Selling a Rental Property With a Tenant in Connecticut
When being a good landlord stops working for you
Most of the landlords who call us didn’t do anything wrong. They gave tenants breaks. They let rent slide when someone was struggling. And then the tenant stopped paying, stopped taking care of the place, and stopped answering. Here’s one owner’s story, and how we helped her get out.
The story: an out-of-state owner who couldn’t sell
The situation
The owner had lived in Connecticut for years before moving out of state. She decided to sell her house here.
First, she reached out to a large national cash-buying company. She ended up with an electronic contract she didn’t realize she had signed. When she told them she didn’t want to sell to them, they put a lien on her house. For about a year and a half, she couldn’t legally sell to anyone else.
In the meantime, she had let someone she knew live in the house. There was no lease. The tenant stopped paying rent, stopped mowing the lawn and stopped reporting problems. Even when rent had been coming in, it hadn’t covered her costs. With the bills piling up from hundreds of miles away, the house started heading toward foreclosure.
How she found us
She saw one of our small “We Buy Houses” signs by the side of the road and called. She also knew some of the same people we do, which helped her trust us after what she’d been through.
What we did
The honest answer is: we waited.
She couldn’t sell until the lien was cleared, so we didn’t push. Over about two years, we had hours of conversations. We answered her questions and stayed in touch while the lien worked its way out.
Once the lien was finally released, the tenant promised again and again to move out. They never did. Eventually she told us, “Just buy the thing, and you deal with the problems.”
So we did.
How it turned out
She sold the house and walked away from the stress of a property she couldn’t manage from out of state.
The tenant situation became ours, not hers. That included starting the eviction and handling everything that came after it. She no longer has to worry about it, pay for it or travel back for it.
If you own a rental that’s become a burden
You can sell with a tenant still living there. We buy rentals with tenants in place, including tenants who have stopped paying or won’t leave. Once we own it, the tenant situation is ours.
You don’t need a lease to sell. No lease, a verbal agreement, an expired lease: tell us what you have and we’ll work from there.
We may not need to go inside. When a tenant won’t cooperate, we can sometimes make an offer without a full walkthrough. We’ll be upfront that this usually means a more careful number, since we have to plan for what we can’t see.
You don’t have to be here. We’ve worked with owners who live out of state. Most of the conversation can happen by phone.
Be careful what you sign. Read every contract before you sign it, especially electronic ones. If you’re not sure what a document commits you to, ask an attorney before you sign, not after.
Questions we often hear
Will you buy my rental if the tenant is behind on rent?
Yes. We buy rentals in all kinds of situations, including tenants who have stopped paying.
Do I have to evict the tenant before I sell?
No. You can sell with the tenant in place. After the sale, the tenant situation is ours to handle.
I live out of state. Can we still do this?
Yes. We can handle most of it by phone, and we’ll walk you through each step.
What if I’ve already signed something with another buyer?
Talk to an attorney about what you signed. Once you know where you stand, we’re happy to talk with you, and we’re willing to be patient.
Let’s talk about your rental
Tell us about the property, the tenant situation and what you’d like to do next. We’re here to listen.
Call Jesse at 860.990.4509 or start with the address below.