Mailbag: Can I Sell My Rental Home, Even If It Has Tenants?
Wanting to capitalize on the seller’s market but still have your property rented out? What are your options? Angie answers this listener question as well as three others on today’s show.
On today’s episode of the podcast, Angie answers four questions from the mailbag. But first, what are the latest trends in the Triangle real estate market? Angie says listings are starting to stay on the market for a few days. There’s been a slight increase in inventory, but there are still multiple offers, making it still a seller’s market.
Kris in Fuquay-Varina asks why some homes have multiple or split ownerships. Angie says this could be an LLC for an investment property or it could be deeded to several relatives. Often with vacation homes closer to the mountains or the beach, people may purchase a fraction of the ownership. Be sure that you have a good relationship with the people you are splitting it with if you choose to pursue that.
Neal in Chapel Hill says his tenants have a lease through the end of the year but he’d like to sell the home now. What are his options and how does this work? In North Carolina, the tenant rights mean the tenant can stay in their home through the contract date. You can sell your home now, but the lease follows the home. The new homeowner would take on the responsibilities under the lease. Every circumstance in a little bit different though, so you will want to be strategic about when to list the home.
Ava in Cary plans to sell their home in 8-12 months but has some repairs and home improvement to do before then. All together, it’s about $20,000 of work, including gutter work and repairs to damaged areas. Angie says if this was cosmetic work to not do it, but with this much need maintenance and repairs, you need to do it before putting your home on the market. Otherwise, it could look like a red flag to a future buyer.
Lucas in Wake Forest is wondering how to determine what home price works best for buyers. He’s been pre-approved for a huge loan but is not comfortable with that amount. He doesn’t want to be limited in the quality of home he can afford, so how do you find the right balance? Angie says after speaking with a preferred lender, like Jonathan Ellis with Fairway, to make sure to be comfortable with your monthly budget and what kind of lifestyle you want to maintain. No one wants to be house poor!
Listen to the entire episode or skip ahead using the timestamps below.
0:38 - What’s happening in the market?
1:37 - Mailbag: Why do some homes have split ownerships?
4:25 - Mailbag: Can I sell my rental home even though it still has tenants?
6:30 - Mailbag: Should I do home repairs before selling it?
7:52 - Mailbag: How do I know how much home I can realistically afford?
Get In Touch:
Angie Cole - Contact - Call: 919-538-6477