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How to Sell Rental Property With Tenants in Petworth
Elliott contacted us at the end of March after seeing an Express Homebuyers TV commercial. He wanted to sell his rental property with tenants on 4th Street NW in the Petworth neighborhood of Washington, DC. The 4-bedroom, 2-bath property was already listed at the time and his asking price was higher than what we would be able to pay him for it, so the conversation didn’t go any further.
Near the end of the summer, Elliott contacted us again and spoke with Acquisition Manager Tom Parmentier. His rental property with tenants hadn’t sold yet. Although he had a ratified offer, the buyer was never able to complete the deal. He was frustrated with how to sell his rental property with tenants in Petworth and eager to sell to someone directly if he could get the right price. Otherwise he would list the property again. Elliott and Tom talked throughout the week and set an appointment for Tom to see the property in mid-September.
After verifying the condition of the property, Tom made an offer. Elliott thought it over, considering the time and energy he’d already invested in trying to sell the house and the costs associated with listing it again. Tom received a signed agreement from Elliott about a week after their meeting.
Figuring out How to Sell Rental Property with Tenants in Petworth Doesn’t Have to be Frustrating
Knowing how to sell rental property with tenants in Washington, DC is complex. You must follow the District of Columbia’s regulations for purchasing tenant occupied properties as mandated by the Tenant Opportunity to Purchase Act (TOPA). Express Homebuyers had to file all the proper paperwork and provide the tenants with a first right of refusal. Because this series of steps can be intricate, we had our attorneys, at our cost, handle the entire process to ensure everything was done to code.
It took two months to properly file and process all the required documents and once that was finished, Express Homebuyers purchased the property. Elliott happily walked away with cash in hand.
If you’re not sure how to sell rental property in Petworth with tenants in it, call us today at (877) 804-5252 for a fair, immediate and no-obligation cash offer. Or fill out the short form on the top right. We make sure the legal process is managed properly, the transaction is easy for you, and your tenants can stay in the house. We also buy homes throughout the DC Metro area.