If you’re a landlord looking to sell a rental property, you may want to consider using a cash home buyer. Maybe you have some really bad tenants, or maybe the cost of the property just doesn’t work any longer. Whatever the situation a traditional sale might not work.
A cash home buyer is a real estate investor or company that buys properties for cash and can close the deal quickly, sometimes in as little as a week. Here’s a guide on how to use a cash home buyer to sell your rental property.
- Research: Look for reputable companies with a track record of buying rental properties. Check online reviews and ask for references from other landlords who have sold their properties to cash home buyers.
- Get More Than 1 Offer: Contact a few cash home buyers and request a no-obligation offer. The company will likely send an inspector to assess the condition of the property and make an offer based on its current assessed value.
- Compare Offers: Take into account the offer amount, any fees or commissions, and the company’s reputation and experience.
- Choose An Offer: Once you’ve accepted an offer, the cash home buyer will typically handle all the paperwork and closing costs. You won’t have to worry about real estate agent fees, closing costs, or repairs and renovations to the property.
- Be Prepared To Negotiate: While a cash home buyer may offer a lower price than you would get on the open market, the speed and convenience of the transaction may be worth it. However, you can still negotiate the price and terms of the sale to get the best deal possible.
- Review Documents: Make sure you understand the terms of the sale. Cash home buyers may offer a quick sale, but you still want to ensure that you’re getting a fair price for your property. Read the contract carefully and ask questions if you don’t understand any of the terms.
- Close: Once you’ve accepted an offer and agreed to the terms of the sale, the cash home buyer will typically provide a cashier’s check for the agreed-upon amount and you’ll sign over the deed to the property.
Using a cash home buyer can be a quick and easy way to sell your rental property. Just make sure you do your research, compare offers, negotiate the terms of the sale, and read the contract carefully before closing the deal.