Selling investment property -to tenant

L

Luternau

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Am about to put an investment property up for sale. The current tenant has indicated they would like to buy. Any ideas on how best to go about this to ensure that it is done fairly?
How can I determine a selling price without going to market? Everyone knows that its the market that sets the price-not the Auctioneers.
If I go ahead with this I would hope it to be less hassle than the market, quicker and leave me no gap in rental while the process is ongoing.
 
Ask Bertie, didn't he do something similar a few years ago?

On a more serious note, see what similar houses in the neighbourhood are making and go with that; you will save on fees but don't have the risk of going to auction. If you do put it on the open market, you will probably have to do vacant possession.

Also, the tenant may have an unrealistic expectation of what he can buy the house for; have you asked him/her what they are willing to pay for the property? If it is way too low, probably no point in discussing it much further with them.
 
Agree with auto320 on the price and you might also have the hassle haggling over contents.
 
You are up money by virtue of not having to get the tenant out before selling. You will also be up money by virtue of not hiring an auctioneer. With this sort of upside, there should be room for a reasonably well-informed vendor and tenant purchaser to find common ground.
 
Am thinking of having a few valuations done and then taking the average between the high and low to determine asking price. Otherwise I am just guessing on the price. I am aware that there is big upside to this for me and having no vacant possession, etc.
 
Look on myhome.ie and see what houses like yours in the area are going for.
 
myhome will tell you what people are asking, not what they're getting. My mam has been looking in various areas for the last month or two and most places had no offers in.
 
The tenant will not be able to afford to buy the house so I will go to market. Thanks for the replys. Fingers crossed for a reasonable amount of interest.
 
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