Investment Property Selling - Real Estate not interested in anything other than breathing.

Hi everyone,

I'm after a little bit of advice from (hopefully) someone that has been in a similar situation.

We are currently in the process of listing our property (which has tenants on a 12 month lease) on the market and we have found our listing agent to be extremely unhelpful and uninterested in selling the property. We are currently within the cooling off period for the "Contract of Sale" through the agent.

Because I'm frustrated at the moment, i'll stick to dot points and format it into a lovely following piece later.

Longish, horrific story short…

• We currently have tenants that are residing in the property on a renewed 12-month lease that is due to expire early next year, the lease was renewed against our initial advisement of 12 months initial, then reverting to a month by month lease in the event that we wish to sell or move back into the property.

• We have a property that is located in the Newcastle region that we built with the intention of occupying long-term, mining boom happened, lost my job and had to go crawling back to my previous "constantly" moving government-employed occupation.

• 2014 was awarded a scholarship to studying in Canberra full-time, wife and family remained in property.

• 2015, Wife was offered a position in Canberra. Property placed on rental market with the intention to move back after completion of business degree.

• Mid-Late December, received advise from Real Estate that it was being sold to a larger firm (well known franchise) and to sign the transference paperwork (which I have not). Transfer date is final days in Jan 16.

Now:

2016.

Lease renewal was coming up, believed that the PM would undertake our previously stated wishes.

• Upon receiving the updated lease, we immediately reacted advising that the lease was to be renewed as per above. Was advised by the property manager (PM) that on the sale of the property, the tenants would be told to vacate. (Had my doubts, but thought she was the subject matter expert).

• Fortnight later, due a severe change of circumstances (nothing sinister) we advised the PM to list the property and advise the tenants. A couple of days after this I received an email from the Principal (Owner) that the tenants are under a 12 month lease and due to the executive nature of the property, it will be hard to sell.

• Immediately called up the Principal and raised what had been mentioned previously and was told that she would contact fair trading (13 Jan), I was told to speak with my accountant and see if I can free up cash in other methods and was told that the tenants have a new baby and won't want to move.

• I followed up with an email later in the day asking them to advise the tenants as I want to list the property sooner rather than later and would like to give the tenants ample time to ask questions, etc. Whilst I expected this to be done immediately, I received an email 1655 on 15 Jan (Friday) stating she had just spoken to the tenants.

• We drove up to Newcastle for a family gathering on the weekend and I made an appointment to speak with the Principal yesterday morning. It was an easily tense environment, with questions proposed not being fully answered. We prepared the sale of the property paperwork, which the house was valued at 500,000 - 530,000 sight unseen (going off the equivalent of eBay sold listings on Realestate.com.au, we had been in these properties and they do not compare to ours). Upon questioning, I was advised it doesn't matter (in reference to cross reference of property qualities).

I was offended when I was asked outright if I was going through these steps to have the tenants evicted to move back into the property, I love commuting, but 5 hours each way is excessive for both of us.

• Principal and new RE Owner are going through the property this afternoon (2pm) to do a tenant inspection and "House valuation", i was told that I would be told of the outcome.

I have spoken to a couple of friends that either reside in the PM field or have a slew of Investment properties, I have been advised from everything from taking the RE to court to provide incentives for the tenants to move out (who will not be out of pocket as they will be moved at public expense (same employer).

Our cooling off period (for the Sale agent appointment) ends at 5pm today to continue the sale with the RE, I am drastically looking at my options as to how to proceed. I know it must sound lubricous to continue with the current mob, and it does even to me, but I am unsure of my rights in relation to moving the sale and property management services to another RE.

Do I have the option to relocate to another RE due to the fact that our current is being bought out and the properties transferred to the new entity?

Do I take the advice of my property mogul friend and write a letter directly to the tenants explaining the situation and offer an incentive to move or shorten the lease to the proper month by month.

Do I wait to hearing back from the inspection this afternoon or rescind the contract now? or do I wait and rescind later?

On a final note, we are trying everything in our power to provide a smooth transition for the tenants as possible, they have been great and we appreciate that they have maintained our property to our high standards. We were in a similar situation about 3 months ago, where we were evicted because the owner was returning to the property. That was immensely stressful on both my wife (with 3 children, 1 an infant) and myself undertaking university exams.

Any help or direction would be greatly appreciated.