Selling property notice - Landlord Forum thread 361851

Selling property notice by Fred on March 27, 2022 @09:29

I have a SFH that have tenants with 9 months left on the lease.
I want to sell while the market in my area is hot. I also have projects that would need to have the property vacant to do the work safely and cheaper. I have decided I don't want to take on the renovations cost and just sell as is condition. My understanding is the lease follows the sale of the property. What wording would you suggest I write to a family of 4 with kids. Advising them of me listing the property is being listed for sale. I'm wanting to take the money and prepare for my retirement years. Getting tired of all my weekends fixing or putting out fires. And the property management companies, don't really suit my needs. This property the tenant has been there 5 or more years and are good on paying but the rent is lower than current market values for the area. I would rather get a cash buyer to avoid the inspections, that I know will cause delay with things needing to get repairs done for financing approval. And I feel bad about displacing a family. But I have busted my butt a lot of years. And want to enjoy what time I got left, to do some traveling without having a phone 24 hours a day by my side. Any suggestions that come off more friendly than as short and direct?

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Re: Selling property notice by Garry on March 27, 2022 @11:58	[ Reply ]

You are correct that the terms of the lease, and the tenants, follow the property. ANY buyer you get, still has to abide by the terms of the lease with the current tenants, that YOU signed. With a SFH, 90% of the buyers out there are going to want to buy a home that they can live in right away. They will not be willing to wait till the end of YOUR lease with the tenants to move in, and most of those buyers will not have the extra money to do all the repairs that you DON'T want to do. ------- AND MUCH LESS BE WILLING TO BECOME A LANDLORD, ALSO. You said you want to sell the property "AS IS", so you have already limited the number of buyers out there to investors like yourself. Yes, there are investors out there willing to pay you CASH for your property----- BUT AT WHAT THEY SAY IT'S WORTH, not what you THINK it's worth. Here are my suggestions : Either postpone your ideas for a year, move the Ts out in 9 months, fix the property up as much as possible when the Ts have moved out, and sell it at market value, with A LOT MORE buyers to choose from. OR Buy out your tenants lease now, do minor/major fix ups to attract young/first time buyers, and sell it this summer. BUT REMEMBER----- any money you think you are going to make, will be eaten up mostly in buying out your tenants lease, and doing any minor/no repairs, resulting in your property selling for less. Your Ts have NO INCENTIVE to move now, as they know they will be paying a much higher rent in a new place.