TENANT IN POSSESSION (“TIP”)
HAVE YOU THOUGHT ABOUT SELLING YOUR PROPERTY THAT IS CURRENTLY OCCUPIED BY A TENANT?
Have you ever thought about selling your home that is currently being leased by a Long-term rental tenant? Maybe you have thought about it but dismissed the idea because you think it can’t be done while the home is being rented. Selling a home in this scenario is allowed in the State of California and PURE Property Management is an expert in selling homes with “Tenant in Possession”. On average, PURE lists and sells 10% of our rental portfolio annually for our clients under these conditions.
TENANT IN POSSESSION SALES
Q: Does selling a home/condo with a tenant in possession require knowledge of CA Real Estate law?
A: Yes! There are specific steps required in the process that are required by the State of California Bureau of Real Estate.
Q: Does the typical Real Estate Agent have knowledge of tenant in possession laws and process?
A: No! We have found that most listing agents do no understand the specific steps necessary or the “bedside manner” required to handle such a transaction. PURE has become an expert in this type of listing and is capable of handling the tenant interface, disclosures to potential buyers, and handling the details of the transaction with the buyer’s agent and escrow.
Q: Does a tenant in possession transaction require a good relationship with the tenants?
A: Yes! This is where PURE has a distinct advantage. Since we have placed the tenants in your property, we have an ongoing relationship with them and know them well. This allows us an inside track to gaining a cooperative understanding with our tenants in getting them to be supportive and comfortable with the listing and selling process.
Q: Is it realistic to think we can sell the property with a tenant in possession?
A: Yes! It’s all about having the right team listing the property and handling the cooperative effort involved between the tenants, agents, and buyers. We have done it for clients many times and have the skill to make it happen for you!
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