Do you own an investment property in Florida that you’d like to sell? When other people are living in your house, the selling process can become a bit more complicated. In our latest post, learn more about how to sell your house with tenants in Florida!
As an individual who owns properties and assumes the role of a landlord, there may arrive a momentous occasion wherein the desire to relinquish ownership of a particular house crystallizes. Even if you currently have tenants occupying the premises, it is important to acknowledge that the property remains under your dominion, affording you the prerogative to sell it at your discretion. Under certain circumstances, you may find it feasible to inform your tenants of your intent, which ought not to pose an insurmountable challenge. Nevertheless, it is prudent to exercise caution and mitigate the risk of potential tenant attrition, which could leave you grappling with the prospect of a vacant dwelling while simultaneously endeavoring to secure a buyer for the property. In light of this, it is paramount to recognize and respect the rights of your tenants, ensuring that you do not inadvertently contravene their entitlements. In the ensuing discussion, we shall delve into common scenarios that arise when one elects to sell a house while tenants are residing within the premises located in Florida.
The Lease Situation
How does your lease predicament manifest? In the event that you possess a month-to-month lease, terminating it ought not to pose a significant challenge. It will be necessary for you to furnish a substantial notification period to your tenant, usually spanning between 30 to 60 days. However, if you find yourself amidst a fixed-term lease, the circumstances become rather distinct. Should you desire to sell the property during the lease term, you will find yourself in a situation where you must either vend the property to an investor who will honor the lease or provide your tenant with some form of incentive to vacate. Certain leases encompass provisions for early termination that would enable you to conclude the lease prematurely under specific circumstances. It is crucial to bear in mind that tenants possess rights as well, as enshrined by the fair housing act, and any infringement upon these rights could result in adverse consequences.
If You Have Difficult Tenants
If a lessee has contravened their lease, you ought to be capable of ousting them without an impasse. However, if the lessee exhibits recalcitrance in vacating the premises, the process of eviction can transform into a protracted and onerous ordeal. The majority of landlords endeavor to circumvent grappling with evictions by all means. By directly selling your property while the tenants still occupy it, you shall be poised to sidestep the arduous eviction process and seamlessly move forward, clutching the proceeds. Numerous direct purchasers shall readily assume the lease agreement, enabling business operations to proceed uninterrupted. In the event of the tenants breaching the lease terms, the acquirer shall duly initiate the eviction process as necessitated. Moreover, a direct sale shall obviate the need to enlist, market, and showcase the property, thereby averting further exacerbation of tensions between yourself and the obstinate tenants.
There exist myriad factors elucidating the advantages of a direct transaction for individuals necessitating the sale of their property in Florida while tenants still occupy it. Discerning investors evince contentment in assuming ownership of a property that already accommodates a tenant, particularly when the tenant maintains a favorable standing. This facilitates the preservation of time and monetary resources that would otherwise be expended on advertising, marketing, and property showcasing. Moreover, prospective buyers are absolved of the necessity to undertake the arduous task of tenant screening and conducting background checks, as these requirements have already been diligently fulfilled. Even in the presence of a recalcitrant tenant dwelling within the premises, a seasoned investor shall encounter no difficulty in initiating the eviction process should the tenant be found to have violated the terms of their tenancy. Having likely encountered similar circumstances in the past, such a process will not be unduly burdensome or troublesome for the investor.
If you want to sell a house with tenants in Florida, there are certain ways to go about doing it. Always make sure you are being fair to your tenants, and giving the proper amount of notice. Not only is it the law, but it is the right thing to do.