There are many reasons for selling your rental property, and you have different options for doing so. You could use a traditional real estate agent, you could try to sell your rental property by owner, or you could sell your property off-market, directly to an investor. If you’re asking how can I sell my rental property fast, Kendall Partners can help. Below we take a look at the benefits of selling a rental property to a professional multi-family buyer, rather than selling it the traditional way.
Sell My Rental Property – For Cash
Professional property buyers like Kendall Partners, typically close faster than traditional multi-family buyers, and they purchase the property using cash. Traditional multi-family property transactions usually require bank qualification and mortgage underwriting. The buyer may not even end up qualifying in the end, and may have to back out of the deal, leaving YOU the seller to try to find another buyer. In the meantime, you may miss out on other buyers who have used their funds to invest in other properties! If you own a rental property you need to sell quickly and if you’re asking yourself how can I sell my rental property fast, then you probably don’t have time to wait for the lengthy underwriting process a traditional buyer will have to go through or to take the chance on the deal falling through.
Sell My Rental Property – As-Is, No Repairs
Financing isn’t the only issue that can arise with a traditional buyer. Inspections can turn up major issues needed for costly repairs, upgrades, or even previously unknown violations or code issues with the city. Depending on the municipality and changes to building and zoning codes over the years, this could even become a big problem. For example, the city may have a new minimum square footage requirement for each unit, of which the owner is unaware until beginning the traditional sale process. If units which were divided to create more rentable apartments and now that all has to be reversed, this obviously changes the return on investment for a new buyer. Traditional buyers may not want to work with the city to make required changes, or again they may not be able to get lender approval if the property has any violations or zoning issues, either! Dealing with these types of issues can take time and legal footwork which not all buyers – or sellers – want to take on. If you own a property with these issues, a cash buyer may be the solution to selling your multi-family property. Give us a call today at (630) 389-8232 for a cash offer on your rental property, or fill out the form below to get started.
Sell My Rental Property – Save on Closing Costs
Selling your rental property will cost you not just in repairs, upgrades, and the correction of any violations with the city, but also in closing costs. The usual commission paid to agents on a real estate transaction is 3% per side, so if you sell your property for $200,000, you would have to pay $12,000 in commissions alone! When you sell your rental property to Kendall Partners, there are no commissions paid to a buyer’s or seller’s agent which means thousands of dollars in savings. Professional multi-family property buyers like Kendall Partners pay many of the customary closing transaction fees which, in comparison to the commission or closing costs you would have to pay otherwise, saves you additional money on the transaction.
Sell My Rental Property – Occupancy
Professional multi-family buyers often are fine buy a property that isn’t full — in fact, they may prefer it! A cash property buyer, like Kendall Partners, may plan on making the repairs and upgrades sellers are trying to avoid having to handle! You may not even have to clean or clean out the property at all! Since a cash buyer most likely doesn’t already have new tenants lined up and isn’t expecting to move into the property right away, this means you can sell your rental property even more quickly than you would to a traditional buyer who desires full occupancy. But what if your building IS full of tenants? Depending on the leases in place, a cash buyer can allow a specific move-out timeframe after closing for tenants who need to relocate at a later date. This is extremely helpful for multi-family owners who must sell their property quickly, and for tenants as well. Again, you won’t need to handle the post move-out cleans, you can have your tenants take their possessions with them and a cash buyer can arrange to clean the property out afterwards. If you’re asking yourself how do I sell my rental property fast, you probably don’t want to worry existing tenants or have to find new ones to fill empty units. At Kendall Partners, we’re flexible and we can work with you and your tenants so you can sell your rental property fast!