Hi Jenny! I have worked the Broad Ripple market for several years and it is an interesting market. Most often homeowners are attracted to this area becuase of the charm of its residences, at lower prices than in the part of Broad Ripple closer to Broad Ripple Ave. Without knowing the exact location of your home, it is hard to figure out a good market value, but I'd be honored to assist you in anyway possible. Would be honored to sit down and help answer any questions you might have! you can contact me directly at 317-450-1094 or nathanp@remax.net

I have been in the real estate business for 36 years selling single family, multi-family and small commercial properties. I actively handle marketing, sale and management of rental properties. If the tenants are willing to keep the house in presentable condition and not make excuses for showing requests and if the property is priced right for the market, it should sell within 90 days or less. By the way, "South" Broad Ripple has never existed.

Jenny,

These are great questions, but answers really depend on several things:
1. The relationship you have with the renters - yes, you have options and can negotiate some incentives, but much depends on how willing they will be to work with you.

2. The condition of the home is going to be really important, as will price in getting it sold before the end of the year.

3. While it's a rental property now, you may want to market it as an owner-occupied home, and attract a first-time buyer trying to take advantage of the $8,000 tax credit.

I'd suggest you get an market analysis of the home to determine the current market value. I'd also suggest making sure whomever you work with can also give you recommendations on any updates, improvements, repairs that may need to be completed before it's on the market.

I don't charge for market analysis or consultations with homeowners. My only stipulation is that I wouldn't do an analysis without first seeing the house, there's just no other way to give you good and accurate information.

Please feel free to call me 317.702.0058.

Good luck,

Laura

Jenny,
I have had the same issue with my rentals when listing or selling them. Tennants have no real incentive to help out. I suppose you could offer them some kind of incentive, but then it always gets down to how cooperative they will be. What does your lease say about entering the property? I make sure I can enter the property for whatever reason with notice. I have had situations where I have the owner attend showings to let us into the units. Your lease might stipulate that you as the owner can enter, but not anyone else so it becomes hard for agents to show. I might run it past your tennants and get their opinion on it. Some tennants are great and have worked to help out the sale and accomidate showings.

Rentals have become more difficult to sell. Financing has dried up. Last year you could still buy a second home with 3-5% down. Now 20% downpayments are the norm. (Thank you mortgage crisis) With lenders holding a tight leash on financing, sale prices have gone down and marketing times have gone up. There is still a decent market for investment property but those investors are price shopping more than ever. Cash flow and return on investment are keys. No longer are investors banking on appreciation to add to their net worth.

Contact me at eric@ karrfalt.net if I can be of any assistance. I am a 17 year full time agent with lots of experience in investment property. All the best, -Eric

Having tenants may make it mor challenging, espcially if their lease is not up until February. You may wish to check with the tenants about buying the house and what it might take for them to end the lease before the end of the year.
As far as pricing I would need some more details, exact location or at least close, #bedrooms, baths, fireplace,deck, basement etc. then I could do some research and find out what is going on in your neighborhood what price you would need to market your home for.
Feel free to drop me an email with that information and I can paint a little better picture.