If you can keep your tenants on month-to-month, a new investor buyer could offer them a new lease, but it also opens it up to owner occupant buyers who want to live in the unit. Depending on how long the tenants have been there, you'd just give them the appropriate notice to vacate to accommodate a owner-occupant, if that's the offer you accept. Just have your listing agent let agents know that close of escrow will have to coordinate with the more-out date of your tenants, and put it in writing in your counter offer. I would not have them sign a new lease. It's a seller's market, why lose out on what could be your highest offers from owner occupants?
Cory La Scala, REALTOR
Lic # 01443391
You should first give written notification to your current tenants about your plan. Lease contracts normally allow viewing for potential buyers, but please do explain to your tenants what they might expect when the property is going to be sold. Your tenants then should be able to make the decision to stay during the sale process, or vacate. An empty property is much easier to sell then one with tenants, particularly if the tenants are unhappy about the sale.
You need to give your tenants 60 days notice of your intent to sell the condo. I would suggest that you get the tenants out first before putting the condo on the market. It is always easier to arrange showings, etc... with out a tenant. If that is not possible I suggest that you have a Open house Showing time on the weekend between 12-4 and ask the tenant to be gone during those times. Have it set-up so that you will have a lot of buyers in the condo during those times. It is true that you might not have to do any showings, but in order to get the highest and best price I would have at least a one time "event". Also, have you Realtor call all the local agents to pre-advertise and ask if they have any buyers who would be interested.
Best of luck to you
It's a great time to sell
You have plenty of realtors here to choose from that can do a great job in advising you on the action steps to take to sell your property. My advise is to contact 3 of them and hire the one that you like best and think will do the best job to look out for your best interest.
You will want to get a seller's net sheet so show you how much your home is worth vs. how much you owe and it will also tell you how much money you would walk away with at close of escrow based on a projected sales price. Sometimes people are surprised by what they find and decide not to sell at all. Or, they learn that they need to short sale becauset they owe more than the property is worth. Whatever the case may be, I would love to talk to you about what I do with my sellers in this market to make sure they do not miss out on tens of thousands of dollars.
Keller Williams Realty
Want to sell a home in North Park? No problem! As others have shared, it will be gone in a day! You just need to pick a Realtor to work with. If you haven't already selected someone, I'd love a change to talk with you...I live nearby and know the community well.
Figure out with them, when and how showings o your condo can happen, so that once you list your condo
with a local experienced Realtor (for sale? or rent? --- does not matter just wondering) so that there are
no complications. Remember that you want the condo to be picked up and show nicely when there is a
showing. So you may narrow the days and times of showings, and the Realtor will be able to add that to
the listing so that most agents will not book a showing unless during those agreed upon times.
And you want to also discuss with your tenants what they need to do so that the unit shows well.....
Then you connect with a local Realtor, if you need a recommendation I gladly send one your way, and the local Realtor will then be able to provide you with a market evaluation for the sale or the rent, depending on what you decide to do, to market the condo competitively in your local market.
Let me know if you need a recommendation...
Good Luck to you
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I am a Realtor/Investor and work with these situations daily. Give me a call so I get a crystal clear picture of what you want to accomplish and when. With that information, I can help you map out a plan that will help you execute with the desired results. I may be interested in your condo myself, keeping the tenants intact, if the numbers pencil out and meet my investment criteria. If not I have a list of many other investors who may be interested as well.
It all starts with a simple, no obligation phone call. I hope to hear from you.
Realtor, SFR, CDPE, CIAS
DRE Lic# 01846329
I know your area very well and would welcome the opportunity to discuss what I can do to help you in the sale of your property.
Jill Miranda CA DRE# 01413799
Pacific Sotheby's International Realty
You have several choices. If they have been there over 1 year you must give them a 60 day notice. If under a year you can give them a 30 day notice.
If the tenants are okay to show while they are still living there you can give them a 30 day notice once you are in escrow as long as the buyer will be owner occuping the property. You would probably need to give the tenants some proof of contract or escrow.
If the tenants are still in the property you may have to give them a 24 hour notice to show or reduce their rent somewhat for the priviledge of showing the property with them being more flexible.
Really, you need to consult with an experienced Realtor to look at all the details of the situation and advise you, depending upon your motivation and situation, what the best route is.
The answers to these seemingly simple questions are always a little more complex than it appears on the serface. Let me help you determine the best path for you! I always do what is in my client's best interest!
Century 21 1st Choice
Start by re-reading the terms of your lease as that will set the stage for how you show and sell the property. Hire a REALTOR to give you a comparative market analysis of your condo. Discuss with them the pros and cons of the listing and how to best work with your tenants to make it a smooth transition. There are many issues to consider.
Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
They are only required to give you 30, but since California is not a great landlord state the rule for you is the more difficult 60 day.
You could enter a long escrow, or just have any remaining tenancy go to the new owners.
Someone who is knowledgeable in that area should be able to help you out. I have seen John Arendsen post a lot and he seems very knowledgeable and is in the area. You may want to contact him - http://www.trulia.com/voices/profile/Real_Estate_Pro-Encinit
I would be happy to assist you. I have worked in several situations similar to yours. I would start by letting your tenants know that you intend to sell the property. You should give them a formal 30 day notice, although, depending on the situation, you could let them know they can stay until the close of escrow, if they want (keeps rent coming in throughout the process). We would work with them to arrange showings that would be beneficial to all. Sometimes, the owners may offer a discount on rent for the tenants to be accommodating to showings and to keep the house clean and presentable. We can talk more directly. Feel free to contact me using the information below and we can get started and get your home on the market ASAP.
Real Estate Broker/ RealtorÂ®
Trulia's #1 Recommended Broker in Oceanside!
McAllister Homes Real Estate
Residential Sales & Property Management
If you need assistance I have almost 18 years experience selling and property mgt. I only focus on these two areas.
Broker Associate REALTORÂ®
KM Realty, Inc
2801 Camino del Rio South #201
San Diego CA 92108
Direct Capital & Real Estate Investments