Broaching a tenant about selling the property they are renting

[Victoria King]

Hi all, 

We have tenants in our property until August and we really need to sell.  It was our primary house and the numbers won't work after homestead is gone (it made sense to rent for the first year bc 2 other houses were already for sale next door).  We also just closed on a quadplex and REALLY need the cash for to remodel it. 

 Our tenants are great tenants and moved from out of state but didn't want to buy yet because they didnt know the area at the time.  They've told us they love the neighborhood etc.  We don't know them very well at all and have only had a few conversations.

We were planning on asking for a time to change the air filter and a good time to talk with them would be.

Any tips on how to have this discussion?  We would like to feel out if they are interested in buying it (that would be a huge win) and see how open they are to showings, to early termination of lease should it sell (or just in general so we can get it on the market earlier). Etc.

Thank you all so much for your input!

[Thomas S.]

Hi we are making plans to list the property for sale in X months, are you by any chance interested in buying. The sale price is XXXX we wanted to give you first option of refusal. Interested.

Get yourself a realtor lined up and have a firm price in mined before you approach them. If they are not prepared to pay your price list it immediately. Because their lease survives the sale you will probably need to set the closing date for the sale at the end of the lease term. This will allow you the greatest number of home buyers. Your best option however is to list it after they move out, tennats put of the majority of home buyers. You will also need to time to get the place up to sale condition. Paint, prep etc.