The banks sent you “payment overdue” notices and now you want to put your house up for sale. Obviously! You want to sell your home fast – to avoid foreclosure. Ideally, you hope for your asking price, but at this point, you’re even considering a short sale.
The problem…
You have tenants in your house who pay rent regularly. Can you actually sell the house with renters still living in the property you own?
The approach…
There’s no cut and dry correct answer to this question. First answer the question, what kind of contract or lease did you and your tenants sign? Is it a year-long lease? Is it a month-to-month contract?
With a long term lease in the picture, you might want to wait for the contract to end. Please be very wary before putting your property for sale. In case your house hasn’t gone through a foreclosure, your signed lease takes precedence. You could cajole your tenants into leaving, or offer monetary incentives, but you cannot force them to vacate your house. Forcibly evicting tenants or not providing enough time for them to move can actually backfire. In the past couple of years, new laws support renters and you might find yourself stuck in a lawsuit.
On the other hand, if it’s a month-to-month contract, you can give your tenants 90 days to vacate. In that case, undergoing a short-sale is much easier.
If you’re really frustrated, feel torn between banks and tenants, and really want to sell your house, Express Homebuyers can help. Your house worries can be behind you in two weeks by calling us at (877) 804-5252. We buy homes for cash and can have $2,500 in your hands even before your deal closes.