AIBU to stick with current buyer rather than sell to tenants?

OP I would also factor in the possibility that your tenants will not vacate the property.

Even if they find somewhere else to buy, it will take time for their purchase to go through. You won't be able to complete the sale with the other buyer until the property is vacant.

So it is a tricky one.

Your current buyer might also lower their offer after the survey.

I would consider your tenants' offer and check they have the funds to buy as they might be a safer bet and less hassle.

I would proceed with the current buyer.

Head over heart, you offered, they gave notice.

I'd be worried the tenants don't actually intend to buy the house but are just stalling your sale process so they can stay where they are until they get themselves sorted. £10k less and more risk. I would stick to your original plan.

You could be liable for fees from your rental agent (if you have one), and the estate who has found you a proceedable buyer. So this could cost you more than the 10K.

I don't even know if this is possible but could you sell part of the house to your tenants and rent the rest to them?

It's highly unlikely it's t it. If the missed payments were within the last six years they will still be on the credit file. My friends mortgage was scuppered by a. SKY CREDIT of all things. Because they didn't know they had it it was just left on the account and showed adversely somehow. It took a long time to resolve and they lost the good mortgage. Op be very careful

Do the tenants really have a mortgage offer? In spite of missing rent payments? If they really are proceedable I would be inclined to go with them.

Do the right thing and sell to your tenants.

If the tenants have no where to go you might find that they don't leave the property. They are often advised by the council to stay put until evicted by bailiffs. This could take many months. How will you coordinate the sale to your buyer with potentially defaulting tenants in possession?

Personally I would assess the offer form the tenants. Check that they are proceed able and give them a tight exchange age deadline. Eg 4/5 weeks. If they can proceed on that basis to with them.

Sell to the family!!!

You have the choice to sell to a family who already live there, ie to make their insecure housing situation secure, or to scooter landlord, whose intentions you do not know.

So many landlords are, quite frankly, terrible people, and I though I assume you have no way of knowing whether this person is or not, you have a chance to prove that you are not.

I rent and I hate it. I feel like it’s really impacted my kids’ stability, mental health and educational attainment, but buying has never been a realistic financial option for me.

I implore you to consider the impact you could have on this family, and even if the price you’d get from the landlord is higher, at what cost to your conscience?

Stick with your current buyer. The tenants will have to sort themselves out… and will hopefully leave as planned. It’s not as though you served notice on them to sell. They had choices.

As you’ll be selling to another landlord, yes you are being unreasonable.
As per another PP, the landlord is going to drop the offer once the survey is in.
Your current tenants may dig in and you lose the sale anyway.
Sell to the tenants.

I'd go landlord - especially as the tenants still owe you rent!

The estate agent fees will still be due as the agent has sole selling rights and has found a buyer. If the vendor pulls out the fees are still due.

Yanbu. Your buyer may have already spent money on surveys etc 6 weeks down the line. And they aren't even matching the offer.

Your tenants are still in a position to buy a different property, or even rent short term. Just because their circumstances have changed, doesn't mean yours, and your buyer should have to.

Hope they dont mess you around by not moving.

It’s a hard one. Not good that they have said they’re desperate though. Desperate people may not act rationally and as previously said, they didn’t want the house before and seems as though the money is tight so something could go wrong in the conveyancing process that they have no contingency for. They must be saving thousands in a situation where they don’t have to pay for moving costs at least.

The dilemma is from the risk they won’t find anywhere and not vacate. You will get replies that are biased because you’ve been a landlord.

My decision would be to stick with current buyer if tenants are flaky.

Your landlord buyer will try to drop the price after survey surely, and would want to jack the rent up so won't want your tenantswho now have more protectionunder law. Much easier to sell to the people already living there.

Do you feel you have made enough money out of them as tenants already to take £10,000 less than your existing offer? Is the existing buyer expecting vacant possession? What will you do if they don’t leave? I’d be inclined to see to the family if I possibly could, rather than another landlord.

If the new owner is going to be a landlord, tell the tenants this and suggest they negotiate a new tenancy with new landlord. That'll give them more time to buy another place.

Edit to add your buyer will also be happy as he will immediately get rental income.

You need to go with the person who is in the best position to proceed and who Is offering thr most money for your property.

I would rather sell to a family than another landlord

I’d want to know why the other house fell through, and whether their offer is serious. You don’t want to turn down a safe offer, and then find yourself not only out of pocket but without a buyer if something goes wrong with this family. If your buyer is a landlord, why can’t the family just continue their tenancy with the new landlord until they find somewhere suitable? The fact that they didn’t immediately want to buy the house they’re living in when it went on the market would be a red flag for me, and it’s very cheeky of them to expect you to let them have the house at below the offer you’re selling for.

This.
I would always sell for a bit less to a family before another landlord (we did with our first house)

Have your tenants got a firm mortgage offer in place? Do you know why their other house fell through? Do you have their notice in writing?

Have you calculated how much you would save in fees, and have you asked if they can go up.a but, if not the whole £10k?

In your shoes, I'd have a good go at trying to see if selling to your tenants could be made to work as I'd much rather sell to a family than a landlord if possible. (But not at the cost of £10k!).