. Then fulfill the agreement.

Also, please note that the lease takes precendence over the sale unless there is language in the lease to the contrary. This means if anyone buys the townhouse then they buy it with the lease, the tenant can stay with the same terms and conditions. Based on the price you are asking, sometimes investors are very interested in properties that already have a good tenant.

You may certainly continue to list your property for sale even if they don't move out. A local real estate professional will be able to provide you with market comps, and discuss the situation of is it a regular sale or will it require to be a short-sale, etc.

if you would like to discuss this further, please contact me at 540-371-0050 as I am a real estate broker in your area.

Carolyn LIddell
Sun Realty of Fredericksburg
licensed in the Commonwealth of Virginia
carolyn@suncompanies.biz
0 votes Thank Flag Link Tue Jan 29, 2013
Typically it is a 30 day written notice to vacate (Notice to Quit) But typically this is for contractual issues. You should look to your lease agreement to be certain that is what is in place. If you're wanting to list sooner rather than wait till the lease is up, maybe you can talk to your tenant about agreeing to cancel the lease agreement early.

Hope this helps!

I am a local RE Broker in the Woodbridge area. If you'd like to speak to someone and go over your options and / or need some assistance listing your home, and helping your tenant find a new property I'd be happy to assist you both with some of your options so you can make the right decision for your situation.

Feel free to contact me anytime for a no obligation consult!

Jamie Skojec
Broker
Home Source Realty
(571) 334-2343
0 votes Thank Flag Link Tue Jan 29, 2013
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