Can I Sell My Rental Property with Tenants in it in Dallas, Texas?

In Dallas, Texas, when trying to sell a rental property with occupants, it is imperative to understand and follow the Texas Property Code or else costly and lengthy legal issues may arise.

Inform Your Tenants of Your Plan to Sell

Once you have decided to market your rental property, it is important to inform the tenants. You can do this through a formal notification that will include information about the sale, the dates when potential buyers will view the home, and the timeframe the renters have to leave once the property is sold. Unless the tenant agrees or the contract allows, you may not be able to show the interior of the house to interested buyers. Furthermore, it may not be in the desired condition or look well-kept. In some cases, you may have to accept a cash home buyer who is happy to purchase the residence without entering it.

Consult With Local Cash Home Buyers

When selling a rental property, it is important to find experienced cash home buyers who can ensure the transaction is handled properly. This is a more complex process than selling a personal home or an empty house, and requires a knowledgeable cash home buying firm with a legal team and title company. Tenants in Dallas, TX have specific rights which should be taken into account to avoid any potential legal problems.

Do You Have a Perfect Buyer Right Under Your Nose?

If tenants have been reliable and have the resources to buy the place they are renting, they may have the chance to make it their own. However, if they choose not to purchase, it is essential to talk about how long the lease will be and what the rent will be.

If you need to sell a property with tenants who have not been paying rent, a cash home buyer can be beneficial. Professional cash home buyers often make it easier and more affordable to sell a property with renters and will even purchase a property if the tenants are delinquent on rent payments. The cash home buying company will manage the eviction process or get the tenants back on track with rent payments.

Time the Sale

When trying to sell a property, it is advantageous to do so when the tenants have left or are about to leave, as it allows the home to be showcased without anybody living in it. Even if the lease has just been signed or the tenants are not paying rent, it is still possible to sell the property, generally through a cash house buyer or “we buy houses” company.

Conclusion

In Dallas, Texas, selling a rental property that currently has tenants can be done with the right preparation and implementation. It is essential to understand the laws, inform the tenants, get advice from a cash house buying specialist, bargain with the tenants, and consider when the sale will take place. If the right steps are taken, it is possible to sell the rental property for the desired amount.