When Lynn couldn’t find anything readily available on the market, she pounded the pavement until she found the perfect house for us.
Carol Andersen, Vergennes, Vermont
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Investment Real Estate >Selling Rental Properties
Marketing a rental property presents some special challenges. Owners will probably want to offer the house for sale while tenants are still living there so that the property continues to bring in income. However, most real estate agents prefer that their listings either be occupied by the owner or empty. Tenant-occupied homes are often the most difficult to sell since the tenants may not share the same pride of ownership. They may not be eager for the property to sell, and as a result, the house is not shown to its best advantage.
When you put a tenant-occupied house on the market, it is important that you enlist the tenants in the effort to get your house sold. Talk to the tenants first to see if they have a desire and ability to buy the house. If they are not interested in buying, work out with them the ground rules for access to the house. In most cases, the new owners will want the tenants to move, and it will be important to work out alternate living arrangements with them. In each situation, work hard to create a spirit of cooperation with the tenants.
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| Q |
What celebrity home sold recently for a reported $5.5 million, despite its yellow-and-rust striped paint job?
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This Hollywood Hills residence was the former home of the popular singer, Madonna.
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