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Selling Your Investment Property While Keeping Tenants In Place

Jaycee Tenn
·3 min read

The current pandemic has caused many changes in the real estate market. The demand for houses is high, mortgage rates are at all-time lows, and the supply of properties available is much lower than the current demand. This scarcity in available properties has caused many houses to sit at a premium price point. For this reason, investment property owners may be looking to take advantage of this opportune selling time.

One roadblock that accompanies selling an investment property is selling while tenants still occupy the home. The decision now lies on the landlord. One possible solution is to provide a written notice to your tenant that you plan to sell the property and remind them to move their belongings by the last day of their lease.

Although, in some instances, the tenant may still be months away from the end of their lease. A possible solution that would be beneficial for both parties is to sell the property to another owner while the tenants still occupy the home.

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Roofstock is an online marketplace that does just that. Through their platform, Roofstock connects sellers with investors who are looking to specifically purchase rental properties. And many buyers are willing to continue renting out the property to the current tenants.

How It Works

With Roofstock the entire selling process is done online, which is a massive benefit given the current safety and distancing protocols. Below is a step-by-step on how the selling process works:

  1. Submit Your Listing: Roofstock will provide a series of questions to answer about your listing as well as ask for pictures of your property. Based on the information provided, Roofstock will generate a free valuation report of your property.

  2. Roofstock Certification: All properties listed on Roostock undergo a vetting process. From here, Roofstock will inspect your property, order a preliminary title report and gather any other important documents to ensure buyer confidence.

  3. Hitting The Marketplace: Roofstock will launch your listing making sure to include all relevant information to hundreds of thousands of investors. If your investment sells, Roofstock takes only 3% of the sale or $2,500 (whichever is greater) which competes with the average 6% of most brokerages.

  4. Closing: Once you accept a bid, Roofstock will take care of the rest. The closing process generally takes about 30 days to complete after you sign the purchase and sale agreement.

Since Roofstock allows you to keep your tenants in place, owners will continue to receive rental income throughout the entire selling process. Roofstock makes the process of selling your investment property hassle-free. Selling is done all from the comfort of your home office, you can continue to retain a monthly rental income, and Roofstock takes care of all the details.

To list your rental property on Roofstock, click here.

Photo by Chris Ross Harris on Unsplash

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