Selling Property with Sitting Tenants

Published: 22nd September 2009
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Many property owners are facing financial burdens given the state of the current economy. Many of these own properties that they use for investment purposes. Some of these properties are currently occupied by sitting tenants. Given this situation, it becomes somewhat difficult for property owners to sell their property given the rights of their tenant. However, if you want a fast home sale, then they may be some other options open to you. Many companies exist that purchase properties from you. They also would observe the legal obligations created from having a sitting tenant.



When landlords seek to sell properties, they often have difficulty selling them in the traditional way, using an auction or real estate firm. Many prospective buyers avoid getting into situations with sitting tenants. Since their right to reside there is lifelong, many buyers fear that will be getting into a terribly restricting financial arrangement.



Other property owners might want to sell properties that no longer have become profitable for them. Sitting tenants have a lifelong right to remain at the property. In some instances, the amount of the rent was established by the government. The amount can actually fall below what the current rental value would be. Some legal restrictions prevent owners from increasing the rent. This is a financial problem for owners. Not only are they receiving little in the way of rent but they still are responsible for making any repairs that are needed. Also, periodic inspections require fees also. Given the option available to them, many landlords are seeking to sell their property that has a sitting tenant.



This is even more attractive when the possibility of the sitting tenants moving won't occur in a long time. The landlord is able to smoothly and quickly get out from under this burden. They get the cash for their property in a timely manner. Most companies will buy the property with cash. This makes the whole process quicker as financing does not need to be arranged. Another bonus of using a home buying company is that they do not charge legal fees or other hidden costs. Can you say that about a real estate firm?

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Swift Capital are not your average home finance service - Swift Capital strive to go above and beyond when dealing with clients looking for a fast house sale, with a problem tenant, problem properties or when looking to buy a house fast.

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