How To Sell a Property with Tenant Occupancy to A Cash Buyer
Selling a house with tenant occupancy in Pennsylvania can be a complicated process. Regardless of the circumstances, it's crucial to approach this situation with the right strategy to ensure a smooth transaction. One excellent way to navigate this process is to consider selling to a cash buyer.
Many homeowners would love to take advantage of this highly competitive housing market and reap the benefits of bidding wars and inflated prices. But those same market conditions have made sellers wary of leaving their homes without the next place lined up. This attitude is justified considering that it's normal for homes to go for 15% or even 20% over the asking price, depending on the region - and for buyers to experience multiple rejections before an offer is accepted.(1)
Understanding the Process of Selling a Tenant-Occupied House in Pennsylvania
When you compare selling an occupied house to a vacant one, you will notice that you have to deal with more issues with the former. That is why you should take your time selling or signing any agreements unit you are sure everything is in order. If you have never sold such a house, you need an expert to hold your hand and guide you through the process to avoid the costly mistakes that many home sellers make. Here are the most important factors to keep in mind.
Understand the Tenant’s Rights
Have you noticed the many posters advertising "we buy houses Philadelphia?" What you may not know is that in Pennsylvania, tenants have legal rights and protections. Ensure you understand the lease agreement and the state's landlord-tenant law. Consult a real estate attorney if necessary to ensure you do not violate these rights.
Unfortunately, there are many cases in and out of court in this state because dine, tenants feel their rights were violated. To avoid such a situation, you may want to revisit the lease agreement and confirm what it says about selling the property before the agreement expires. It must take you some time, especially when you want to sell the house fast, but it will also save you a lot of trouble. If there are some sections that you need help understanding, a property lawyer will help you.
Communication is Key
It is essential to notify your tenant of your intent. You may need to give a notice period depending on your lease agreement. Emphasize that their rights will be upheld, including their lease agreement unchanged.
Always communicate in writing, no matter how close you are to your tenant. This is more important when you give them a notice to sell the property. With written notice, you have a document that defends you in case of disputes. Giving your tenants enough time to act on the notice is also good, especially if the house sale requires them to move.
Property Presentation
Ensure your property is in good condition for showings. Please discuss this with your tenant and schedule property visits that are convenient for them. You definitely will be met with resistance if you show up at the house unexpectedly and ask to show the buyer around.
The aim is to protect the tenant's privacy. And because of that, you should call a few days in advance and inform them that you will be visiting with a potential buyer.
Choose the Right Buyer
Find a buyer who is interested in purchasing a tenant-occupied property. A cash buyer is often the best option. However, many sellers do not know how to go about it.
One of the biggest mistakes you can ever make is to choose the first buyer that comes your way. You need to know their reputation in the local real estate industry and their likelihood of giving you a good offer. Luckily, finding a good cash buyer in Pennsylvania is relatively easy.
Benefits of a Cash Buyer for Your Tenant-Occupied House in Pennsylvania
You will likely enjoy many benefits when you sell your tenant-occupied house in Pennsylvania to a cash buyer than to other options. Here is a look at what you will get.
Quick and Smooth Transaction
How do I sell my house fast, Philadelphia ? You may ask. Unlike traditional buyers who rely on mortgage approvals, cash buyers can close deals more quickly. You don't have to go through the long and unpredictable wait for loan approvals and appraisals. It becomes even better when you urgently need cash and disposing of the house is your only hope.
Guaranteed Purchase
With cash buyers, there's no risk of the deal falling through due to issues with financing, making the process more reliable. These buyers come ready with the cash and everything you need to complete the sale. In addition, they are always willing to help you if you get stuck with anything during the process.
No Repairs Needed
Cash buyers often buy property 'as is,' eliminating the need for costly repairs. When you decide to sell your house, you want to raise money. Therefore, you don't like to send any of it for expensive repairs.
Seller-Friendly Terms
A cash buyer interested in a tenant-occupied home may be willing to retain the tenant, which means the lease can continue uninterrupted. Such an arrangement saves you from the trouble of having to finalize the lease agreement. Furthermore, it makes life easier for you, the buyer, and the tenant.
Potential Neighborhoods for Selling a Tenant-Occupied House
Pennsylvania has several thriving neighborhoods with high rental demand, making them attractive to cash buyers. For example, in Pittsburgh, neighborhoods like Squirrel Hill and East Liberty have a constant influx of renters due to nearby educational institutions and vibrant cultural scenes.
And in Lancaster, the charming neighborhood of Chestnut Hill appeals to renters seeking a community-centric environment.
Get a Cash Buyer for Your Tenant-Occupied House in Pennsylvania
Selling a tenant-occupied house in Pennsylvania can be streamlined by opting for a cash buyer. This process not only gives you a quick, stress-free transaction but also upholds the well-being of your tenants during the transition. Pennsylvania's diverse and attractive neighborhoods make it a prime location for cash buyers interested in tenant-occupied properties. Get familiar with all the legal implications of selling a tenant-occupied home, and consider professional advice if needed.
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About the author
Mathew Pezon
Mathew Pezon is the founder and CEO of Pezon Properties, a cash home buying company located in Lehigh Valley, Pennsylvania. With several years of experience in the real estate industry, Mathew has become a specialist in helping homeowners sell their properties quickly and efficiently. He takes pride in providing a hassle-free, transparent, and fair home buying experience to his clients. Mathew is also an active member of his local community and is passionate about giving back. Through his company, he has contributed to various charities and causes.
