A Better Way to Sell Your Rental Property
Any Reason
- Non-paying Tenant (or don’t pay on time)
- Tenants who Cause Damage
- Renters who Bother other Renters
- Tenants who Disrupt the Neighbors
- Overindulgent Pet Owner Renters
- Squatters
- Other kinds of Bad Tenants
Any Condition
- Old, Outdated House
- Fast Tenant Turnaround
- Water or Flood Damage
- Fire Damage
- Termite Damage
- Natural Disaster
- Needs Repairs or Maintenance
- Vacant or Condemned
Any Challenge
- Behind on Payments
- Code Violations
- Owe Liens
- Non-Compliant with HOA or Legal Regulations
- Pre-Foreclosure
- Bankruptcy
- Eviction
Video transcript
Do you want to know How to Sell a Rental Property with Tenants?
Hi, I am Jessica with SolidOffers. I am here today to answer the most common questions from landlords like how to sell, how long it take to sell, and can I sell with no paying tenants.
Many landlords are coming to us asking, "Is it better to sell with or without a tenant?"
If you want to put your rental on the market, the answer is: without a tenant. But you can't just tell them to leave.
First, are they on a lease? If yes, you probably have to honor the entire lease or sell to whom will continue to honor it.
If they are month-to-month, in most cases, you can give a notice to terminate their tenancy. Most states require a 30-day notice. Others, like Delaware and California, it's up to 60 days, or even to 120 days if in the District of Columbia.
After they leave, you still need to get the property ready to show and sell, which means repairs, cleaning, maybe staging, and, of course, photos. All this takes about 15 days or longer.
And even if you immediately get offers, it will take 30 to 45 days in escrow. So if all goes well, expect to finally sell and get paid in 75 days to 180 days. But not all landlords can afford to wait this long.
The other option is to sell with a tenant.
Let's be clear. Only investor buyers will make offers on a tenant-occupied property. So don't lose 6% of the sale price by listing it. Sell it directly to an investor and close within a month or less.
At SolidOffers, we screen all investors to protect you from any scams or fraud. Your House Selling Specialist will find the ideal investor buyer for your rental and current situation.
Another common question we get is: "Can I sell if the tenant is not paying?"
The short answer is Yes. However, you do need to disclose this information upfront. But worry not. We have plenty of buyers who will purchase your property even if your tenants aren't paying.
We have seen it all: non-paying tenants, squatters, damage, piles of trash, with financial or legal issues, you name it. We can help you sell your rental, just fill the form or call us. We're here to help.
Traditional Sale | Cash Offer | Seller Financing | |
Commissions & fees paid by you | 6% avg. | 0% | 0% |
Closing costs paid by you | 2% avg. | $0 | $0 |
Repairs to home paid by you | Negotiated during sale | $0 | $0 |
Inspection & Financing Contingencies | Yes - causing up to 15% of sales to fall through | No contingencies | No contingencies |
Appraisal | Sale is subject to appraisal | No appraisals | No appraisals |
Number of Showings | 7 to 15 | 1 (sometimes virtual) | 1 (sometimes virtual) |
Closing Date | 30 to 60 days after accepted offer | You choose | You choose |
Tenant-occupied | No - unless you sell to an investor | Yes - sell with tenants, even if non-paying | Yes - sell with tenants, even if non-paying |
Type of payment | Lump sum | Lump sum | Down payment and remainder in installment |
Expected Taxes |
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My tenant filed bankruptcy to stop eviction. Can I still sell my rental property?
Yes. We will need to know more details about the current situation, but we have investors who buy even rental houses even if the tenant has filed Chapter 7 or Chapter 13 and is under the Automatic Stay.
The tenants vacated and left furniture and trash everywhere. Do I need to clean the property?
Investors buy houses As-Is, which include left behind furniture, clutter, and trash. You don't worry about cleaning or any form of maintenance. Repairs and renovations are also unnecessary. The investor will take care of everything after closing.
There are liens on the property. Do I need to pay for these before the sale?
It depends on the buyer. Some investors will take responsibility for all and get a discount. Or, you will pay all liens and debts at closing using the cash offer or down payment.
How can I sell my rental property without paying capital gains taxes?
The tax amount you are expected to pay depends on your income bracket, depreciation deductions you claimed during your ownership, and the methods you plan to use to minimize tax payments.
Many landlords choose to use an installment sale, a form of seller financing, to reduce the amount of tax owned when selling the rental property.
If you use this method, you may still pay tax, but the payments are lower and spread out over time. You can also offset these capital gains with losses.
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