What is the best way to sell a tenanted property?Make Text Bigger
I have a property which I really need to sell. The trouble is, it is tenanted to a Housing Benefit tenant and I know this will make it difficult.
If I went down the traditional Estate Agent route, viewings would be impossible and it would be difficult to arrange a survey for a potential buyer.
Trying to evict the tenant would cause endless problems with the courts, etc, so I was hoping to sell the property as tenanted.
I have been thinking about selling to a company who buy properties, but I don’t know what they are like, all these companies that promise cash within 7 days or whatever. I suspect at least some are talking rubbish, but does anyone know of any good ones?
I have also been in contact with a company who have offered to buy the property for an acceptable price, but the way they work is, they pay a certain amount of the equity to me upfront, then they let the property out for a time to someone who will eventually buy it. They then give me a monthly sum for about 2 or 3 years before the buyer then buys the entire property and I get the rest of the money. The company pay the mortgage and all costs including maintenance and insurance. I’d never heard of this before, and I am suspicious to say the least.
Another option could be to sell at auction, but that too has its pitfalls.
I am looking to sell so I can clear some equity to buy a property that should hopefully fair better long term, as this one is in an area where properties don’t tend to rise too highly, even in good times.
If anyone has any tips, they would be gratefully received 🙂
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