Badtiming, Home Seller in Mount Pleasant, SC

can i put my house on the market if i am currently renting it?

Asked by Badtiming, Mount Pleasant, SC Sat May 2, 2009

we are a military family. Waiting to see what happens in regards to the HAP an their guidelines. Will need to rent it as we are moving. If the HAP goes through we want to sell.

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Earlier today I had an appointment to show some first time home buyers a few homes. Our first appointment we met the listing agent because the home had renters and of course they had tenant rights. One of the renters happened to be home and even though his roommate said we could come he wasn't happy so he didn't let us see 2 of the bedrooms. It was annoying and uncomfortable for everyone. Bottom line - it's usually not in the renters best interest to have the home sold so they may or may not be accommodating. But if renters are a must, the short answer is "yes" you can rent and sell.

I'd be happy to meet you and your wife and discuss how I can help.

Laura Sargent
Carolina One Real Estate
Long Point Road
Web Reference:
0 votes Thank Flag Link Sat May 2, 2009
I agree with both previous answers and yet, I can see your dilemma. Here are some facts:
1. Selling a home is much easier if it is vacant. However in SC landlords generally can show their investment homes, but need a 24-hr notice for the tenant on every showing appointment.

2. It may be difficult to rent a home where the prospective tenant knows (and you should disclose it) that the owner plans to show and sell during their tenancy. Especially now that the rental market in Mt Pleasant is a little soft (many owners who could not sell placed their homes on the rental market).

3. I imagine you need to rent it to avoid having to pay two full mortgages or a mortgage and a rental? Before you rush to rent it, take into account that the management for a rental will cost you 10% of the rental, plus there will be vacancy costs, deterioration and maintenance costs to take into account. Plus sometimes dealing with tenants is a nightmare, even when you have a property management company representing you.

4. If you are in a position to do it, it would be much simpler to sell the home by pricing it and staging it right. Contrary to what people believe, homes that are perceived as "good value" by buyers are still selling! (I recently sold a home in three weeks). Then you can move on with your life and on to your next adventure.

5. If you owe more than you would get for it and you are moving because of a military transfer, you may wish to explore a short sale with your bank.

If you have any questions, please call me or email me, I'd be happy to help.

Alan Donald, MBA, REALTOR, e-PRO
Keller Williams Realty
(843) 416-1434
0 votes Thank Flag Link Sat May 2, 2009
Unless you have very cooperative tenants it will be difficult to show and sell. I am trying to sell a rental right now and every time I call for an appointment the conversation goes like “I’d like to show it on Saturday at 2”. “Can they come on Monday?”. And when we get into the house the tenants are always there and tell the prospective buyers they are “shooting for” May 1st, May 15th, June 1st,. . . “ to get out. It’s much easier to sell a vacant home. Price it right and sell it quickly and you won’t be carrying it.
0 votes Thank Flag Link Sat May 2, 2009
If you haven't already found a renter you may want to stipulate in the rental contract that the home may be shown and sold if you decide to sell. You will have to check with your local realtor what the specific state laws are regarding the transfer of a renter in the property. If the property sells with a renter residing, this could also be a selling point for a buyer that wants to use the home as an investment property.
Talk to your local realtor, that person will be able to help you with the rental and eventual sale of your home.

Best Wishes,
Anne Wanchic
The Realtor Referral Assistant
0 votes Thank Flag Link Sat May 2, 2009
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