Owning a real estate property is one of the best long-term investments you can make. However, there can be downsides if you have high maintenance renters. This can leave you with a lot of responsibility to random strangers who live in your property. 

So what should you do if you have tenants in the home? Maybe you've decided you want to sell the property to get out of the burden of being a landlord.

Selling rental property with tenants in Lebanon happens more than you would think. Landlords can be faced with circumstances that leave them to need to sell the property as soon as possible. It can be a hard decision since selling the property doesn’t just affect you. It also will affect the tenants living in your rental.

There are, however, some things you can do to avoid complications. Therefore, this will make life easier for not just you, but also your tenants. 

Sell to the Tenant

If you have a good relationship with your tenants, and you know they love the home, then it is a good idea to see if they would want to purchase the property first. 

There is a good chance that they can purchase the home, since they're already living in it. This would be an ideal opportunity, leaving you a smooth exit plan. It may be a little far-fetched, but definitely worth the potential. 

Send an Early Termination Notice

Depending on the state, you can send these types of notices out a month or two in advance. Therefore, this would give your tenants enough time to prepare and move out of the property. This allows you to terminate the lease, and if your renters violated any part of their contract. Further, you can dismiss them early. Therefore, this would allow the selling process to run more smoothly. 

Keep the Tenants in the Property 

This can be an ideal option for a buyer who is looking to buy this property as an investment. If you can find a buyer who wants to rent the home out as you did, and you have good tenants, then this can be ideal for them. They can keep the tenants in the home, and they won’t have to find a renter. It is a win-win for you, your tenants, and the buyer.

Cash for Keys Method

If your tenants have destroyed your home, you may need to fix up your home before you can list it. With cash for keys, you can pay your tenant to vacate the home. Too, you can offer them help to move, or pay their next security deposit. Try to do anything they might find helpful to get them out of your property quickly. 

So, now we have gone over some options. Sell your rental property with tenants in Lebanon, without any hard feelings on either end. Therefore, now let's now talk about your options of getting the property sold. 

If your tenants choose not to purchase the property, then once they are out, you need to evaluate the condition of the home. If you aren’t able to sell the home with it vacant, then you need to still consider what price you will be able to sell the home without doing any repairs, or renovations.

Sell with a Real Estate Agent

This can be tricky when you’re not living in the home, but other tenants are. There is no guarantee that the home will look presentable, since they most likely don’t want to move out. Also, keep in mind that you will somehow have to allow them to be available for showings whenever the real estate agent requests one. This can be a hard process, and it could potentially take months. 

If you don’t have tenants, and you do choose a realtor to sell your home for you, consider this. In order to sell the home, the realtor may require expensive repairs. Also, these repairs most likely won’t raise the value of the home. 

Sell by Owner

This can take a long time since you won’t have the resources to list the home or market it. You may find it difficult to convince a potential buyer they want the home after you have had renters living in the home. They may be unsure of the condition of the home, leaving them feeling uneasy about purchasing it. 

Sell to a Cash Buyer

If you are 100% positive you want to sell your rental property with tenants, then here's some advice. This is the best way of getting a fast sale you desire. A cash buyer purchases homes as is, and as soon as seven days. Why? You ask? Simply because cash buyers have the cash on hand and are ready to purchase your property. You can receive a quote in just twenty-four hours, and you can close it whenever you want. Your rental property could be sold in a short week. 

If this sounds like something you are interested in, contact TN HomeBuyers™ today at 615-299-5525. We will direct you in the right way to get this fast, simple process started. If you are looking to sell your Lebanon, TN rental property fast, we will give you a no-obligation cash offer today.