Selling your multi-family property you have probably held for several years is a good thing, and you probably have many reasons to sell. You need to upscale your portfolio or you may be jaded as a landlord. Other reasons are you have recently renovated the property and want to cash out for a huge profit.
Like as many reasons to sell you have different options for selling. You could use a traditional real estate agent, you could try to sell your property yourself, or you could sell your property to a Nashville investor. The bottom line, just sell my rental property.
Understanding the Buyer
Professional property buyers in Nashville or Clarksville, TN typically close faster than traditional multi-family buyers, and usually pay full in cash. Traditional multi-family property purchases usually require qualifications from banks, mortgage underwriting time, property inspection time, and rent verification letters. This is a time-consuming pursuit and the buyer may not end up qualifying in the end.
Additionally, professional property buyers or investors usually buy properties without commissions involved, which means thousands of dollars in savings. The usual commission is 3% per side, so if you sell your property for $200,000, you would have to pay $12,000 in commissions alone!
Professional multi-family property buyers also may not charge transaction fees; if they do, they are extremely low in comparison to the commission or closing costs you would have to pay otherwise. They also provide remote closings which are a wonderful thing for out of state owners.
No Preparation Necessary
Professional property buyers in Middle Tennessee will usually purchase real estate as-is. As a seller, this means you do not have to worry about repairs before closing or any other additional expenses you were not planning on. There are some companies that do not require inspections which makes it a truly as-is transaction. You may want to visit our article “6 Tips for Selling Your Multi-Family Property” if you need assistance in getting started with selling your investment property. Our step-by-step “Pro Tips for Selling Your multi-family Investment Properties” will guide you through the process of preparing and selling your multi-family property.
Professional multi-family property buyers are in it for the investment. They are not expecting to move into the property on the day of closing. Most multi-family property buyers will allow a move-out timeframe after closing to allow your tenants to relocate at their own pace if they decide to relocate. This is extremely helpful, especially with such quick closing timeframes. Also, you may not even have to clean the multi-family property when you leave. Your tenants can simply pack their personal items and furniture they want to keep and leave the rest. Most multi-family property buyers would prefer to keep the current tenant rolls and rehab those units that are vacated.
Sellin Your Multi-Family Property With Confidence
When you decide to use a professional multi-family property buyer in Clarksville, TN, you will not have to worry about going through a roller coaster of emotions. There are no frustrating, middle-of-dinner phone calls asking if you are available to show your property. You don’t have to worry about tenants leaving their home spotless every day before heading to work, just in case there is a showing while they’re gone. You simply set a date for all showings with tenants notified to reduce conflict and disruption on the tenant’s lives.
It will be a relief to know you don’t have to worry about possibly running into a buyer’s agent or their clients or dealing with them asking you questions that you really shouldn’t answer anyway. You also don’t have to worry about buyers arguing with you over which furniture your tenants are taking and what they are leaving.
Selling your multi-family property to a professional investor buyer is extremely straight forward. This is probably what you are wanting, a quick and easy process of selling a rented property. The multi-family investor will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you didn’t know or you didn’t disclose or something they don’t like about the property or the neighborhood.
Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Professional multi-family property buyers already know the state of the property, and they are willing to take on that risk.
Working with a professional multi-family property buyer or investor should be a streamlined and easy process. Most investors work with cash and can close in a week or two saving you so much worry and aggregation to liquidate your investment property for sale.
Call Southern Homes Investments today at 615-500-4466 or send us a message to discuss selling your multi-family property to a Nashville, Murfreesboro, or Columbia investor. We can go over your property and let you know its market value and get you on your way to selling your property quickly and effortlessly. We work throughout Middle Tennessee to buy a multifamily property and look forward to your call.
Disclaimer: David Wright is a licensed real estate agent and this article is not a solicitation to list your house.