Is It Possible to Sell a Home in Waukesha With Tenants?
Yes! Selling a home with tenants in Waukesha, WI is entirely possible, but it comes with unique challenges and legal considerations. Whether you’re a landlord looking to cash out or a property owner facing changing circumstances, understanding your rights and obligations is crucial. Kallas Real Estate, led by Waukesha Realtor Dan Kallas, breaks down the key factors you need to consider when selling a tenant-occupied property.
Understanding Tenant Rights in Wisconsin
Before listing your property, it’s essential to understand Wisconsin’s landlord-tenant laws. Here are some key points:
- Lease Agreements Matter: If your tenant has a fixed-term lease, you cannot force them to leave before it expires unless they violate the terms.
- Month-to-Month Tenancies: If your tenant rents on a month-to-month basis, you typically need to provide a 28-day written notice to terminate the tenancy before selling.
- Right to Quiet Enjoyment: Tenants have the right to peaceful living conditions, meaning showings and inspections must be scheduled with appropriate notice.
- Security Deposit Handling: If the property is sold with a tenant, their security deposit must be transferred to the new owner.
What Are Your Options When Selling?
You have a few different strategies when selling a home in Waukesha’s real estate market while tenants are still occupying it.
Option 1: Sell With the Tenant in Place
This can be a good option for landlords selling to other investors.
Pros:
- Appeals to real estate investors looking for rental properties with existing tenants.
- Immediate rental income for the buyer.
- Avoids the hassle of evictions or lease terminations.
Cons:
- Limits potential buyers to investors, not owner-occupants.
- May require a lower selling price since buyers inherit tenant obligations.
- Coordinating showings can be more challenging.
Option 2: Negotiate an Early Move-Out
If the buyer wants to live in the home, you may need to negotiate an early move-out with the tenant.
How to Approach This:
- Offer a cash incentive (sometimes called “cash for keys”) to encourage an earlier departure.
- Provide sufficient notice and assist with relocation if possible.
- Ensure any agreement is in writing to avoid disputes.
Option 3: Wait Until the Lease Ends
This is the simplest option if you’re not in a rush.
Benefits:
- Expands your buyer pool to both investors and owner-occupants.
- No complications with existing lease agreements.
- Allows for staging and renovations after the tenant moves out.
Downside:
- Requires patience if the lease doesn’t expire for several months.
How to Market a Tenant-Occupied Property
1. Be Transparent in Your Listing
- Clearly state whether the property has a tenant and the lease terms.
- Highlight benefits like reliable rental income if marketing to investors.
2. Work With Your Tenants
- Give proper notice before showings (Wisconsin requires at least 12 hours in most cases).
- Schedule showings at convenient times for the tenant.
- Offer small incentives (like gift cards) to encourage cooperation.
3. Highlight Investment Potential
- Show rental history, including consistent payments and potential rental increases.
- Market the home’s location and demand to attract investor interest.
Why Work With Kallas Real Estate?
Why Work With Kallas Real Estate?
Selling a home with tenants requires expert guidance. Kallas Real Estate understands Waukesha’s real estate market and the complexities of tenant-occupied properties.
- Local Market Knowledge: We know how to market properties to the right buyers.
- Legal Expertise: We ensure your sale complies with Wisconsin landlord-tenant laws.
- Proven Strategies: We help navigate tenant negotiations and investor marketing.
Ready to Sell Your Tenant-Occupied Home in Waukesha?
If you need guidance, Kallas Real Estate is here to make the process smooth and successful.
📞 Call Dan Kallas at 414-617-6912 today to discuss your selling options!
