Bidding against current tenants of house - how should we play this?

G_M

Always avoid trying to buy a property with tenants. It can take 8 - 10 months to evict them if they don't want to move.

No mortgage lender will lend till they are out. No solicitor will allow Exchange till they are out.

The property's condition is uncertain.

And on top of that, these tenants want to buy? So either they'll be successful, in which case you're wasting time (and money?). Or you'll be successful in which case you have not just tenants, but resentful tenants, in occupation!

kidmugsy

You were outbid fair and square. Grow up.

Buzz78

kidmugsy wrote: »

You were outbid fair and square. Grow up.

Thanks – very constructive. Nothing like getting facts straight before issuing snide insults on forums.

Thanks again though to the majority of you for taking the time to write generally constructive comments, especially those of you who outlined the further obstacles around buying a property that has current tenants - much appreciated thank you.

john_white

I think the tennants have played it well.

By waiting they have established the market value of the house I.e. what others are prepared to pay beforing making their offer.

Lou67

Looks like it's just not meant to be Buzz, sorry dude.... I think I would just leave the tenants and landlord to it, and if the sale falls through, then it's HIS loss.

I have to admit that I find the 'grow up' 'get over it' comments a bit unnecessary ... The OP doesn't seem childish and petulant to me. He is just asking some questions.

thelem

The "grow up" comment was unnecessary, but I think it reflects some of the thinking / wording in the original post, e.g. gazump, questioning the tenant's behaviour.

The thing you have to remember is that buying a house is a business transaction, and you need to keep emotions out of it as much as possible (I know it's hard!). What matters to you is that another party came along and made a bid that was more attractive to the vendor and you were not able / did not want to beat that bid. It's frustrating that it happened, as I'm sure you spent a lot of time looking before you found this property, but nobody has done anything morally or legally wrong.

I'd just be thankful that this didn't happen on the day you were due to exchange, which could have left you thousands worse off.

nakiwala123

I'm a tenant in a property that my landlord is marketing and I have had a frank discussion with my landlord in terms of when they get an offer. She will issue the s21 and my 2months clock to move out starts counting down. My point is that not all tenants are stubborn and will string out the eviction process.

I looked at other similar properties up for sale in the area and concluded that ours was not priced competitively(I have not pointed this out to the landlord, mind; not my job) and that it would be on the market for a while hence I stayed while I saved more towards my deposit.

I keep the property as clean as can be but I'm not going out of my way with removng all clutter like owner occupiers do. It's still my home and I want my comforts around.

I see it as landlord is doing me a favour(for a while) saves me the hustle of moving so soon after putting down roots and me a favour to them by them collecting rent in a period that could have been void for a long time before an offer is put in.

neas

I think you've lost the house and thats that.

Even if you did now counter-offer after its SSTC your bid would/could be rejected as 'you had your chance'.

Most sellers will have 'accepted' the offer and a genetlemans agreement is in place.

I don't think anything has been done wrong by tenants just good negotiation.

You offered... and withdrew from bid process. Now having second thoughts.. Move on. Sad but best to move on.

montymud

john_white wrote: »

I think the tennants have played it well.

By waiting they have established the market value of the house I.e. what others are prepared to pay beforing making their offer.

Absaloutley - Well done to the tenants, true MSE'rs - Even if they don't know it!

zzzLazyDaisy

Walk away. There will be other houses, and eventually you will find one even better that is just right for you. And if you are smart, it won't be tenanted.