I’m thinking of selling my tenanted property and leaving the tenants in there.
Does anyone have experience of selling via auction?
I’m thinking this might be the best option as the estate agents haven’t been overly helpful and don’t really seem to have investors on their books.
I don’t really want the faff of getting the tenants out to sell on the usual market but not sure if I’ll lose a huge amount of money selling by auction? It’s a great investment but no idea on the best way to sell it on.
Any advice gratefully received…
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We have bought and sold at auction and were advised that a lot of investors preferred a tenant in-situ. Their opinion was 50/50.
We were in an area which did have a lot of renters. Don’t know if it would be different in another area.
If you sell with tenants in situ then expect offers 10%-20% below market value.
Thank you both.
Which auction house/s did you use Mr T?
David I would expect to sell it at slightly less but it saves the hassle of getting tenants out
& then waiting for a sale which can take months & with no rental income so I think it’s probably worth a small hit.
I’ve been looking at Allsop auctions if either of you have any experience of them?
I’d change my agent and maybe review the price and get some open days.
Auction is rock bottom pricing.