You can certainly sell the house, but if the tenants have a lease the new owner must honor that lease until the end of its term. You have some very viable options:
1. Sell to an investor. If you have a good tenant in place, it is more attractive to someone who is buying income property.
2. Sell to the tenant. If your tenant doesn't want to move, they may be able to buy the house. There are several programs for first time buyers to help them get into a home of their own.
3. Offer the tenants a buy-out. If the tenants don't want to stay and the new owner wants to occupy the property, you can offer the tenants something to move, such as cash, a month's free rent, etc. The compensation is negotiable between you and the tenants.... more
You should be represented at ALL times by a licensed, board-affiliated Realtor (R) trained to provide accurate and conclusive market data that supports your sale price. Regardless of what you think or have heard, when it comes to the interest of lenders and FHA, appraisers are not the decision makers. If you've been subject to an erroneous appraisal and you feel your Realtor (R) has taken it lying down, it's time to consider a change. [especially] Even if the Realtor (R) is you. [/especially]... more
The amount of showings other properties are getting is really personal information and often not given out--however, you mentioned that your property is currently on the market and had no showings--you should have had some activity by now-- and a lack thereof suggests the price may be too high--review data about recently sold similar properties in the immediate area--if the price is out of line with the current market, consider a price drop sooner rather than later--keep in mind that a home is worth what someone is willing to pay for it; it doesnâ€™t matter what the seller needs or potential buyers can afford to spend--market conditions do matter.... more
Erin, the 4 factors that will influence whether or how long it will take to sell your home remain constant in any market; (1) Price, (2) Condition, (3) Location and (4) Local Market Conditions. You did not mention wether your home is currently listed. Not knowing the exact location of your home and what you are asking for it does make for generally vague discussion. Feel free to contact me if you have further questions. We have 2 offices (1 in Lansing and our Main office is in Bonner Springs). We do alot of business in KCK. Mike... more