Do you manage an investment property in Chicago that you would love to sell? When other people are occupying your home, the selling approach can eventually be a bit more troublesome. In our latest article, find out more about how to sell your house with tenants in Chicago!
As a landlord, there may come a day when you elect to sell your building. Even though you have residents, it is your property and you may sell it if you like. In some cases, you’ll be able to let your tenants know, and it won’t be an issue. However, you also don’t want to run the risk of losing your tenants and being stuck with a vacant property while your house is on the market. That said, the tenants have rights, and you want to make sure you aren’t violating them. Below, we go over common things that emerge when you decide to sell your house with tenants in Chicago.
What About The Lease Situation?
What does your lease situation look like? If you have a month to month lease, dissolving it shouldn’t be too complicated. You’ will need to provide a fair amount of notice to your resident, normally 30-60 days. If you find yourself in the depths of a fixed-term lease, things are a bit different. If you want to sell mid-lease, you’ll either need to sell the property to an investor who will honor the lease, or give your tenant some form of incentive to leave. Some leases contain early-termination clauses that would allow you to end the lease early in certain instances. Never forget, the tenant has rights too under the fair housing act, and if you violate those rights, you could end up penalized.
What If I Have Difficult Tenants?
If your tenant has broken their lease, you should have the opportunity to evict them without an issue. That said, if your tenant is refusing to leave, the eviction process can become long and arduous. Most landlords try to avoid handling evictions at all costs. By selling your house with tenants directly, you’ll be able to stay away from the eviction process yourself and be able to move on from the home with cash. Many direct investors will simply take control of the lease and business will go on as normal. If the tenants are in violation of the lease, the buyer will brave the eviction process as necessary. Also, a direct sale will help you avoid needing to list, advertise, and show the building, things would likely cause even more discomfort between you and your difficult tenants.
Advantages Of Selling You Property Directly
There are many reasons why a direct sale is helpful for people who need to sell their house with tenants in Chicago. Real estate investors are happy to take over a property that already has a tenant in place, especially when they are in good standing. It saves them time and money advertising, marketing, and showing the home. They won’t have to bother screening tenants or running the background checks because those things have already been done. Even if there is a difficult tenant living in the home, an experienced investor won’t have trouble pursuing the eviction process if the tenant is in violation. They have likely had to do it before, and won’t be bothered by the process.
If you want to sell a house with tenants in Chicago, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.
