Re: Selling property notice - Landlord Forum thread 361852

Re: Selling property notice by Garry on March 27, 2022 @11:58

You are correct that the terms of the lease, and the tenants, follow the property. ANY buyer you get, still has to abide by the terms of the lease with the current tenants, that YOU signed. With a SFH, 90% of the buyers out there are going to want to buy a home that they can live in right away. They will not be willing to wait till the end of YOUR lease with the tenants to move in, and most of those buyers will not have the extra money to do all the repairs that you DON'T want to do. ------- AND MUCH LESS BE WILLING TO BECOME A LANDLORD, ALSO.

You said you want to sell the property "AS IS", so you have already limited the number of buyers out there to investors like yourself. Yes, there are investors out there willing to pay you CASH for your property----- BUT AT WHAT THEY SAY IT'S WORTH, not what you THINK it's worth.

Here are my suggestions : Either postpone your ideas for a year, move the Ts out in 9 months, fix the property up as much as possible when the Ts have moved out, and sell it at market value, with A LOT MORE buyers to choose from. OR Buy out your tenants lease now, do minor/major fix ups to attract young/first time buyers, and sell it this summer. BUT REMEMBER----- any money you think you are going to make, will be eaten up mostly in buying out your tenants lease, and doing any minor/no repairs, resulting in your property selling for less. Your Ts have NO INCENTIVE to move now, as they know they will be paying a much higher rent in a new place.

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