Potential Challenges of Selling A Rental Property in Harrisonburg


Potential Challenges of Selling A Rental Property in Harrisonburg
By Scott Rogers • February 18, 2020
Do you own a property in Harrisonburg occupied by a tenant? When you are ready to sell it, how will you go about that process? Will you list the property for sale while the tenant is still living in the property? What if the tenant doesn't keep a neat house? What if the tenant has an odd work schedule that makes showings difficult? What if the tenant has a normal work schedule but still makes scheduling showings difficult? What if the tenant sticks around during showings and makes buyers uncomfortable? What if the tenant wants to renew/extend their lease (or they'll move out!) before you have secured a buyer for the property? Will you list the property for sale after the tenant has moved out? What if it is hard to envision how the space in the property will be used without someone living in the home? What if it takes months and months to sell the house and you don't have rental income to offset your ongoing mortgage costs? What if a buyer thinks you are desperate to sell and makes a super low offer because the property is vacant? What if the tenant's lease ends at a terrible time of year to sell the property? OK -- admittedly, I'm spelling out the worst case scenario of both sides of this issue -- hopefully making it clear(er) that there is no sure-fire easier, faster, better way to sell an investment property. There can be challenges in listing the property for sale while the tenant is still occupying the property, and likewise, if you list the property for sale after they move out. We'll need to work together to determine the best game plan for your property, perhaps considering... Will the buyer for your property most likely live in the property, or be purchasing it as an investment property? Does the house show well with the tenant living in it? When does the tenant's lease end and what happens (per the lease) after that date? (Auto-renew for year, month-to-month, etc.) Is the tenant understanding of your desire to sell and willing to be cooperative or even helpful? It doesn't have to be difficult to sell a property occupied by a tenant, but we'll want to approach the process thoughtfully. Let me know if you're planning to sell an investment property in 2020. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
Comments (0) or Subscribe