Exit strategies are necessary for the real estate investment business as a part of your overall strategy to realize the best returns on the investment. Wise investors understand that they must maintain constant surveillance over the local market for upcoming changes or trends, in case they should require an earlier than-planned exit. Changes in our personal lives may influence the strategy we use for our real estate portfolios which may ultimately require selling with a tenant in residence. Whatever may have led to this decision, read on as we explore how to sell your tenant-occupied house in Hawaii.
Sale Termination Clause
Because existing leases are not affected by a decision to exit the investment property, it’s a good idea to include a sale termination clause allowing you to sell your house with tenants and terminate the lease legally. With or without this clause in effect, you may want to present benefits to the tenants in exchange, such as decreased rent during the listing period as an incentive to keep the house showing ready. You could also propose to be flexible with the moving date or even pay part of all of the moving expenses. It’s highly advisable to ensure the rights of the tenants remain protected. You should always verify the legality of your contract with a professional real estate attorney in light of local, state, and federal guidelines.
When you sell your tenant-occupied home, you should always provide your tenants with proper notice, maintain open communications and a positive relationship, and meet all local, state, and federal guidelines. You’ll also want to summarize the intent to sell and provide information concerning cooperation with the laws governing tenants regarding showing occupied units on the market.
Sometimes landlords have no other choice than to sell the property when they have challenging tenants. Perhaps your screening process failed to protect you from this situation, and you’re trying to sell your tenant-occupied property. It’s always possible that they may move from being difficult to being downright unreasonable. In this event, you might choose to start expensive eviction proceedings. This may cause the volatility to escalate, and chances increase that you’ll experience severe damage to the property, often running into thousands to repair. If you can’t depend on their collaboration with showings, you may wish to consider using another strategy: keys for cash. This is an incentive of a large lump sum of cash to vacate the property and provide you with the keys willingly.
Oahu Home Buyers
Need to sell your house with tenants in Hawaii? The most straightforward and convenient way is by selling directly to Oahu Home Buyers. When you work with us, there are no hidden fees, commissions, or closing costs, no hassles with showings, or expenses of prepping, repairing, and marketing the property. At Oahu Home Buyers, we are fully transparent because we are passionate about helping you sell your property for the highest possible profit. We’ll show you the comparisons on what you’d earn on the market vs. selling directly to Oahu Home Buyers. We will always provide you with the full details of the expenses and profits that each sales method will offer. This way, you’ll agree our offer is fair and understand how we reached it. We buy houses as-is for cash and provide you with a guaranteed closing date, typically in a matter of days. Don’t forget to ask about our current inventory of the best investment properties available in Hawaii if you would like to defer taxes through a 1031 exchange. Call Oahu Home Buyers at (808) 333-3677.
“Help! My Last Tenant Trashed My Hawaii House”