Here’s How You Can Sell Your Durham, NC Property With Tenants
At the beginning of the Covid pandemic in 2020, the Federal government issued a moratorium on evictions across the country. This was meant as a temporary measure to help renters who may have lost their jobs due to city-wide closures. In turn, landlords were given tax breaks and other welfare options to help cover the cost of losing regular rent.
Now that the pandemic is nearing its end, many states –including North Carolina –have lifted eviction moratoriums. In fact, as of August 26, 2021, the North Carolina state government officially ended all moratoriums on evictions, which means that landlords can once again ask the court for help with dealing with delinquent tenants.
But there’s hope…literally. The HOPE (short for the Housing Opportunities and Prevention of Evictions) Program aims to settle tenant-landlord disputes without having to resort to litigation, which makes selling a property with renters much easier, and makes it easier for tired landlords in Durham, NC to earn an honest living again.
This is all great news for landlords and cash homebuyers in Durham, NC, who might be shopping for new properties to deal in. But first…
Can I Sell My House with Tenants in NC?
Yes, in North Carolina, you can sell your house even if you have tenants with a current rental lease. You will, of course, need to inform both the buyer and your tenants about the upcoming sale. In general, your tenant should have nothing to worry about: their current contract should remain pretty much unchanged, with any additions or subtractions from the original contract taking place between them and the new owners.
Notice periods of the sale vary, but in general, courts will often require landlords to give 30-45 days’ notice to their tenants about the property being sold off to a different owner. This allows your tenant some time to decide whether or not they want to stay on or if they want to move to a different location.
If all of this sounds suspiciously simple, that’s because it is: it doesn’t have to be complicated! Yes, tenant-landlord disputes can arise for different reasons, and while there are a thousand and one ways to resolve them, they all rely on these two very important steps to take:
Work with Your Tenant
Never underestimate the power of a good conversation. Sure, some disputes can get very contemptuous, but in reality, a lot of ill will and harsh words can be avoided by simply sitting down with your tenant and working together with them on the best way to move forward.
In general, one of the biggest issues tenants have with landlords who sell the property is when the latter decides to host a viewing of the property. Legally speaking, landlords have every right to do this: after all, it is their property. Naturally, this kind of attitude can rub people the wrong way, and some tenants may even find ways to either try and prevent viewings or even turn hostile.
But here’s the secret: it doesn’t have to be this way! In fact, it can easily be avoided by providing your tenants with information about the sale well ahead of time and then providing them with the legally mandated ‘reasonable notice of intent’. In many cases, 24 hours is enough time for a landlord to give prior notice, provided the exact time, date, and purpose is expressed in writing.
Professional Homebuyers Can Make the Process Easier
Once you’ve smooth over your issues with your tenant, it’s time to actually start selling your property. But here’s the problem: there are still some buyers out there who are unsure about buying properties that are currently being rented. More often than not, these buyers are worried about any existing mortgage issues, a lack of trust or knowledge about the tenants, and any other negative issues that might have arisen during their tenancy.
These are all pretty valid fears, but thankfully, professional homebuyers won’t have these qualms. In essence, a professional homebuyer is someone (or, in some cases, a group of people or a company) who has liquid cash on hand and is willing to buy property in order to turn it for profit. For many professional homebuyers, an existing tenant isn’t a bug, it’s a feature: should the homebuyer decide to resell the property for profit, the fact that there are tenants in a property is a good indication of the property’s livability and worth.
Ready to Sell Your Home? Let Us Help!
Jolific Homes is one of the most prolific cash homebuyers in Durham, NC and beyond. We like to say that we’re a mom-and-pop business, which means we like to treat our customers like family. At Jolific Homes, we like to keep our transactions honest, hassle-free, and straight to the point, and that’s because we want YOU to sell your house as fast as possible. Contact us, today, to learn more about how we can help you!