Lake Barrington Shores does allow tenants. There’s not a lot because the HOA rules are in place to make sure we don’t get overrun with tenant occupied homes. The day comes when you decide you want or need to sell but your condo has a tenant with a lease. How are you going to achieve it. Below we look at the pros and cons.
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Letting Your Tenant Stay During The Sale
Most tenant leases allow an owner to start marketing a property in the last 60 days of the lease. This helps you secure either a new tenant if you decide to carry on leasing your property out, or to commence marketing it for sale in the hope of getting it sold as soon as possible after your tenant leaves. This sounds great but there’s one thing that can upset this apple cart and does, frequently.
Because they have certain legal rights, it can be difficult to get showings set up if you have a non cooperative tenant. Experience has shown this is the one thing alone that can stall your sale. Period. If we cannot get them to agree to every showing, we cannot secure your buyer. Tenant occupied units cause the following issues:
- They do not really want to leave, maybe had hoped for a renewal of their lease, they deny showings.
- Your tenant plays stop start with us on agreeing to a showing, then changing minds etc.
- Homes occupied by tenants are not going to be kept tidy, this can affect your bottom line dollar amount.
- They’ll not let us in when we arrive to view.
- They are in breach of your lease and do not want you to know.
- Taking photos or measuring can be problematic.
- Even if they agree to showings don’t assume they care, selling is not their issue, it’s yours.
- If you had hoped for a fast sale, hope less.
- You have no ability to make repairs or view the home unoccupied, who knows what is hiding.
- A tenant might deny access for home inspections and the appraisal.
- Buyers understand tenant occupied homes CAN but problematic, not always but they can.
- Considering all the above……..tenant occupied homes typically take longer to sell.
Waiting Until Your Tenant Has Moved Out
This is the ideal scenario because all of the problems mentioned above walk out the door with your departing rent payer.
Your condo or townhome is now vacant and the word tenant is not written in my mind, your mind or the buyer’s mind. It’s simply an empty home for sale. I am not worried that it is vacant. It’s better than occupied, dirty and untidy.
- Showings become very easy indeed. We can get any buyer through the door at a moment’s notice with no worrying about sudden denied access.
- The home inspection is easier for all.
- The appraisal can be carried out with ease and on time.
- You can get any repairs done by contractors without any access problems.
- It’s easy to clean before being ready to market.
We would love to help you sell your Lake Barrington Shores lifestyle home. If you have a tenant, our recommendation and our approval to help you sell, is contingent on one thing before anything else. Your tenant must leave first. Over time we have encountered so many issues with tenant occupied homes that we just will not do them anymore.