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6 Great Tips For Selling A Home With A Tenant

6 Great Tips For Selling A Home With A Tenant

6 Great Tips For Selling A Home With A Tenant

Whether you purchased a home for investment purposes or inherited a home with a tenant and now no longer want to deal with the property it still can be sold even with a tenant in place.  Sometimes you are unable to have the tenant move out since there may be a lease in place and the cost to buy out the lease may not make financial sense.  With high interest in individuals wanting to buy investment real estate it can make sense just to sell the home with a tenant in place since a future potential buyer may like that the home is already cash flowing. Whatever the reason may be, selling a home with a tenant in place is something can be done as this article will explore.

Lease Considerations

If a tenant is on a month to month lease then now is not the time to have them sign a long term lease as the next buyer may be looking to buy the house for themselves rather than own as a rental property.  With a month to month lease the tenant can generally be given thirty day notice to move out and be moved out before closing if that is what the buyer wants. In fact some buyers may include as part of their offer the requirement that the owner have the house vacated prior to closing so the buyer can move in after closing.  If the tenant is on a long term lease then the owner does not need to make changes to the lease but should have a conversation with the tenant if they would be open to a lease buyout.  With a lease buyout the owner is offering some money to the tenant to cancel the lease early and move out.  The owner needs to know...

What To Know About The Home Appraisal Process

What To Know About The Home Appraisal Process

What To Know About The Home Appraisal Process

Whether you are selling your home to someone buying with a mortgage it or working on refinancing your existing mortgage you will have to get an appraisal on your home.  An appraisal is prepared by a licensed Appraiser who looks at the condition and features of your home and compares them to other similar homes in order to come up with an opinion of value.  As long as your appraisal meets at least the sales price during a sale or meets the value the mortgage loan refinance is being based on you should be fine.  If your home ends up getting appraised for less than the agreed to sales price or less than the value of the refinance is based upon the purchase contract or refinance could fall through.  This article looks at how best a homeowner can prepare for an appraisal so they put their best foot forward to ensure the best chances of success.

When Does An Appraisal Happen?

Once an offer on a home has been made and accepted, and usually after a home inspection has been done (the buyers are comfortable with the home inspection results), the buyer’s lender will put in a request for an appraisal.  Generally the homebuyer is required to pay for the appraisal and may be asked to pay for it at the time it is scheduled or they may pay for it at closing depending on lender requirements.  Once requested it may take up to seven to ten days for the appraiser to actually come out to the home depending on how busy the home selling season is.  After the appraiser has visited a home the actual appraisal report should be issued within a few days.  When a lender is involved the appraisal report will be given directly...

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