So you are thinking about selling your tenant occupied property in New Jersey but unsure where to start? Well, most of the things you have to do when selling a property still apply. You just have to market your home to a different group of people. Usually in the case of tenant occupied properties, you will be marketing to other investors.
If your tenant pays on time and is generally easy to deal with, this is a huge plus for an investor. If they are not paying or difficult to deal with, you will have more trouble selling the home, especially at the price you want. And if they are a candidate for eviction or ejectment, even more so. With the current laws in South Jersey, someone could be waiting quite awhile to have a non-paying tenant removed. Below are some options to consider.
Wait Until They Move Out
If you can, perhaps just waiting until the property becomes vacant is your best option. You could then assess the condition of the property and clean it if you want. It would also be easier to show it since you can just leave a lockbox for people to use. However, you will not be getting any rent, so you must make sure the time it is vacant is minimized.
Re-Negotiate the Lease
You may be able to negotiate a shorter or longer term with the tenant, depending on when the buyer wants to take possession of the property. It may even make sense to pay the tenant to leave early, so that the sale can happen quicker. Home buyers like Property Buyer Connect can close on a home in as little as 30 days! So having a flexible tenant would be a great benefit. We can even help your tenants relocate to somewhere else in South Jersey as well. Just be sure to mention it to us during a call and we can help you take care of it.
Sell It Tenant Occupied
If you have a paying tenant that is cooperative, you could sell it occupied. You would have to make sure the inside is somewhat presentable to enter and coordinate any showings with the existing tenant. You would also most likely need to let the tenant know what is going on, although some landlords prefer not to if they have an unreasonable tenant.
If you have a tenant occupied property and are just simply tired of dealing with it, we can help you out. Give us a call at 215-770-3122 or send us a message! We can help walk you through the decision making process and can buy your property whether it’s vacant or not.