Selling a Property with Tenants in Place

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The strong seller’s market has prompted homeowners across the country to consider selling their homes. What if your property is a rental unit with tenants in place? Can you still sell and take advantage of the rising home values? Yes, by understanding the steps and following a few tips, you maximize your profit in this strong market.

The first step in selling your home with tenants in place is to understand your rights and responsibilities. The kind of lease you hold will determine if you can simply give notice to the tenants or if the new owners will buy the home with a lease in place. Only month-to-month leases can be terminated unilaterally with proper notice.

Next, meet with the tenants and discuss the situation. Explain your reasons for selling and assure them that you wish to make it as easy as possible. Offer to sell the home to the renters first, and then discuss any future plans they may have. If they can’t or don’t want to buy the property, you may be able to offer them money to move. Your goal must be to have the cooperation of your tenants so they will help facilitate showings and maintain the home.

When you have tenants, who will remain in the home after the close due to their lease, then you must disclose the lease terms to the buyer. The new owner will be legally obligated by the lease. In a strong market, you may find a buyer willing to wait for the expiration of the lease, even if they intend to occupy the home.

Selling with tenants in place doesn’t have to be difficult. Do your homework, understand your obligations and be transparent with the renters and potential buyers. This way, you make it easy on all parties and can reap the reward of high home values.

Selling and Buying during a global pandemic...No Problem!

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The OC Nest worked with this family to sell their Irvine home during COVID for $20,000 over list price in just 3 days! In addition, we helped them to purchase a new home for $74,000 under list price! This is a perfect example of great teamwork! Through clear communication and trust, we were able to accomplish their goals. We are so happy they found their perfect "nest "!!

Motivated Seller - Make Me an Offer!

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Even in a strong seller’s market, a homebuyer might hear the words, “Make me an offer.” For a nicely appointed home that is well priced, this can be a surprise. Being invited to write an offer can often give the buyer pause. Most buyers will immediately wonder if something is wrong with the home. Did they miss something that is causing the home to take longer to sell? While it could be that something is wrong with the home, it most likely just demonstrates the seller’s readiness to move. It could be that they have found another home or are motivated by a relocation, but it might also be that they are tired of keeping the home show-ready and are just anxious to be done with it. In this situation, it’s important for the homebuyer to listen to their agent. A buyer who hears, “Make me an offer,” often assumes this is an invitation to write a lowball offer. The assumption is that the seller will take any offer just to get the home sold. The buyer thinks they’ve probably got this one in the bag! The buyer’s agent will be able to add context to the situation and provide reasonable suggestions for price and terms. Even when invited to write an offer, home sellers will not discount their home if there is no need to do so, and sending an offer below market value might insult the seller and prevent a counter-offer or acceptance—causing the buyer to miss out on a desirable home. Buying and selling real estate is emotional on both sides. Serious buyers and sellers are both eager to find the right deal, but foolish bargains are rare. When hearing, “Make me an offer,” the best move is to consider the home and then rely on the advice of the buyer’s agent about the next steps.

Tips for the First-time Home Seller

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Tips for the First-Time Home Seller There is a lot of attention paid to first-time homebuyers. Most real estate agents and lenders have some kind of guide to help first-time homebuyers navigate their first home purchase, but what about the first-time seller? Selling your home for the first time can be just as confusing as a home purchase, so here are a few things to remember as you navigate your home sale. Before that first showing, it’s important to prepare. This involves not only cleaning, decluttering, and staging the home, but also learning about your local real estate market and finding the best agent for your needs. Interview more than one agent and ask lots of questions. Learn about the services they offer: do they include professional photography, video, or virtual tours? Ask for a comprehensive market analysis (CMA) and ask each agent their suggestion for the listing price and their method for arriving at that number. Use this information to determine the best agent to assist you. Once you have an agent, stay involved. Discuss the plan for showings and open houses. Try and be flexible to allow for as many potential buyers as possible viewing your property. Review the listing online for accuracy and stay in touch with your agent for feedback from showings. Once you start getting offers, respond as quickly as possible. It’s not just about the price; watch for terms, such as length of escrow and contingencies, when evaluating these offers. Be prepared to move so that you can take advantage of a good offer, such as all-cash. The most important aspect of a successful home sale is the relationship you have with your agent. Be transparent about your needs, concerns, and goals; insist that your agent do the same, and working together you will navigate through your first home sale successfully.

Share the LOVE!

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Calling all HUSTLERS!!

Did you know that you can make passive income just by sharing the LOVE about The OC Nest?

Yep, if you have a friend who might be looking to buy or sell real estate and you refer them to The OC Nest, you will receive a finders fee upon close of escrow just for sharing the LOVE!

The OC Nest gives Buyers & Sellers the comfort of working with an experienced Broker, but the personal touch of a friend whose goal is to help you find your perfect “nest”.

PLUS…The OC Nest donates a portion of their commissions towards your referrals closing costs too.

DM The OC Nest TODAY if you want to Share the LOVE and start earning $ while helping your friends save $

Thankful Thursday

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Gratitude changes everything! When given the opportunity to work with for someone that puts all of their trust in you, it’s a game changer. I met this sweet Momma some years back as our husbands coached our boys soccer team together. We hit it off and continue to see each other on the fields and about town. I am so grateful to have met this wonderful family. When they contacted me to sell their house I was more than thrilled to get the opportunity to work alongside them in a different aspect other than our established friendship. Together we were able to get their house sold in 7 days and above list price!! Teamwork makes the dream work on and off the field.