How to Sell a Home When There's a Tenant in It

Written by Michele Lerner

Published March 08, 2012

If you rented out your home to a tenant instead of selling the house during a slow market, you might be ready now to put it on the market. The effort to sell a home can be complicated by the presence of a renter.

While many real estate agents recommend waiting until your lease expires and selling your home without a renter in residence, not all landlords can afford to have their home vacant for a few months during the transition. In addition, local regulations can impact the process of selling an investment property.

"The first thing any landlord should do is to check out the local tenant-landlord rules," says Patricia Kennedy, an associate broker with Evers & Co. Real Estate in Washington, D.C. "The rules vary from one jurisdiction to another. For instance, in D.C., tenants have the right of first refusal when a home goes on the market and again when an offer comes in."

Kennedy suggests that homeowners start the sales process by communicating clearly with the tenants and asking if they want to buy the home.

Read more: http://www.foxbusiness.com/personal-finance/2012/03/07/how-to-sell-home-when-theres-tenant-in-it/#ixzz1oXNOVEvp


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