There are many reasons why you would want to sell your property, and you have different options for selling. You could use a traditional real estate agent, you could try to sell your property by owner, or you could sell your property to a New Berlin investor. This is also true when selling your multi-family property.
Selling your multi-family property isn’t as simple as selling a single-family home. There are many difficulties that sellers might face. Luckily, it isn’t impossible.
Understanding the Buyer
Professional property buyers in New Berlin, WI 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 the buyer may not end up qualifying in the end. There are also normally no commissions paid to a buyer’s or seller’s agent 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 mail-away closings which is a wonderful thing for out of state owners.
No Preparation Necessary
Professional property buyers in WI usually buy properties as-is. In other words, you as a seller don’t have to worry about making any repairs before closing. Also, there aren’t any additional expenses that you weren’t planning. Also, there are some companies that even won’t require a property inspection!
When selling your multi-family property to a real estate investor, you should know that your property is, well, an investment for them. They don’t plan to move into it on the day of the closing. In fact, most property buyers will make an agreement with you on when your tenants can vacate the property. This allows you to move on your own pace. This is really helpful, especially as they can buy your house quickly. You might even not have to clean everything up behind your tenants! They can simply pack their own things and move out on an agreed date and leave everything else.
Sell With Confidence
When you decide to use a professional multi-family property buyer in New Berlin, WI, 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 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 to a professional multi-family property buyer is extremely straight forward. They will lay out 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 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.