You should notify your tenants that you will be putting you home on the market. They maybe interested in buying it from you . You should also introduce your realtor to thetenants it will make showing the home to buyers much easier.
Before you do anything invest the few hundred dollars to consult with an attorney specializing in tenant landlord matters. If you need to evict it can take months to get on the court calendar in Brooklyn. I would folliow the attorney's recommended protocol regarding notification etc.
Best of Luck...
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (David’s Cell)
646-318-5031 (Bonnie’s Cell)
You have to know your tenants and their personalities and your relationship with them to know the right answer. I'm sure you'll make the right decision.
It is easier to sell the house if it is vacant because if buyers want to use the entire place for their own family members they will need it vacant. Also, if the tenants are out it is easier to show the property as you do not have to revolve around the tenants schedule. The negative aspect of this is that once the house is vacant you will no longer be collecting rent and if it takes time to sell it can become costly.
Also, if you need or want to sell now it may be difficult for you to wait for the tenants to move out because you do not know how long it will actually take them to leave. If the tenants are paying their rent and willing to cooperate, I would suggest you simply inform them that due to financial difficulties you need to sell the property. You can also indicate to them that you will be making every effort to have the new buyers keep them as tenants. You can also let them know that even if something were to happen where the buyers needed the apartments for them selves, you will give them at least a 60 day notice and help them to relocate. Us real estate agents help sellers do things like this all the time.
If you are going to sell, you should inform the tenants before you start doing anything. If they find out from someone else rather than yourself, they will be caught off guard and it may lead to hurt feelings and then a lack of cooperation.
Good luck, if I can be of further assistance please let me know.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
City Connections Realty
The best chance to make it work smooth is to meet with them and explain your plans. They will find out sooner or later and it's best to hear it from you!
They may not like the idea but if you treat them with respect they may reciprocate and cooperate. Mind you they will have time to move and the new owner may want to work it out that they keep the tenant. I would love to discuss this with you if you don't mind call me at 917 951 -1087. There is no obligation and I just might be able to help you.
Most buyers want to view the tenants' apartments as well.
And informing the tenants usually allows the process to go smoother.
I would be happy to meet with you to discuss further. Also... if you like, I would be happy to perform a free home market analysis of your property's value.
Charles Rutenberg, LLC