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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Here's the deal about right of first refusal: basically, the tenant can hold up the sale for months, in which time interested buyers could go elsewhere. So typically landlords agree to pay the tenant money in order for them to give up the tenant right of first refusal. This is usually anywhere from 3,000 to 12,000 dollars for a small landlord. Big buildings that are converting ownership to condos, etc, it is usually more like 20,000.[/quote]

This is why if you think you might sell---you start the process early. You notify the tenant early.  You get the clock started and he has only [b]90 days. Period.[/b]  I don't know where the hell you people get they can stay forever.  When we were purchasing a FSBO with a World Bank tenant that did not want to leave, tried to woo the older, single woman with wine to let him stay (not kidding), said his momma in Italy was going to buy the place...we sought legal counsel from a very good real estate attorney and the guy was out in the minimum amount of time.

The key is---it's on you to cross your i's and dot your t's. If you screw up anywhere in the process, a scammer could stay longer.

That said--we rent out our place in Georgetown.  We have professionals only---hell--many are more successful than me.  We have open dialogue, did extensive credit, court and background checks (even if our gut said they were fine--we still did them!!!!). One woman that seemed totally normal--came back with a check of all kinds of tenant court problems, and skipping on rent, etc.  Don't rely solely on their references even if they 'seem' legit and you verified employment.

DC real estate can be a big money maker.[/quote]

Best thing to do is before you even put the house on the market is talk to you tenants about them buying it. If it is out of the question have them sign off on first right of refusal then there is no problem when it hits MLS. Be reasonable about accommodating them for move out and base your closing on them being gone at least a week before closing. If you have a tenant that is hold up the process just to hold it up means you didn't screen well enough in the first place.[/quote]

Actually, the BEST thing to do is to wait until your tenants leave before ever mentioning to anyone that you are thinking about putting the house on the market.[/quote]

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