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Selling Your Multi-Family Property
Unlike a private home, selling your multi-family property in Philadelphia involves several people, depending on the number of units. Therefore, sellers must consider the transaction to ensure they aren’t crossing any legal lines regarding Philadelphia’s laws, rules, and regulations 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 Philly! (We’re Buying Property 215, a family-owned real estate company with years of experience and knowledge of the real estate market. Buying Property 215 specializes in purchasing and selling property in the Philadelphia area and surrounding suburbs.)
Understanding the Property Buyer
In Philadelphia, Pennsylvania, professional multi-family property buyers close faster than traditional ones and usually pay total cash. Standard multi-family property purchases usually require qualifications from banks, 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 property 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. They also provide mail-away conclusions, which is lovely for out-of-state owners.
Check the Lease
When you set about selling a multi-family property in Philadelphia, you need to open all leases and do a thorough review, ensuring that you consider all of your tenants’ rights. Additionally, buyers will request access to your tenant files, so you’ll want to ensure everything is in order. Finally, some buyers wish to occupy one of the units, so they may move on to another property if your leases are solid.
To compete on the market when selling a multi-family property in Philadelphia, you must present the property in the best light possible. Take a snapshot of the property. The photo may help you focus on the curb appeal or lack thereof that buyers would note as they scroll through listings. You’ll want to trim lawn and shrubbery, paint the building more appealing, and be sure any signage is attractive and the parking lot, amenities, or equipment is well maintained. Pay attention to door locks as well. Fumbling with a key won’t make a good impression.
When selling your multi-family property in Philadelphia, you risk turning off a buyer if your documents aren’t ready for review and in good order selling your multi-family property in Philadelphia. Your bookkeeping records must be up to date. Your yearly net operating expenses will be exciting, outlining all costs associated with the property and the income from the rentals. This report allows buyers to quickly compare your properties with others 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.
It is wise to complete an inspection before selling multi-family property in Philadelphia. Finding surprise problems ahead of selling is best. 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. It is more likely that your buyer isn’t 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 Real Estate Sale
Sell a property directly to Buying Property 215 – we buy whether or not you have tenants! At Buying Property 215, we purchase properties for cash, so closing is fast. No need to worry about sprucing the place up, 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 today. We have an A+ rating from the Better Business Bureau!