There are plenty of reasons why you might want to sell your property, and you of course have a few different options for selling. For example, you could use a traditional real estate agent, you can try to sell your property using a for sale by owner listing, or you can sell your property to a Detroit investor.
Understanding the Buyer
Professional property buyers in Detroit, MI are able to close faster than traditional multi-family buyers and will usually pay the full price in cash. Traditional multi-family property purchases usually require qualifications from banks, time for mortgage underwriting, time for property inspection and it’s possible that in the end, the buyer may not end up qualifying. There are also usually no commissions that will be paid to a buyer’s or seller’s agent which means savings of thousands of dollars for you. 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! You are saving all of that! Professional multi-family property buyers also may 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. They also provide mail-away closings if you need which is a wonderful thing for out of state owners.
No Preparation Necessary
Professional property buyers in MI 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 of the unforeseen additional expenses you were not planning on. There are some companies that do not require inspections which makes it a truly as-is transaction.
Professional multi-family property buyers are in it for the investment. They are not expecting to move into the property on the day of closing. Most multi-family property buyers will allow a move-out timeframe after closing to allow your tenants to relocate at their own pace. This is extremely helpful, especially with such quick closing timeframes. Also, you may not even have to clean the multi-family property when you leave. Your tenants can simply pack their personal items and furniture they want to keep and leave the rest.
Sell With Confidence
When you decide to use a professional multi-family property buyer in Detroit, MI, you won’t 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 home spotless every day before heading to work, just in case there is a showing while they are gone. You do not have to worry about possibly running into a buyer’s agent or their clients or dealing with them asking you questions that you really should not answer anyway. You also will not have to worry about buyers arguing with you over which furniture your tenants are taking and what they are leaving.
Selling to a professional multi-family property buyer is extremely straight forward. They will lay out every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you forgot or even didn’t know you were supposed to disclose or even something they do not 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.