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How To Sell Your Property with Tenants in Baltimore

How To Sell Your House With Tenants in BaltimoreDo you need to sell your house with tenants in Baltimore? The process can be much more difficult than a typical home sale. Learn more about the process in order to avoid any pitfalls in our latest post! 

Maybe you own an investment property in Baltimore where the tenants are not paying the rent due to the current pandemic. Or perhaps you are just tired of constant tenant turnover. Maybe you are tired of dealing with frustrating and disrespectful tenants, but you simply don’t want to deal with the eviction process. There are a number of reasons why a property owner would want to sell a house with tenants in Baltimore. As you can imagine, it may be difficult to convince your tenant that selling the house is a good idea. In order to get your tenant’s support, you may want to let them know about everything that is going on.

Offer the Tenant an Incentive

If you opt to list the house with a Baltimore real estate agent, you will need the full cooperation of your tenant. By offering an incentive, you may be able to avoid any resentment your tenant may be harboring for selling the house out from under them. You have to remember, that while you own the property, it is still the place they call home. By offering to help them with moving costs, first months rent somewhere else, or a discount on the amount of rent they are currently paying, you will hopefully be able to get them to help you facilitate the sale. You can also offer to help them find a new rental, providing an excellent reference as needed. Keep in mind, that asking them to clean and leave while the house is been shown is asking a lot. Make sure that you compensate your tenants accordingly to make the process run smoothly.

If the house is going to be shown with a tenant still living there, offer to pay for a professional cleaning service so that the dirty work isn’t falling on them. You can also offer them movie tickets or a gift certificate to a restaurant so they have something to do while the property is being shown.

Wait until the Lease is Up

As a landlord who wants to sell their house with a Baltimore real estate agent, it may be in your best interest to wait until the lease has expired. Trying to coordinate any repair work, property showings, and keeping the house in show-ready condition can be a lot for a landlord to ask of their tenant. In many cases, landlords face backlash and even situations where the tenants disrupt a potential sale. It can be better for all parties if you are able to wait until the lease is up before deciding to sell the house in the traditional way.

Terminate the Rental Lease

If your tenant has violated the lease in any way, you can evoke an early termination clause in the lease. Not that you want them to slip up, but if they have been consistently late on rent or have been a documented nuisance to the nearby neighbors, you may be able to end the lease sooner than planned. When drafting your rental agreement, make sure to include details on what exactly will merit an early termination of the lease agreement.

Sell Your House Directly

If you want to sell your house with tenants in Baltimore, the easiest way is by choosing a direct sale to Maryland Home Buyers. We will buy your house directly, whether you have tenants or not. Our process will let you get rid of the unwanted investment as quickly as possible while receiving a fair price for the home. In most cases, when you sell your house directly to Maryland Home Buyers, the lease will stay in place and your tenant will remain undisturbed. The only change for them will be where to send the rent check every month.

Give your Tenant the First Option to Buy

When looking to sell your house with tenants in Baltimore, you need to let them know about it first. They already live there, so no moving is involved. They have likely made the house their home and gotten accustomed to the neighborhood. If your tenants are happy to live there, they may want to buy the house themselves. If financing is a problem and you don’t need the full amount for the property right away, owner financing can be an option. Remember that in Baltimore, it is a requirement to offer the tenant the “First Right of Refusal” to purchase the home. In most cases, the tenant does not or will not exercise their right to buy. But just to be on the safe side, it is necessary to avoid any unnecessary legal issues later.

Understand The Tenants Rights

When trying to sell your house with a tenant in Baltimore, you’ll need to be aware of the rights of the tenants. So long as no violation has occurred, in most places, a tenant has the right to stay in the home until the lease is up, whether or not someone buys the home.

We can help you sell your house with tenants in Baltimore! Reach out to us today for more information! (410) 657-2523

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