You may have decided that it’s time to toss in your landlord responsibilities, or perhaps you’re feeling a little uncertain about the housing market and believe a bubble may be looming. Whatever the reason, you’re putting your manufactured home on the market. There’s just one caveat. There are people living in it and they happen to have a lease (or maybe they don’t).
The Ideal Scenario
In an ideal world, your tenants are wonderful people who understand your need and desire to sell and know that they can find another home to call their own in the month you’ve given them to vacate. They keep the home clean and ready for showings and ask only for a 24-hour notice.
Unfortunately, despite positive forward thinking and considering yourself a decent landlord, not all tenants fall into the above category. In this instance, you will need to know what the law has to say about your current dilemma.
Your course of action will depend very much on the lease that you had your tenants sign. This illustrates the importance of paying attention to this crucial legal document. State laws will determine what action you can take at this time.
In general, if your tenant has a lease and you did not add an “early termination clause” to the signed document, you must, by law, allow the renter to live there until the lease expires. Like most rules and regulations, there are some exceptions. If they have violated any of the lease terms, such as forgetting to pay rent, you then have the possibility of terminating the lease.
The other consideration is this: Have you included an option in the lease that allows you to show the property while they are living there? If not, the sale and showings are on hold until their lease is up.
If your tenant is on a month-by-month lease, you will need to check with the state that the property is in to see how much notice you are required to give your tenants. It is usually around 30 to 60 days.
If the law is on your side but your tenants are still not cooperating, consider a bribe. Did I say that? A little reduction in rent for every time you show the property and the home is clean and in good condition can go a long way in clearing any bad blood between you and the current inhabitants of your home.
If time is of the essence and you really need to get your home on the market yesterday, you have, as I see it, two distinct options. You can pay them to leave or sell the property to an investor.
Here’s the good news: At Land Home Buyer, we don’t mind if you have tenants in your manufactured home. In fact, we often look for that scenario. As investors, purchasing a manufactured home with an existing tenant lends itself to an immediate cash flow.
We close quickly and do not require repairs or improvements. In addition, there are no fees and no commissions. Call us at 1-866-652-5263 and find out if we are the answer to your current quandary.
How to Sell a Tenant-Occupied Property. Trulia’s Blog – Real Estate 101. https://www.trulia.com/blog/how-to-sell-a-tenant-occupied-property/