Time to execute your exit strategy on an income property as a part of your original investment strategy? Or have circumstances changed and it is now in your best interest to sell rather than hold your income property, read on to learn the best way to proceed. We will cover some great tips for selling your house in Detroit if you have renters.
For your tenants this is more than a business transaction, it is their home so treading lightly considering the emotions that may be stirred at the news is a wise path when you advise them of an impending sale and change of ownership. It is important to be aware of their rights and the terms of the lease if you have renters when you’re selling your house in Detroit. Unless the lease was written to allow for early termination, they have the right to remain in the home as tenants, until the end of the lease term. This could be rather tricky, especially if your potential buyer wants an empty property. A misstep with how you handle your tenants could possibly land you in legal trouble.
Cash For Keys
Paying your tenants to sweeten a request to vacate the premises prior to the end of the lease is another tip for selling your house in Detroit if you have renters. If you find yourself in a position that exiting the property prior to your originally planned exit date becomes necessary, you may be able to pay the tenants to leave. This benefits you firstly because when the tenants vacate, you can make any updates or repairs before showings, empty housing statistically sells much faster and you are alleviated of any risk of legal fees for breaking the lease early. Let’s face it, if your tenants would prefer the property not to sell and emotional at the prospect of losing their home, lack of cooperation could make the process difficult.
Rent to Own
Renting to own as an exit strategy makes for a longer period of time for a full exit but may be well suited for those in a good financial position with reliable tenants. If you have built a good rapport over time, you could inquire as to any interest in a rent to own agreement, when you are selling your house in Detroit if you have renters. Typically the tenants would become responsible for the property, as if it were already fully their own and the term is over a two-year period, to allow time for correcting any credit issues. A down payment is typically made and because you are working with them, you may be able to set a higher price. Regrettably, higher profits come along with higher risks. One of which is common to most rent to own agreements, the tenant may decide at the end of the term not to buy and walk away, extending your exit strategy for an unknown length of time.
Selling Your House To An Investment Company
Do you have renters? Are you ready to stop being a landlord now without any hassle? Want to know the best advice for selling your house in Detroit? Sell to Detroit Fair Offer! Why wait for months or even years? You can stop worrying about your property 24 hours a day and leave the hassles of collecting rent behind. Detroit Fair Offer buys property as is, so you’ll no longer be responsible for maintenance or repairs. Detroit Fair Offer buys homes with renters in them just for this reason. Why not make it easy on yourself and your renters?
Call Detroit Fair Offer at (313)647-8806 or send us a message here to learn more about selling your house in Detroit.