Reply to Re: Selling Rental

Re: Selling Rental (Score: 1) by OK-LL on Monday, August 8, 2011 @00:33

If you need the rent income to maintain the mortgage, then lease the property on a normal annual lease. You do not have to advise the tenants that the property is for sale until you have a buyer who wants to do a walk-through, but you may wish to so you can be certain the tenant will keep the property tidy and showable. Or you can wait until you have an interested buyer, then advise the tenant and schedule the walk-through. You can assure the tenant that a buyer will not interfere with their quiet enjoyment of the rental -- with a lease, the tenant's position is safe since a buyer will be required by law to honor the existing lease. And if you've done your job as a LL/seller, you'll have a great tenant in place which the buyer will want to keep, and you'll have all the paperwork to back that up (credit report, civ/crim report, reference checks, etc.) That's the best of both worlds, LL and seller. You might decide to (but with a good tenant, you won't have to) offer a discount on rent to keep the property showable.

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