Short answer – yes. Selling rental property with tenants in Colorado Springs is quite common and many landlords are faced with the decision to sell whether they like it or not. It can be a confusing procedure as your decision to sell affects one (or more) people. There are a few things you need to do in order to avoid complications and make life easier for yourself and your tenants. Dealing with tax implications, or evictions, can be very stressful for a landlord. In this article, we’ll also look at tenants’ rights when selling rental property with tenants in Colorado Springs and how can a landlord show a house while occupied. So here’s how to sell a rental property with tenants in it.
I understand that not many can afford to wait for tenants’ leases to run out before you sell your house. Selling rental property with tenants in Colorado Springs is definitely possible – however, a clear communication needs to be established in order to proceed with selling the property. Here are some of the options you can take to sell your house with tenants on the lease:
This is completely possible. A potential buyer might be interested in renting out a house in the first place – by leaving your tenant in the property, you’re providing the new landlord with a favor.
You might be wondering what that is – you pay your tenant to vacate. This is especially effective for those looking to sell their house fast. Depending on your relationship with the tenant, you can offer them help at moving, pay their security deposit or anything else you can think of.
In the case of an unwanted property and not wanting to deal with going through viewings, you can sell to the tenant if they are interested.
Depending on the state, these notices need to be sent out a month or two months in advance to give your tenant enough time to find a new home. If your tenant violated any parts of the rental contract, you can terminate their lease instantly.
Here’s how to handle house viewings while your tenants still live in the property:
Please note that your tenant is legally allowed to refuse viewings or visits for an agent if they do not agree with the times of the viewing. To avoid legal issues, you must respect their decisions and act accordingly. A tenant has as many, if not more, rights as the landlord when it comes to selling rental property with tenants in Colorado Springs.
Depending on the state or country you are renting out your property in, tenant-landlord rights might be different. As a legal landlord, you should always be clear of all tenant’s rights when selling rental property with tenants in Colorado Springs.
Unless the tenant gives their consent,
If the tenant refuses house viewings, you must arrange a time that’s best suitable for them. If they are refusing to communicate, you can apply to the court.
If a tenant refuses to leave the premises, see the cash-to-keys method I mentioned earlier or try the eviction process. Your other option is to evict the tenant.
You are legally obliged to give notice to your tenant.
If the tenant doesn’t move out on the time of your notice you are allowed to seek possession order at the court.
When giving an eviction notice, bring a witness with you.
Consider taking it to court if everything else fails.
MY TIP: Communication is key. Make sure your tenant receives everything in writing and don’t promise what you can’t deliver. As much as you’d like to sell your house fast, make sure your tenant is happy and agrees to the decision. Selling rental property with tenants in Colorado Springs can become a headache if not done properly.
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If you need to sell your Colorado Springs area house fast and would like to get a no-obligation cash offer, call us now at 719-629-7740. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.