Landlord is selling our rented property, we want to buy

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    Landlord is selling our rented property, we want to buy

    Basically as the subject reads above, we love our home and want to buy it and are in the process of becoming as attractive as possible to our landlord in terms of buyers.

    Have you landlords got any gems of advice?

    The landlord has had the property valued by three companies and will be letting us know the value shortly.

    How attractive are we to a selling landlord?

    Hope you can help us!

    #2
    Originally posted by tenanttrauma View Post
    How attractive are we to a selling landlord?
    You don't have to do anything, apart from write to him asking if he
    would ( which it seems you have ) ask him to let you know when
    he is selling and with which agent he will be using.

    No one has to be attractive, as it goes through the agents and
    solicitors.
    More often than not, the seller never sees the buyers, as all the
    seller wants, is the money. He does not care who he sells to.

    I never met the person who bought my house. All I was concerned
    with was, I got money for my house.
    It's the first person who comes along and wants to pay the price
    advertised, so just make sure you do internet searches for your place,
    just in case he advertises without telling you.

    R.a.M.

    Comment


      #3
      Originally posted by ram View Post
      No one has to be attractive, as it goes through the agents and
      solicitors.
      It certainly doesn't need to go through an agent if you agree a sale direct with the landlord, which means he saves the X% agent's commission. So that's a bonus for him. Also, presumably you'd be paying rent right up to the day you take possession of the property, ie there's no gap.

      So if it was me the landlord selling, those would be plus points of selling to an existing tenant; however if the tenant were to expect a discounted purchase price over what another buyer might pay, then those advantages would swiftly and definitely evaporate...

      Comment


        #4
        Originally posted by Ericthelobster View Post
        It certainly doesn't need to go through an agent if you agree a sale direct with the landlord, which means he saves the X% agent's commission. So that's a bonus for him. Also, presumably you'd be paying rent right up to the day you take possession of the property, ie there's no gap.

        So if it was me the landlord selling, those would be plus points of selling to an existing tenant; however if the tenant were to expect a discounted purchase price over what another buyer might pay, then those advantages would swiftly and definitely evaporate...
        Did you go through an agent to rent the property? Could that be the same agent that will be negotiating the sale?

        Your landlord might have a contract with that agent that demands he pay them commission if he sells to a tenant they found.

        You would need to get this sorted out before you approached the selling agent
        I offer no guarantee that anything I say is correct. wysiwyg

        Comment


          #5
          Yes, if an agent introduced you as tenants there will almost certainly be a commission to pay (seller to agent).

          Actually I'm going through this process right now. My tenants are completing the sale tomorrow.

          I'd say that the proposition of the existing tenant buying the property would be extremely attractive to the landlord. He/she can keep earning rent up to the date of completion. They don't have to think about the potential negative of having a tenant in place when other potential buyers view the property. Furthermore, the seller might be able to negotiate a reduction in the agent's seller fee, as I did.

          Good luck!

          Comment

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