Selling a house with tenants in Massachusetts and New Hampshire can be a tricky and confusing process. As a seller, you must be aware of the state laws, the tenant’s rights, and the responsibilities of both parties.
An exit strategy should be a part of every investment, with the sale of the property planned out ahead of time. Of course, savvy real estate investors understand they must keep a steady eye on the market and their holdings and, when called to make adjustments, which may leave a landlord holding a rental property that they need to sell, which tenants occupy. Because of the rights of tenants and the legalities involved, it is always wise to seek out the assistance of a highly experienced real estate professional and follow legal advice as you approach this situation. We’ve gathered these practical tips to help you understand how to sell a house with tenants in Massachusetts and New Hampshire.
Tenants Rights
Familiarize yourself with the landlord-tenant laws in your jurisdiction. Additionally, carefully review the lease agreements to understand the rights and responsibilities of both the tenants and the landlord regarding the sale of the property.
Your tenants’ rights must be respected when you sell a house with tenants in Massachusetts and New Hampshire. So taking the time to educate yourself and understand the local, state, and federal laws that govern selling a tenanted property will help make it a smooth operation and keep you from upsetting any apple carts. Because the cooperation of your tenants in the process of selling the rental property can be priceless, the last thing you want is to step on their rights and get off to a bad start with the sales process.
By understanding the tenant’s rights in Massachusetts and New Hampshire, you can ensure that you are selling your property in a way that is both legal and respectful to the rights of your tenants.
Notification
As a landlord in Massachusetts or in New Hampshire, you are required to give tenants notice before the sale of the property. The amount of notice you must give depends on the type of tenancy. This gives tenants enough time to look for a new place to live before the sale is finalized and the new owner takes over.
Unless it is a birthday party, nobody likes surprises, especially when it comes to finding out that your landlord is selling you’re home. How and when you provide notification about the impending sale is essential when you need to sell a house with tenants in Massachusetts and New Hampshire. It is best to send the message in writing and make it clear that you have every intention of respecting their rights and wish to work with them to make showing the unit convenient to gain their willing cooperation and stay within the law.
Renewals
If you’re approaching the time to sell a house with tenants in Massachusetts and New Hampshire, and the end of the lease is near, it may be best to wait out the remainder of the term; let’s face it, selling an unoccupied rental property is a much easier task overall.
It’s generally best to wait until the lease is up before listing a house with tenants in Massachusetts and New Hampshire. Doing so ensures that you’re following the law, that you’re respecting the rights of your tenants, and that you’re giving yourself the best chance of success when it comes to selling the home.
Difficult Tenants
Sadly, many landlords learn that the tenant application process is one of the most critical steps in running a real estate investment business with rental property holdings when faced with the devastation that a bad tenant can bring. For example, troublesome occupants can make it extremely difficult to sell a house with tenants in Massachusetts and New Hampshire.
If possible, consider offering incentives to the tenants to encourage their cooperation during the sale. For instance, you could offer reduced rent or a financial incentive to maintain the property in good condition for showings.
In some cases, offering a “cash for keys” arrangement can be a solution. This involves providing a financial incentive for the tenants to willingly move out before the sale. Cash in hand can melt even the coldest hearts and reach even the most extreme of these poor-quality tenants. Cash for keys refers to the basic dangling carrot of money to incentivize your bad tenants to hand you the keys willingly for cash. It can save you from potential legal complications and make the selling process smoother.
Ready to sell a house with tenants in Massachusetts and New Hampshire? Why not call on the direct buyers at Deal Edge Properties who purchase occupied rental investments, no matter what type of tenant you have. Suppose you’d like to discuss your rental property situation with a seasoned professional investor like the direct buyers at Deal Edge Properties, with no obligation.
At Deal Edge Properties, we understand that communication is the key to success, so we stop everything, listen, and then offer suggestions to help you overcome any hurdle. At Deal Edge Properties, we work with the power of cash to buy your house with tenants as-is, saving you money on repairs. At Deal Edge Properties, we never charge commissions, saving you even more of your hard-earned profits on the sale. And, you won’t even pay any closing costs. Why not find out how easy it can be to sell your rental property directly by working with a direct buyer from Deal Edge Properties. Contact Deal Edge Properties at (978) 274-0555.