Selling Your Rental Home for Cash
Owning a rental property is a great investment. The problem happens when you discover that your tenant left the property in terrible condition and damaged the place. If your tenants have completely trashed the place and you are tired of being a landlord and babysitting irresponsible people, then maybe it is time to think about selling your rental home. We are going to help walk you through the next steps you can take after you have decided it is time to sell your property.
Determine the Damage
Evaluate the extent of the damage, and ask yourself some questions.
- Can I fix up the place on my own?
- Is it going to cost me more than it is worth to repair/renovate?
- How much time am I looking at to fix up the place?
- Can I make the mortgage payments while fixing up the place?
If the answers to these questions are overwhelming then it is time to determine the best way to sell your rental. So, let’s dive into which option fits best for your situation.
Your Selling Options
- For sale by owner
- Hire a realtor
- Cash buyer
Trying to sell a damaged rental property is going to be difficult, as you’ll have to find a buyer willing to buy it. It is possible, you just need to find the right buyer.
If you choose to sell by owner or through a realtor, you need to be careful. If you aren’t willing to make any repairs or renovations, then you are going to have to sell the home for a lot lower than it may be worth. Most buyers want to see a home that they can live in without having to put a lot of money and work into it. A buyer is going to look at a damaged property and probably feel like it is going to take more time and money to fix up than it’s worth. Because of this, they are going to want to receive a good discount on the selling price.
In addition, the time it takes to find someone who is willing to take on this burden may drive you even more crazy. You would need to find the right type of person who is willing to put in the work to buy this home.
Sell to a Cash Buyer
If you are ready to sell, and repairs or renovations aren’t anywhere in your future, working with a cash buyer is the perfect option! Sell your damaged rental property to MemFixerUpper today. We will take it off of your hands as is. There’s no need to fix up a place that you have no attachment to. We will take this nightmare off of your hands in as quick as seven days. We are here to help walk you through this easy process and free you! Contact us today at 901-437-0154!