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Let's say your tenant-occupied rental has appreciated greatly in value and the market conditions are perfect for sale. Or perhaps you have identified an alternative investment and need to access the capital from your rental. Legally, you can sell the property at any time, but the tenants have the right to remain until the end of their lease (Source: NOLO). One option is to offer tenants a cash for keys deal, which is essentially a buy-out. Yet that can be expensive and time consuming. Luckily, Roofstock Marketplace offers the perfect solution for tenanted rental property sellers, and their process is quick, simple, and affordable.
Roofstock is a leading marketplace for investment properties with over 200,000 investors looking for opportunities. Designed for investors, Roofstock enables sellers to earn rental income through closing and handles all the paperwork and marketing. Here's a closer look at how it works.
Visit Roofstock.com and sign up as a seller for FREE. You can then submit your listing, upload pictures, and answer questions about the lease. Roofstock will work with you as well as industry leaders to determine a fair price for the house. They will further facilitate an inspection and a complete review of the property. If your property meets their standards and criteria, your listing will be accepted onto their platform.
Roofstock will create a listing for you with all the previously gathered materials. The first 72 hours of your listing is a process Roofstock refers to as Open House. Buyers will have 48 hours to send you offers, and you will then have 24 hours to review and accept, decline or negotiate the offers, all through the platform. After the 72 hours, the first offer at asking price will automatically be accepted.
Once you accept an offer, Roofstock will coordinate the rest of the transaction within 30 days. Roofstock will even work with the property management on tenant communications. Once the property is sold, you will pay a fee of the greater of 3% or $2500.