In a perfect world a landlord will list their home for sale and be able to sell it for top dollar with tenant’s in place, but the reality of that happening is unlikely and if it does it usually negatively impacts the sellers net. So why exactly should a seller reconsider selling their tenant occupied home? Below are 3 of the most commons reasons how a tenant negatively impacts a home sale.
3 Reasons You Should Not List a Tenant Occupied Home for Sale
Can the property be shown easily? Oftentimes, the biggest obstacle to selling a tenant occupied home is getting access. Does the tenant need to be there? Do they require 24-hour notice? Will they ignore showing requests because they don’t want to be bothered or move?
Believe it or not a majority of tenant’s don’t want strangers walking through the home they are renting, so while they may say they’ll cooperate with showings the reality is many tenants aren’t very cooperative.
How does the property show? Are the tenant’s hoarders? Does the home smell like pets? Is it filthy?
Unfortunately, sellers aren’t able to control how a tenant lives therefore when a buyer views the property they may encounter dirty dishes piled in the sink, newspapers stacked to the ceiling or pet feces on the ground.
First impressions are everything and if the property doesn’t show well a buyer may eliminate it off their list of possibilities immediately. A majority won’t even revisit once the tenant’s do vacate the property.
When are the Tenant’s leaving?
When will the home be available? A majority of landlords have a lease in place, which means the buyer would have to wait until the tenant’s move out to purchase the home or purchase it with the tenant’s in place.
If the buyer is an investor it may work out well if the tenant’s want to stay. However, if the buyer plans on residing in the home it’s unlikely they’ll purchase it with a tenant in place because they are concerned how the tenant will leave the home when they move out or if they’ll even move.
Tenant’s are never going to jump through hoops to sell someone else’s home. In my experience, they usually don’t care if they lose a showing or how the home shows and if they don’t want to move they may intentionally sabotage the sale.
These same reasons apply when listing a home for rent too, even tenants will move on if the current tenant does any of the things listed above.
While not all sellers are in a position to cover the overhead on a vacant home, but a tenant occupied home may end up costing them more money.
Please consider spreading the word and sharing; 3 Reasons You Should Not List a Tenant Occupied Home for Sale
— Michelle Gibson (@WellingtonHomez) October 17, 2018
About the Author
The above real estate article “3 Reasons You Should Not List a Tenant Occupied Home for Sale” was written by Michelle Gibson of Wellington Florida Real Estate. Specializing in residential real estate since 2001 in Wellington and the surrounding area. Not only does Michelle assist buyers and sellers, she assists landlords and tenants too. She would love to share her expertise and guide you through the entire real estate process.
We service the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres and more. If you are considering selling your home, we welcome the opportunity to work with you and list your home with a top Realtor in Wellington Florida