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selling house to tenants, how is this convenient???

m_curiousity
m_curiousity Posts: 127 Forumite
in House buying, renting & selling
We've put an offer in on a house, slightly above the offer the current tenants in the house have put in. The EA has just told us the vendor is wanting to go with the tenants offer as its more convenient.

Cant see how its anymore convenient for the vendor, I know its good for the tenants cos they dont have to move but wondered if anyone could shed any light on this?? Dont understand EA's at all!!!

Thanks :)

Comments

  • princessamy86
    princessamy86 Posts: 4,889 Forumite
    The vendor doesn't have to give the tenants notice this way, and they probably feel there's a better chance of the property completing as the tenants obviously want to continue to live there.
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • mark5
    mark5 Posts: 1,365 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Plus they get rent upto the day of completion, if they give the tenants notice and your deal falls through then the sellers are left with no sale, no tenants and a mortgage to pay.
  • bap98189
    bap98189 Posts: 3,804 Forumite
    Part of the Furniture 1,000 Posts
    The tennants obviously have no chain so the sale will most likey go through quickly.

    The vendor presumably knows them reasonably well too and has a good idea whether or not they are going to mess him about. He has no such confidence in you.
  • FactoringCompany
    FactoringCompany Posts: 11 Forumite
    Both very good points. I would agree, it's probably becuase the vendor sees the sale as more secure with the tenants.
    :: no Unapproved links in signatures please - MSE Forum Team ::
  • sharpee
    sharpee Posts: 671 Forumite
    As a Landlord myself ( a reluctant one as needed to move cos of work) trying to sell my house I agree that it is more convienent to sell to the tenenats. That way there is no gap between rental and sale and more chance of the sale actually going through.

    If your offer was substantially more than the tenants (£5k+) I would contemplate selling it to you but if your offer was just above the tenants I understand the sellers response
    Turning our clutter to top up our house deposit: £3000/£303.05 we're on our way!
  • mlz1413
    mlz1413 Posts: 3,156 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Sell to tenants and they get the rent right up until tenants complete, no repairing damage if tenants make a mess when they move out and no worry about an empty place whilst sale goes through.

    Also no problems if tenants decide not to move out - this is for LL and you if you were the buyer.
  • princeofpounds
    princeofpounds Posts: 10,396 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It's effectively like selling with vacant possession as there are no changes in possession required. And no chain.

    I know I'm just repeating what the others said, but I just felt like it :)
This discussion has been closed.
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