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Buying a property with tenants in-situ
Comments
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Just bought a property that had tenants in situ. We wondered why it hadn’t sold after a couple of months when other properties of the same type on the same estate were selling within days. We decided to take the risk. Tenant left end of Feb as planned and we moved in last week.Not all tenanted properties are horror stories but it does make it awkward/risky when the landlord wants to have the rent right up until sale completion.I have found, through painful experience, that the most important step a person can take is always the next one.
~ Dalinar Kholin (Oathbringer)0 -
Ridiculous behaviour from the owner. Given i'm in a similar scenario selling mine it makes me so angry!sharp910sh said:I think I will just leave it. Its a shame as it is the best property I have seen in the area. But it seems the owner is not interested in selling. He will not even give notice to the tenants until an offer is accepted. He is worried that if the buyer pulls out he will be without his rent. I think he will only give notice once the contracts are exchanged...
The search continues!
As far as i'm concerned i've got two choices. 1. Selling to a LL / investor with tenants insitu or 2. Have the property vacated and sell it in the traditional way whilst empty.
I'm current starting the process of point 1, and if that doesn't work i'll take it off the market it and follow up on point 2.
Some people really do want to have their cake and eat it.0 -
Annoys me. His loss, won't surprise me if its up for another year.Mahsroh said:
Ridiculous behaviour from the owner. Given i'm in a similar scenario selling mine it makes me so angry!sharp910sh said:I think I will just leave it. Its a shame as it is the best property I have seen in the area. But it seems the owner is not interested in selling. He will not even give notice to the tenants until an offer is accepted. He is worried that if the buyer pulls out he will be without his rent. I think he will only give notice once the contracts are exchanged...
The search continues!
As far as i'm concerned i've got two choices. 1. Selling to a LL / investor with tenants insitu or 2. Have the property vacated and sell it in the traditional way whilst empty.
I'm current starting the process of point 1, and if that doesn't work i'll take it off the market it and follow up on point 2.
Some people really do want to have their cake and eat it.1 -
I'd say that's a strong possibility unless they happen to find an investor happy to take it on with the tenants insitu (which could easily happen of course, but may well be reflected in the price).sharp910sh said:
Annoys me. His loss, won't surprise me if its up for another year.Mahsroh said:
Ridiculous behaviour from the owner. Given i'm in a similar scenario selling mine it makes me so angry!sharp910sh said:I think I will just leave it. Its a shame as it is the best property I have seen in the area. But it seems the owner is not interested in selling. He will not even give notice to the tenants until an offer is accepted. He is worried that if the buyer pulls out he will be without his rent. I think he will only give notice once the contracts are exchanged...
The search continues!
As far as i'm concerned i've got two choices. 1. Selling to a LL / investor with tenants insitu or 2. Have the property vacated and sell it in the traditional way whilst empty.
I'm current starting the process of point 1, and if that doesn't work i'll take it off the market it and follow up on point 2.
Some people really do want to have their cake and eat it.0 -
It isMahsroh said:
I think he will struggle, but the agent said he is in no rush. He even dropped the price £50k and it didn't sell so decided to put the price up by 25k, then dropped it 10k. Strong money. £35k drop in total at the current price.
I'd say that's a strong possibility unless they happen to find an investor happy to take it on with the tenants insitu (which could easily happen of course, but may well be reflected in the price).sharp910sh said:
Annoys me. His loss, won't surprise me if its up for another year.Mahsroh said:
Ridiculous behaviour from the owner. Given i'm in a similar scenario selling mine it makes me so angry!sharp910sh said:I think I will just leave it. Its a shame as it is the best property I have seen in the area. But it seems the owner is not interested in selling. He will not even give notice to the tenants until an offer is accepted. He is worried that if the buyer pulls out he will be without his rent. I think he will only give notice once the contracts are exchanged...
The search continues!
As far as i'm concerned i've got two choices. 1. Selling to a LL / investor with tenants insitu or 2. Have the property vacated and sell it in the traditional way whilst empty.
I'm current starting the process of point 1, and if that doesn't work i'll take it off the market it and follow up on point 2.
Some people really do want to have their cake and eat it.0
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