Urban Properties Real Estate Blog

Selling rented properties, I've found, has some interesting challenges. The sellers greatest concern is losing a tenant once the tenant finds out the home is going on the market. It's a great inconvenciece to most of them to have buyers tromping through the house, no matter how much notice the tenant has been given. (And by the way, 24 hrs notice is the rule but some tenants are flexible.) Here are just a few of the options I review with my sellers: Don't tell the tenant the home is for sale - but check your City codes first! This won't fly in Seattle. But if possible, in this case the buyers won't go through the house and have to make an offer sight unseen. No need to upset a tenant if you're not even sure the place will sell. Then, depending on the

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When is a home sold? Is it when you see a SOLD flier on the yard sign? No. How about after you get an offer signed? Not yet. Many clients get confused about that word, thinking that once they have an offer accepted (either as the seller or buyer) that the house is sold. The house is only sold once title has been recorded with the County - transferring ownership from one owner to the other. There is much that happens between an accepted offer and the "sold" status. The technical term in real estate for a home being sold is when the agents or escrow say "closed." Listen for that word as well as watch for it on your documents you sign. The Purchase and Sale Agreement will note a Closing Date and you may also have updates to that date on a later addendum,…
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