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If selling double ?
One is vacant ready to movie In condition
One rented.. can not redo house with someone living there . Needs some updating just painting Do you have suggestions In working with renter . Trying to have it ready for inspection.
One rented.. can not redo house with someone living there . Needs some updating just painting Do you have suggestions In working with renter . Trying to have it ready for inspection.
Asked By Gigi Hale | 13 views | Investing | Updated 1 day ago
Answers (3)
Tracy Shand
Jack Conway Company Inc
Many duplex properties are sold while one or both units are rented, especially when the buyer is an investor or a buyer planning to live in one unit.
How It Works When One Unit Is Occupied~
The 'Tenant Lease' Usually Transfers to the New Owner.
If the occupied unit has a lease in place, the lease typically stays valid after the sale. The new owner becomes the landlord and must honor the existing lease terms until it expires.
This means the buyer will inherit any of these that apply:
The lease agreement, security deposit and tenant rights under local landlord-tenant laws.
Remember that Owner-Occupant Buyers May Want the Second Unit Vacant~
If a buyer plans to live in one side of the duplex, they often want one unit vacant at closing so they can move in. This is common with buyers using loans like: FHA Loan, VA Loan, and conventional owner-occupied financing. These programs usually require the buyer to occupy one of the units as their primary residence.
Investors Often Prefer an Occupied Unit~
For investment buyers, having one unit already rented can be a benefit because it provides immediate rental income, established tenant history and proof of rental demand.
A duplex does not need to be fully vacant to sell. Many buyers need at least one tenant in place. Hope this helps you?
How It Works When One Unit Is Occupied~
The 'Tenant Lease' Usually Transfers to the New Owner.
If the occupied unit has a lease in place, the lease typically stays valid after the sale. The new owner becomes the landlord and must honor the existing lease terms until it expires.
This means the buyer will inherit any of these that apply:
The lease agreement, security deposit and tenant rights under local landlord-tenant laws.
Remember that Owner-Occupant Buyers May Want the Second Unit Vacant~
If a buyer plans to live in one side of the duplex, they often want one unit vacant at closing so they can move in. This is common with buyers using loans like: FHA Loan, VA Loan, and conventional owner-occupied financing. These programs usually require the buyer to occupy one of the units as their primary residence.
Investors Often Prefer an Occupied Unit~
For investment buyers, having one unit already rented can be a benefit because it provides immediate rental income, established tenant history and proof of rental demand.
A duplex does not need to be fully vacant to sell. Many buyers need at least one tenant in place. Hope this helps you?
- 13 minutes ago
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Tracy Shand
Jack Conway Company Inc
Have you asked your current tenant if they want to purchase it? Since you have rental history with them, and an idea of payment schedules...you may already know if they are a candidate or not? If they are unable to buy, you will sell on the open market. When selling a property that has a renter living in the unit, the key is to communicate early, respect tenant rights, and coordinate showings according to the lease and local landlord-tenant laws. In most cases, the tenant can remain in the unit and their lease will transfer to the new owner. Was this helpful Gigi? Thank you.
- 10 minutes ago
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Sheila Foster
Coldwell Banker Apex Realtors
Hi Gigi, I have sold several duplexes where one side was occupied. Is that what you are trying to do? As the Listing agent, I list with photos of both sides then have prospective Buyers view the vacant side initially. If they are interested in moving forward, then we can schedule to view with the current tenant on the other side. It is much easier to list when both sides are vacant, but it isn't impossible. Just make sure your Realtor is experienced with listing this type of property
- 20 hours ago
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