Could a tenant hurt my chance of selling?
Having a tenant occupied property can make it very difficult if you need to sell your property quickly. Did you know that only 3% of the people in the market for a single-family house will be looking to rent that property out after purchase?
Most buyers are looking to live in the home they’re purchasing, and the idea of a tenant-ready home or one with current tenants is not appealing to these buyers. Often, the time, energy, and funds required to sell a house that has existing residents are more than most sellers can handle.
One common issue that often comes up with selling a tenant occupied house is that renters are unwilling or unable to accommodate any showings of the house the seller would like to plan – and any short-notice walk-throughs are likely, not possible.
Another frequent problem associated with these sales is that buyers are more willing to purchase a home that they can imagine themselves in – one free of clutter or unnecessary furniture. The buyers need to be able to picture themselves and their belongings in the space, and they are less likely to buy when the house is clearly being lived in by a current couple or family.
Even if the home is free of current tenants, the property will likely require repairs after the renters have moved out. The cost of these repairs can range considerably – from replacing a few door locks to severe water damage from a non-reported leak in the kitchen. The national average cost of preparing a previously leased home to “market-ready” standards is approximately $4,500.
All of these factors result in the market for these homes to be extremely limited and a financial black hole for most sellers. Either your buyer is within the 3% looking to rent the property out, or they are among the 97% of buyers who want to buy a move-in ready home.
SellYourHouse.biz eases the burden for the seller. We take the anxiety and worry about preparing and selling a house out of the equation. We will buy your home – no matter the condition. Let us worry about the repairs. Let us worry about handling your tenants. All you have to do is pick up your check within one week of calling us. It’s that easy!