Can you sell your rental home in Dallas, TX, even if you have a problem tenant?
The last decade has seen a significant rise in the number of rental homes and landlords. Whether rental houses, small apartment buildings, or condos, income properties can be a great financial vehicle. Of course it doesn’t always work out as planned. Some tenants just don’t pay on time. Others can become nightmare renters who just don’t live up to their end of the deal.
The big question is; can you sell your property with an occupant like this? If so, how do you do it? What’s the best way to do it?
The Issues
While some renters are awesome, others are not. Some are truly great people who for whatever reason just don’t perform well. They may be consistently late paying the rent due to poor money management. Others fall further behind due to job losses, medical issues and bills, or family emergencies. Some are just a pain. They may be constantly harassing you for repairs and upgrades, or could be damaging the property, adding liability, or terrorizing the neighbors. Then there are those that are ‘professional’ tenants who will work the system, threaten malicious lawsuits and try to milk your residence until you can get the legal system to evict them. Sometimes that can take a while, and quite a few dollars.
When You Choose to Sell
Perhaps you already decided to sell your home in Dallas, but are stumped as how to do it with a tenant like this in the property. It can be hard and dangerous to try and get them out in advance.
In other scenarios you may never have planned to sell this property, but simply can’t afford it, or the liability any more. If the rent isn’t coming in, attorney bills are likely to keep mounting for a while, or this is a volatile or malicious occupant who could start firing off expensive lawsuits at you, then it may be time you have to sell. Sometimes you need to stop the bleed before it gets worse, and then impacts your credit, reputation, and perhaps all of your other assets and finances. It does happen. So the sooner you can sell the better.
Can I Sell My House in Dallas, Texas?
Absolutely. You can even sell it with a tenant inside. Some Dallas real estate investors prefer properties which already have renters. Of course a non-performing occupant can also make a property a really tough sell. There is a chance a new owner may be able to build a good rapport and find a solution. However, there is also the high probability that they’ll have to assume the liability and costs associated with evicting that occupant, fixing the place up, and trying to find a performing tenant.
Most buyers won’t or can’t afford to take a deal like this on. That’s even if they can get far enough into the deal to access the property or conduct inspections. For these reasons many Dallas real estate agents may not even dream of taking on a listing like this.
So you can sell, but how?
In most cases the best solution is to sell to an experienced investor who isn’t reliant on obtaining a loan, and have the flexibility to purchase the property as-is.
DFW Sell Fast is a local cash buyer, who knows how to handle these situations, and has the skill to navigate transactions with tenant issues. We can buy your rental property, in any condition, and no matter what trouble you’ve had with your tenants.
Have a home you are interested in selling? Get in touch with DFW Sell Fast today and get a cash offer on your home…817-601-7777.