Tips for Selling Your Multi-Family Property | Multi Home

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How to Sell Multi-Family Property | Multi Homes

Selling a multi family dwelling is much different than your average home sale transaction; selling your multi-family property involves several individuals, depending on the number of units. Therefore, sellers must do everything appropriately regarding laws and regulations by which multi home owners must abide. Failure to follow these standard rules will be extremely costly.

As we stated, multi-family property sales can vary from traditional home sales. For example, when you sell a single-family residence, you may get a lovely couple or family to buy the home from you. On the other hand, you will most likely attract an investor when you sell a multi family dwelling, which may require more stipulations or tighter numbers on the seller’s profit.

We will address five essential tips for selling your multi-family property in Philadelphia, Pennsylvania, or any other real estate market.

Understand the Property Buyer

In Philadelphia, Pennsylvania, professional multi-family property buyers close faster than traditional ones and usually pay in total cash. Standard multi home property purchases usually require bank qualifications, mortgage underwriting time, and property inspection time, and the buyer may not qualify.

Usually, no commissions are paid to a buyer’s or seller’s agent, meaning thousands of dollars in savings. The usual commission is 3% per side, so if you sell your property for $200,000, you will have to pay $12,000 in commissions alone!

Local multi family dwelling buyers also may not charge transaction fees; if they do, they are deficient compared to the commission or closing costs you would have to pay otherwise. You can also close with a title company if you live in a different state. Finally, you can close remotely and not stress about returning to Pennsylvania.

Review the Properties Lease

When determining the most appropriate time to sell a multi-family property in Philadelphia, you must ensure you have all leases, thoroughly review all documents, and guarantee that you have considered all of your tenants’ rights.

Cash property buyers will also demand access to your tenant’s screening reports and background checks, so you’ll want to ensure everything is in order and acceptable.

Finally, some house buyers wish to screen and qualify their tenants, which means they may ask for the home to be delivered vacant; having your lease terms for the buyer should be a top priority.

The buyer will also want to ensure you have solid paying tenants if it’s decided to accept the property with its current tenants. Proof that your tenants pay will be crucial to completing the sale.

Property Preparing

To finalize a sale on the market when selling a multi-family property, you must present it in its best condition. Take plenty of clear photos of each room of the property with a high-quality camera. The images may help you focus on the curb appeal or lack thereof that home buyers would dually note as they scroll through property listings.

You’ll want to focus time and effort on the porch and front yard maintenance, add a fresh coat of paint to the building to make it more appealing and presentable, and be sure any appliances are well maintained and working correctly or equipment is well preserved. Pay close attention to door locks by ensuring that you have a key to each door and that the doors actually close and lock correctly.

Important Documents

When you sell your multi-unit property in Pennsylvania, you risk deterring a house buyer if your documents aren’t adequately prepared for review and in good order. Your bookkeeping records must be up-to-date and accurate. The yearly net operating expenses will be attractive, outlining all costs associated with the property and the income from the rental properties. This in-depth report allows buyers to quickly compare your properties with other similar homes and determine if it is worth delving further into the transaction.

Provide any paperwork that reveals regular home maintenance, repairs, and warranties that may still be valid and hold value to the buyer. You’ll also want to include documents showing the roof’s age, the major systems, such as heat or air, and the appliances in the units. If you replaced anything recently, ensure the buyer knows all these details. Making home updates and any major repairs will help you secure a qualified buyer.

Property Inspections

You may want to complete an inspection before selling a multi-family property in Philadelphia. Getting ahead of any significant repairs can be helpful. Knowing the existing issues will allow you to decide how best to resolve them before entering negotiations. Should the buyer remain at the negotiating table upon reviewing the inspection and consider your property a fixer-upper, they will likely make an insultingly low offer. Your buyer is likely not interested in rehabbing a multi-family property and will walk away if their inspection reveals a problem the seller didn’t bring to their attention. 

Direct Multi Family Dwelling Real Estate Sale

Sell my property fast directly to Buying Property 215 – we purchase houses in Philadelphia whether or not you have tenants! At Buying Property 215, we purchase properties for cash, so closing is fast. No need to worry about making costly repairs, completing house repairs, or paying holding costs while the property lingers on the market.

The professional buyers at Buying Property 215 will review the numbers with you, ensuring 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 Buying Property 215 makes selling your single-family houses or multi-family property in Philadelphia easy! Call Buying Property 215 at [215-359-6090] or send us a message to sell a home today. We have an A+ rating from the Better Business Bureau!

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