Should I sell my house with tenant in Situ or vacant?

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    Should I sell my house with tenant in Situ or vacant?

    hello everyone

    I moved into my house on the Wirral a number of years ago and, after finding the love of a good woman, found myself becoming an accidental landlord. However, the time has come to sell the property.

    I have rented the property to the same tenant for the last 5 years with no issues at all. I have discussed with him that I intend to sell and gave him first refusal, but he is not in a position to buy.
    He has suggested that he would like to remain at the house if the option was available and so I feel somewhat obliged to look after him!!

    thus my question...

    if selling in situ is viable, what are the best companies to market the property? I went with a local agent who talked the talk, stating they have a big database of clients 9suggesting investors) but just turned out to be smoke blowing as it was clearly marketed to private sellers 9no mention of a tenant in situ.

    Any directionwould be appreciated.

    #2
    Just tell your selling agent to advertise the property properly.

    You will have two conflicting arguments.
    Any investor will want to buy at a discount, they're not under any pressure to buy your specific property so, unlike a conventional buyer, there's less emotional investment,
    On the plus side, they'll be essentially cash buyers (even with a mortgage it's much less complicated).
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      I agree 100% with JPKeates, selling the property with the benefit of a tenant with a solid payment profile will indeed attract investors but the trade off is that they would be seeking a significant discount to the asking price, having said that if you yourself are not under any pressure you might be able to mitigate the level of discount by making your appointed agent aware that you might consider a discount but only within reasonable limits. If the property is A1 with good location you might be successful but there are as you will appreciate there are no guarantees so if this were to be the case then you will have to apologise to your tenant and offer the property with full vacant possession but remember if the property looks tired once he vacated then you may have to spend money to put matters right and then the question is how much and how does this equate to a % discount.

      Comment


        #4
        Thanks both.

        I get that investors will want it at a discount, what I don’t want is my pants pulled down. I’ve googled and seen the ads of “cash buyers” and the warnings of scams etc.

        so is there an investor equivalent of “right move” where I can bring my house to the attention of potential investors do that I can weigh up the % difference, or is it a case of going to estate agents and just hope they do have a portfolio of investors?

        Comment


          #5
          Look at auction results for similar sales.
          Selling with a tenant is like the difference between trade and retail.

          Comment


            #6
            I regret there are no such systems in place apart from that mentioned by Boletus.You can of course go to Rightmove Sold Prices, set a radius of 0.25 mile and then you might get accurate figures but remember most relate to sales made several months before even though the completion date is appropriate 3 months ago. If there are no immediate sales then revert to what identical properties are currently on the market noting that the prices achieved are invariably lower than the asking price.

            Comment


              #7
              I disagree that a discount is inevitable. I have gladly purchased property at market rate with tenant in situ where I could ascertain the reliability of the tenant and have faith in the LL paperwork.

              Comment

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