🏠 Selling your tenant-occupied or as-is home? Let's chat! 🏡

 

Selling a home can be a complex process, especially when you have a tenant occupying the property or when you are considering selling it "as-is." Each option comes with its own set of advantages and challenges. This guide will help you understand the implications of each choice, enabling you to make an informed decision.

Selling with a Tenant

Advantages

1. Income Stream: If your property is currently tenanted, you will continue to receive rental income until the sale is finalized. This can be particularly beneficial if the selling process takes longer than expected.

2. Investor Appeal: Some buyers, especially real estate investors, may be interested in purchasing a property with existing tenants. This provides them with immediate rental income and a potentially seamless transition.

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Challenges

1. Limited Buyer Pool: Having tenants can limit your potential buyers to primarily investors. This might exclude those looking for a primary residence.

2. Tenant Cooperation: Selling a home with tenants requires their cooperation for showings and inspections. This can sometimes lead to scheduling conflicts or resistance.

3. Lease Agreements: Existing lease agreements may need to be honored by the new owner, which could be a deterrent for some buyers.

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Selling "As-Is"

Advantages

1. Quick Sale: Selling a home "as-is" means you are not responsible for making any repairs or improvements. This can lead to a faster sale process.

2. Cost Savings: By not investing in repairs or renovations, you save money that might otherwise be spent on upgrading the property before a sale.

3. Attracting Certain Buyers: Some buyers, particularly investors or those looking for a fixer-upper, may be specifically searching for "as-is" properties.

Challenges

1. Lower Selling Price: Homes sold "as-is" often fetch lower prices since buyers anticipate spending on repairs or upgrades.

2. Perceived Risk: Buyers may perceive purchasing an "as-is" home as risky due to potential hidden issues, which might limit your buyer pool.

3. Disclosure Requirements: Even when selling "as-is," you are generally required to disclose any known defects or issues with the property, which might affect buyer interest.

Conclusion

Deciding whether to sell your home with a tenant in place or in its current condition without making any repairs involves weighing the benefits against potential challenges. Consider your financial goals, timeline, and the market demand in your area. Consulting with a real estate professional can also provide valuable insights tailored to your specific situation.

I have many investors that purchase real estate and need homes to buy. This allows you to save on commissions if I can sell to one of my many investors. 

Contact Brett 216-703-5740 Key Realty 

1200+ Homes and Counting 

Click here to Schdule a 15 Min Meeting w/Brett