Home Sellers May Become Reluctant Landlords

NY 1 August 24th 2009

NY 1 August 24th 2009

The weekly real estate report courtesy of NY1.

If you would prefer to sell your home but are not getting the price you need maybe you will turn to renting your home. These are some of the important responsibilities and pitfalls you will need to know.

1. You must list the price at market or slightly lower. The high level of inventory give’s renters the advantage. To succed in renting your home it must be priced as a good deal.
2. Do your homework before accepting a tenant-you must screen the applicant. Verify who they are, their financial and work background. Credit, criminal and personal checks are necessary.
3. You must let the tenant know that you wish to sell the property in the near future when the market can offer a better price.
4. The lease should state that you wish to sell the property and that the tenant must allow for open houses and private viewings. You should also have a termination clause in the lease in the vent that you do sell.

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