Selling to Local Authority

[dino]

Hi,
I have an investment property in A busy commuter town in Co. Cork. It has recently gone into positive equity and I am considering selling it. It’s on a tracker and the tenants are long term so a bit below market rent. It’s also in a Rent Pressure Zone.
I think it’s worth around €230-250k on the open market.
Does anyone have any experience of selling to a local authority or to a housing agency? Do they offer close to market value? My tenant is on social welfare and a long time on the housing list. Would the need vacant possession or would they buy the house and leave the tenant in situ.
Thanks,
Dino

 

[Palerider]

I sold a house in the 1990's to a UDC, it was a very easy transaction, they got vacant possession and I was happy with the price paid.

I cannot comment 100% as to purchase with sitting tenants but I would have thought if they needed to buy property it would be to satisfy a demand on the housing list rather than suit the existing tenants who are further down that housing list.