There are many reasons why you would want to sell a multi-family property, and you always 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 choose to sell your property directly to a local San Antonio investor. Selling a multi-family property is not the same as selling a single-family house and you want to do your best to set yourself up for success.
Understanding Who The Buyer Is
Professional property buyers in San Antonio, Texas typically close faster than other 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 when you sell directly to a multi-family investor 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 should 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.
Think about which type of buyer you are looking for and which one is better to help you with your sale.
Skip The Property Prep
Professional property buyers in Texas 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.
Multi-family property repairs can quickly add up to thousands of dollars! Keeping that money in your pocket can be a huge help and really reduce the stress when preparing your property for sale.
Professional multi-family property buyers are in it for the investment. They are not expecting to renovate every unit on the property on the day of closing. Most multi-family property buyers will allow tenants to stay if they would like or allow a move-out timeframe after closing so your tenants to relocate at their own pace.
This is extremely helpful, especially with such quick closing timeframes. No one wants to see a good tenant get displaced and it is not necessary when you sell to the right buyer. Tenants can decide to stay or your tenants can transition to a new place if they would like to.
Sell With Confidence
When you make the decision to use a professional multi-family property buyer in San Antonio, Texas, 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 homes 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 the headaches of agents and their clients asking you questions that you really shouldn’t answer anyway. You also don’t have to worry about buyers arguing with you over what your tenants are taking and what they are leaving.
Selling to a professional multi-family property buyer is extremely straight forward. They will keep the process simple and very concise. They know all the proper paperwork to use and can make sure everything is done correctly. 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.