There are many options available if you have a tenant occupied property in Louisville Kentucky to sell. When you are ready to leave the landlord hassles behind you and need to sell an investment property, you can sell a rental property with tenants. Selling a tenant occupied property can be tricky. However, if you know your rights as well as the tenant’s rights, the process can be easy to navigate. Here are tips to help you sell your house with tenants stress-free and fast while following Kentucky landlord tenant laws.

Tenants Have Rights Too

Be mindful that even though you own the property, if the tenants have paid their rent and are following the lease, they have every right to continue living in the Louisville KY rental property. Some tenants are exceptional; always pay their rent on time, keep the property clean, and will be accommodating to potential showings of the tenant occupied property. If you happen to have the opposite tenant type who do not want to leave, keep in mind that they have tenant rights under Kentucky law and cannot be forced out unless they have failed to pay rent and/or violated the lease agreement. Selling a house with tenants can go smoothly even with the most difficult of tenants provided you maintain professionalism and stick to landlord tenant laws.

Tenant Occupied Property – Know Your Lease

Your lease type will determine the best route for selling your Louisville rental property.

Month by Month: A month by month lease is the easiest lease type to work with when selling your tenant occupied property. Kentucky law requires you to give the tenant at least 30 days notice that you will be terminating the lease and requesting that they vacate the property. Provide a letter of explanation and detail your move-out requests very clearly (i.e. cleaning, where to leave the keys, walk-through). Also, you need to include a statement of your intentions to show the property while the tenants are still residing in the rental. The tenants have the right to approve or deny your request. If the tenants deny your request to show the property while they are living there, you will have to wait until the tenants vacate the property.  

Fixed Term Lease: If you have a fixed term lease with your tenants, you may not request your tenants leave until the lease is complete. To do so would be violating Kentucky landlord tenant law and your tenants can sue you for unlawful eviction. If your lease has an early termination clause, you may exercise this option based on the terms listed in your lease. Provided your tenants are in good standing there is very little you can do and will need to wait until the lease is complete before selling.

You can find more key laws every Kentucky landlord and tenant needs to know here.

Creative Options to Sell a Tenant Occupied Property

Pay the tenant to vacate the Louisville rental property. If you are locked into a fixed term lease and want to sell your tenant occupied property quickly, you can offer to pay the tenants to leave the property. Research the average rental costs in your area and be prepared to pay the difference from your rate and the market price multiplied by the months remaining on the lease. Also, you can offer to cover moving costs and the security deposit on the tenant’s new location. This option requires cash up front and there are no guarantees that the tenant will accept your offer.

Sell the property to your tenant. This is a good option for tenants that do not want to leave the Louisville rental property. Offer to sell the property to the tenants provided they can secure financing and will follow through with the sale process. Oftentimes the tenants are attached to the home and are more likely to buy the house. However, the profits are typically lower than the traditional home sale.  

If none of these options work for your specific situation and you still want to sell your house fast with the least amount of hassles, there is another great option. Sell your tenant occupied property to a real estate investor. Selling to SnH Homes is an immediate sale that alleviates you from the landlord headaches and allows you to walk away with cash in hand. The process is simple and fast. Contact SnH Homes now for more information!