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Know your options for selling a house occupied by tenants

On Behalf of | May 1, 2023 | Real Estate |

Renting homes to tenants is a common real estate investment strategy. When you decide that you want to sell, however, its Connecticut tenants will sometimes try to impede the process. They typically fear the prospect of having their residence sold and assume that they will face a big rent increase or an eventual eviction. As a result, some may become uncooperative and actively block your chances of making a profitable sale. In that case, you will need to explore solutions to your problem.

Use termination clauses in your leases

Ideally, you have used a lease agreement with terms that gives you the ability to terminate the lease with 30 to 60 days notice. You can activate the termination clause and have a legal method for motivating the tenants to move out. A favorable lease will help you write an agreement compliant with local landlord and tenant regulations.

Offer the tenant a financial settlement

You may decide that it is worth your while to pay the tenant to vacate the property. A payment equivalent to the remaining rent owed on the lease could inspire tenants to pack their bags.

Find a buyer willing to accept the existing tenants

If your tenants have been paying on time and not causing any substantial problems, a real estate investor may buy the house with the tenants remaining in it. The new owner gets the benefit of immediate cash flow without any downtime looking for new renters.

Be patient

Tenants who refuse to leave and are behind on the rent give you the legal right to initiate an eviction. Although this process takes time, once completed, you will have an empty property that you can clean, repair and sell.