Tenant Occupied Properties
For whatever reason, over the course of almost 16 years in real estate, I have very seldom sold homes that were occupied by tenants. Right now, I am involved with 3 properties that are occupied by tenants. Wow! Is it ever tough.
These transactions are so complicated with items that you would never think of. In the last couple of weeks I have dealt with:
1) Having the key to a tenant’s unit get stuck in the lock. The tenant was out and I have no phone number for him. I couldn’t reach the property management company and I, certainly, couldn’t leave this man’s home with the door unlocked. Fortunately, one of the people I had been showing the home to stayed with me, had a tool kit and, literally, took the lock out and solved the problem.
2) On another one of my sales, I have had to try to make potential buyers feel better (or as okay as possible,) with the fact that they were going to have to displace a tenant who had been in the property for 30+ years, letting them know how desperately the owner really needs to sell it and that he’s not a heartless person selling the house out from under this poor person.
3) In the same property, the tenant has allowed the next door neighbor to store a houseful of their personal items in the garage. Needless to say, we can’t do inspections with all of this stuff there, so I have (repeatedly) asked the next door neighbor to remove it. I have, finally, had to give him a letter saying it must be out by Friday. If he doesn’t do it, I have no idea what type of recourse we have.
4) On another sale, I’m trying to negotiate the prorated rent and security deposit transfers from the seller to the new owner.
It’s all somewhat overwhelming, although I am certainly learning a lot, which is one of the best things about this job…It’s certianly never dull and, even after many years, you are always learning something new!
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4 Responses to “Tenant Occupied Properties”
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It sounds as though you have hit a string of tenant occupied properties. Selling tenant occupied property certainly can be more difficult, especially in rent controlled areas.
Larry
Kathy,
Wow, what hassles but your customer is fortunate to have an agent of your caliber!
Brian
Dear Brian and Larry,
Thanks for your comments. These have been a challenge, but one will be closing on Thursday (hopefully!) and the one where the owner really needs to sell went into escrow today.
I have really learned a lot on these transactions.
Kathy
Kathy,It is like having two sets of owners, but one set often has no real say in the process.
tenants are a just like us, they get up in the morning, drop the kids off at school, go to work, come home, cook, eat, watch tv, go to sleep. The difference we(Realtors) can make in their lives is to help them become a part of the American Dream of homeownership. There is a difference 30, 40 years later when one looks back at all the speed bumps in life and has been fortunate enough to own a home or homes. Meanwhile we help in any way we can, because thats what folks do for each other.Help out and support