Unlike a private home, selling your multi-family property involves several people, depending on the number of units. Sellers must put a great deal of consideration into the transaction to ensure they aren’t crossing any legal lines regarding the laws, rules, and regulations of Mobile by which multi-family property owners must abide. Failure to do so can be extremely costly.
We will cover five tips for selling your multi-family property in Mobile.
Check the Lease
When you set about selling your multi-family property in Mobile, the first thing you need to do is open all of the leases and do a thorough review, ensuring that you’re considering all of your tenants’ rights. Buyers will request access to your tenant files, so you’ll want to be sure everything is in order. Some buyers wish to occupy one of the units, so they may move on to another property if your leases aren’t up.
If you are wanting to sell your multi-family property in a more traditional way, you’ll need to make sure the property is in presentation condition. This means making sure all doors and locks are working, there isn’t any visible damage, and the lawn is kept up with.
To avoid having to take the time to prep the property, consider selling to a real estate investment company. A real estate investment company is a company that buys houses and multi-family properties for cash in as-is condition.
You risk turning off a buyer if your documents aren’t ready for review and in good order when selling your multi-family property in Mobile. Your bookkeeping records must be up to date. Your yearly net operating expenses will be of much interest, outlining all costs associated with the property, as well as the income from the rentals. This report provides buyers the ability to compare your properties with others quickly and if it is worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and any warranties that may still be valid, which hold value to the buyer. You’ll also want to include documents showing the roof’s age and the major systems, such as heat or air, and the appliances in the units.
It’s not only wise to have an inspection completed before selling your multi-family property. In most cases in Mobile, it is unavoidable due to laws and regulations. You are an any potential buyers have to be aware of any issues that would need to be fixed.
If you sell the property on the market, some issues may have to be fixed before you complete the sale. If you sell the property off-market and without fixing any issues, your property may be considered a fixer-upper, meaning a buyer will likely make a lower offer than your original asking price.
To avoid all of this, consider selling to a real estate investment company, like Southern House Buyers LLC. A real estate investment company is a company that buys houses and multi-family properties for cash in as-is condition.
Sell directly to Southern House Buyers LLC for no hassle, no fees, and no commission. We will buy whether or not you have tenants! At Southern House Buyers LLC, we purchase properties as-is for cash, so closing is fast. There’s no need to worry about sprucing the place up, or completing repairs, or paying holding costs while the property lingers on the market. The professional buyers at Southern House Buyers LLC will go over the numbers with you, making sure you agree that our offer is fair. We will also present to you what you would realize if you were to list your property on the MLS so that you can compare all options. Working with Southern House Buyers LLC makes selling your multi-family property in Mobile easy! Call Southern House Buyers LLC at (251) 333-7556 or send us a message today.