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RoseG, Home Seller in Fort Lee, NJ

We are considering putting our investment condo on the market in Feb 2013. We currently have a tenant who's lease doesn't end until

Asked by RoseG, Fort Lee, NJ Wed Nov 14, 2012

September 2013. We are considering putting our investment condo on the market in Feb 2013. We currently have a tenant who's lease doesn't end until September 2013. What kind of options do we have? Or are we legally not allowed to put the property on the market until the rental lease is over?

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3
Rose,

If this property is in Pennsylvania, you may certainly list, market and sell it during a lease agreement. The lease will follow ownership of the property, this information must be disclosed to all parties. Just as a buyer will accept the tenancy, the tenant must allow the property to be shown. As inconvenient as that may be, all showings must be by appointment only ~ mutually accepted.

Please don't hesitate to call me directly if you have further questions or concerns.

Cathy Reese, e-PRO
Coldwell Banker Hearthside, Realtors
Allentown, PA 18103
Direct - 610.360.9052
0 votes Thank Flag Link Wed Nov 14, 2012
Hello Rose,

You can put the property on the market if the property is tenanted.
You need to disclose the tenancy in MLS that you have a tenant, and even
how much they are paying, if you'd like. If it is a good amount, and the buyer is
an investor, this could be actually a "turn key" proposition in your favor.
In addition to that, many condos don't allow to rent the 1st, 1st and 2nd year of ownership.
Then, the buyer/investor might benefit from already tenanted property, if the tenancy can be grandfathered. In some condos it is not, so you got to check your condo docs/amendments.

You may loose on some buyers that want to be owner occupants.
However, if the property is attractive and priced right, and the rent is good,
some will overlook this issue (with proper marketing).

However, you got to tell your tenant that you'll be selling.
Also, make sure to calm him/her down - that the property is not in short sale or foreclosure situation.
If it is, then you have to let them know too - as they will find out anyway, through your bank correspondence sent to the property address.

In FL, there is no requirement for the tenant to show the property more than a "reasonable amount of time". It is not specific in FL what "reasonable" is.

So, in many instances, tenants don't cooperate when showings are scheduled.
The way to go about it is to reach an agreement with the tenant.
Say, they would show 3-4 times a week (with Saturday or Sunday included in 3-4 showing days),
with morning and night timing (for working and visiting buyers).
Some owners give the tenants an incentive to show (if feasible).
Remember that more showings = more exposure = more buyers to choose from.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Nov 14, 2012
I was in the same situation before. In our lease agreement I made sure that we had a clause that stated three months before the lease expired we would have the house on the market, and that the tenant had to have the house presentable for all showings, as well as giving tenant an hour notice for the showing appointment.

Did you use a Realtor to find your tenant? If so, they would have provided a lease agreement that they would have prepared for you. I presume you have a lease agreement. A Real Estate attorney would better answer your question if you do not have provisions covering "in case of selling said property before lease expires". Good luck!
0 votes Thank Flag Link Wed Nov 14, 2012
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