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Selling property to tenant

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  • Selling property to tenant

    Hi all,

    After some advice on selling my property to the current tenant. The situation is that I have decided to sell my rental property as I cannot maintain the place due to a lack of available trades and I am in based in the middle east so can't do the work myself. Took 4 weeks just to get a chimney sweep and some small maintenance work done, and don't get me started on getting the underfloor insulation done.
    As the above would suggest the area is in a boom so I have sort advice from realestate agents to what the place might be worth. Estimates are high 300's to low 400's.
    Tenants have another 2 months to go on the 90 day notice but have just informed me that there are no rentals available in the area (trademe confirms this) and want to buy the place. The issue is they can only do 320 mortage now and want to pay the rest in 2 years. This is a no go for me as anything could happen in two years but I would like to ask for your wisdom as to any other possible suggestion or ideas.

    Thank you

  • #2
    Open market is the only way to go. Being overseas a good agent will be able to do everything for you. I have seen a few landlords under sell themselves selling to their tenants especially in a competitive boom market. If the tenants really want it they can still make an offer. I’m not an agent or anything but from a buyer point of view private sales are where you get the deals.


    • #3
      Perhaps a second mortgage from you? Vendor finance, of sorts?
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      • #4
        We sold to our tenant of 9 years and it was a good deal around. They used their Kiwisaver - maybe this is an option for your tenant? Plus the first home buyers grant (I think).


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        • #5
          Thanks for all the reply’s. much appreciated


          • #6
            The REA will give you an obligation-free estimate of property value, and you can get a few agents to estimate.