Why Selling with Tenants Can Be Faster Than You Think

As was revealed in this blog, the average time from offer to exchange in the UK is 4.1 months, or 123 days. This average doesn’t single out the time it takes for properties with sitting tenants to sell, which is usually significantly higher.

What if we told you selling with sitting tenants could take as little as 28 days? Before we reveal how, let’s explore why homes with sitting tenants can take a long time to sell.

What can slow down a sale with sitting tenants

• Time taken to find the right estate agent willing to handle the sale
• Reaching a highly limited audience of landlords/investors actively buying
• Low levels of demand in the rental market
• Poor yields in the local area
• Buy-to-let in an area where house prices are falling
• Harder to secure a mortgage on a property with sitting tenants
• Tenants in situ are classed as ‘trouble’, either damaging the property, anti-social or in rent arrears
• Problems gaining access for viewings, surveys and an energy assessor
• A more complex conveyancing process
• More rigorous enquiries pertaining to compliance and yields
• Deposit refund or transfer from landlord-to-landlord
• Greater instances of buyers withdrawing from the purchase due to rental red flags

How can I stop my buy-to-let losing money?

All of the above will delay how long it takes to reach exchange and completion. This can be catastrophic for those whose buy-to-lets are operating at a loss. Many of the landlords we help were losing money every month because their mortgage repayments become unaffordable and rising services charges had eaten up any remaining profit.

The longer a buy-to-let is on the market, the worse financial pain is inflicted but delays can be avoided. Selling with tenants can be much quicker than you think. In fact, you could be handing over the keys in less than one month!

Sell to a professional buyer

Open Property Group is a registered business primarily focused on purchasing properties for cash. We make offers on properties with sitting tenants, with a proven track record of fast sales. Our average time between offer and exchange is 21 days. After that, it takes an average of just 7 days to complete. Just imagine, waiting only 28 days to exit the market. Selling to a professional property buyer eliminates the need for an estate agent and a mortgage, and as we purchase with sitting tenants, we deliver undisturbed continuity for your renters.

Benefits of selling to Open Property Group

• Guaranteed cash offer, even for tenanted buy-to-lets and problem properties
• Complete within 28 days, or set your own, flexible schedule
• No estate agent fees
• Legal fees paid
• EPC fee paid
• No need to evict tenants
• No pressure, take your time to make a decision

Sell at an auction

Property auctions can be a good option for landlords who want to sell with sitting tenants. The auction room is a traditional hunting ground for investors – if the price and the proposition is right. There is the assurance of a reserve price and exchange on the day, with completion usually following in 28 days. The trade off? If the reserve isn’t met or landlords are unimpressed by the listing, , the property will remain unsold. Plus, there will be fees to pay.

Benefits of selling at auction

• Traditionally a place for landlord-to-landlord sales
• On-the-spot exchange
• Set time frame for completion
• Buyers less concerned by a property’s condition

Proven track record

We have helped 100s of tenants stay in their home while there has been a change of landlord, with Open Property Group taking on the tenancy for a seamless changeover. This is just one case study that highlights how we drastically reduce the time from offer to completion for our clients.

For the fastest way to sell a property with sitting tenants, get in touch with Open Property Group. Request your free cash offer here or contact us to chat over the specifics of your property.