So you want to sell your Savannah, Georgia property while it’s occupied with tenants? The good news is, it’s entirely possible; landlords sell tenanted properties in Savannah, GA all the time. Selling a property with tenants in it can be a great way to save money in the short term, and – in an area like Savannah, GA – hugely profitable. Existing tenants in the property can be an attractive selling point if you want to auction your home off to fellow landlords. Having a tenant in the house already means that the new owner is guaranteed an income from the start, without having to first advertise the house after buying it. They won’t have to worry about refurbishing and furnishing it – all the hard work will already be done! So, if you have a property in the highly desirable Savannah, GA, selling it with tenants already living there might be your best option.
The process can sometimes be a little tricky, though, so here are some points to consider before haphazardly auctioning your tenanted property on the market.
As a landlord, you’ve got two options when choosing to sell your property:
- Sell with the tenancy – meaning that your tenant(s) will remain in the property after ownership is transferred, paying rent to the buyer. If you’re taking this route, you must remain diplomatic and courteous with your tenants to ensure a smooth transition of ownership. Tenants in Savannah, GA might not have the power to completely stop the process of selling the property, but they can make it much more difficult than it needs to be. To avoid this:
- Offer your tenants first dibs on the property. Even if you know they can’t really afford to, allow them to buy your home before auctioning it on the market.
- Explain what’s happening before you list the property on the market – being abrupt in this situation can damage your relationship with your tenants and cause more difficulty when selling your property.
- Be reassuring and emphasize how a potential sale could benefit the tenants. Reassure them that you are not kicking them out and that the T&Cs of the tenancy will still apply in the event of a sale.
- Evict and then sell – meaning you would evict your tenants and then sell a vacant/untenanted property. If this is the route you choose, you will need to legally terminate the tenancy, which is a process that can take several months to complete.
Can I use a normal estate agent to sell my tenanted property?
Well technically, you don’t need to use an agent at all, if you don’t want to… But if you do want to take that route, the good news is that there’s no need for any kind of specialist estate agent when selling a tenanted property in Savannah, GA. Of course – as with all things – an estate agent who is experienced in selling tenanted properties will be particularly beneficial to you, but realistically speaking, you should be safe with any competent agent.
The logistics of selling your tenanted property
- Your tenancy contract should contain a clause that specifies that where you intend to sell, your tenants must allow viewings. This, of course, is with appropriate notice. Allow 24 to 48 hours notice for each viewing. If your contract does not include such a clause, you will need to rely solely on the goodwill of your tenants.
- Ensure that your tenants’ deposits are transferred to the buyer of the property and that they are adequately protected.
- The contract of sale should specify that the property will be sold with existing tenants. It should also include their names, rent paid, and the terms of the tenancy.
- Ensure that rent payments from your tenants are all up to date.
- Ensure that there is a valid gas safety certificate and that furniture in the home is safety compliant.
If you’re ready to sell your tenanted property in Savannah, GA, you’ve come to the right place!
Here at Cash 4 Keys Home Buyers, we are cash house buyers in Savannah, GA. Our business model is to help homeowners who need to sell a house fast (especially houses that need work) by buying your house for cash… then we and our local partners fix up the property, beautify the neighborhood, and sell it “move-in” ready to a happy new homeowner.
We pay for all of the repairs.
We pay for the closing costs.
We do all of the work, so you don’t have to.
Our goal is to make the whole process no hassle for you, so you can move on with your life and put this house behind you.