If you've been following my stuff for any amount of time, you already know that I feel it's a big mistake for home sellers to market properties that are tenant-occupied. And it's not that I have anything against tenants, it's that I've never met a tenant who cares as much about the results of the sale as a homeowner would.
Absorbing a couple of months of vacancy will allow you to prep the home properly and to give buyers and realtors the access that you need to get the best offers on the home.
But I encountered a new one today that I wanted to call to your attention. If you own a property that's rented and a property manager manages that property for you and you want to offer it for sale, it's absolutely imperative that you open a line of discussion with your property manager.
Chances are when you signed your agreement with the property manager, you gave them a legal directive to lease the property on your behalf.
In this particular instance, we've represented a buyer who's purchased the house with vacant possession in 60 days' time. In the meantime, a property manager has entered into a one-year lease with a renter for that property, leaving the seller in a position where they have essentially committed that home to two separate parties, and they can't possibly honour both of those agreements.
In this case, the owner is busily engaged in a negotiation with the tenant to try to terminate that agreement, but that tenant has a right to occupy that property, and it's a bit problematic. One of those two contracts is potentially going to be in breach.
So if you're using a property manager and if you decide to market your property with the tenant in the home, make sure that you notify your property manager in writing and advise that they should not lease the property during the period of time that you have it on the market.
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I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
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