wanttobuy381…, Renter in 38654

How do I sell a rental property with tenants in Olive Branch MS?

Asked by wanttobuy38117, 38654 Mon Jun 8, 2009

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6
Wendy Lucas, Agent, Aspen, CO
Thu Dec 23, 2010
Clearly need to make the purchase contract subject to the lease and possession subject to the lease. Landlord/Owner needs to transfer any and all funds held pursuant to the lease to the Buyer at closing. The lease also needs to be assigned. Sometimes you can negotiate with a tenant to move out before the lease terminates. This may cost some money, but may be worth it to the buyer and seller. Also, get your owner/seller to incentivise the tenant tenant to cooperate with showings by offering a couple of hundred dollars if the tenant cooperates by allowing showings, keeping the place neat and clean and if a prospects asks them questions to be professional and positive.
Web Reference:  http://www.wendylucas.com
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Dallas Texas, Agent, Dallas, TN
Wed Dec 22, 2010
Based on the lease agreement if they provide you right to place a key box and on door and etc.

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Dorene Slavi…, Agent, Torrance, CA
Wed Dec 22, 2010
Calculating the income on your rental, with tenats in place is an advantage to a potential buyer. I would recomment you contact a Commercial Realtor who can guide you into how to evaluate your property and also to market and sell it.
Web Reference:  http://www.cbcworldwide.com
0 votes
Carrie Crowe…, Agent, Southaven, MS
Tue Jun 23, 2009
The obvious...the lease has already been mentioned. If you are selling to an investor, having a lease in hand is a bonus. If you are selling in an area where an investor is not the likely target, your typical buyer will make this home their primary residence, then you will have other concerns to address with the tenant. There are a few cases where tenants are helpful and easy to work with, in most cases you will find them reluctant to allow showings, or they will have a lack in care for the property ie. it will be messy during the showing.
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Terry Boyd…, Agent, Olive Branch, MS
Thu Jun 18, 2009
It would depend on how your lease is written. Hopefully your lease addresses the sale of the property. If the new owner is an investor this may be of benefit to him buying an occupied property with a long term lease. I would recommend speaking with a real estate attorney to see what options you have.
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Wendy Taylor,…, Agent, Beverly Hills, CA
Mon Jun 8, 2009
The question one needs to know is what kind of lease do your tenants have. If they have a lease, typically the lease runs with the sale of the property. The new owner will have to honor the lease. If they do not have a lease - typically written notice with proper documentation that they have received it is required. Contact an real estate attorney if you are concerned that your tenants won't cooperate.

Good luck!
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