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Selling your apartment complex can be headache-inducing. Advertisements, Realtor fees, and property inspections are both time-consuming and costly. If you’re attempting to sell an apartment complex that needs a lot of work, getting your apartments in showroom condition might not be worth it financially.
In preparation of selling your property, you must be able to answer this question: will I receive more money once I fix an apartment or sell it as-is? If finances are lacking and major repairs are necessary, the question becomes how do you sell a property when you cannot afford to fix it?
Making your apartments attractive to potential buyers is necessary for a top-dollar sale. Cosmetic issues like wall color, replacing appliances, and chipped floors are cheap and might not hinder a sale. Yet, structural defects are expensive repairs that still must be made.
Sometimes, the most major repairs are only unsurfaced after a thorough inspection.
"Every house has defects," Jack M. Guttentag, Professor of Finance at the University of Pennsylvania states. "Some obvious and some hidden."
When attempting to sell an apartment complex fast with repairs, you need to consider these hard-to-find repairs and what it might mean to a buyer. Most buyers aren’t willing to pay the desired asking price on the assumption that everything they can’t see is in peak condition.
In many cases, it’s easier to sell an apartment building fast with repairs. But how do you make structural repairs without bleeding your wallet dry? Some sellers utilize contractors. Many contractors are equipped to handle minor damage and short renovations. Too many, though, have transformed beautiful properties into ugly Frankenhouses.
CNN Money’s staff writer Les Christie says Frankenhouses are properties that feature renovated eyesores. Some of these are "pipes running through living rooms and bedrooms strung together like garlic cloves".
They offer the buyer dysfunctional floor plans and finishes. They also offer awful color schemes and downright thoughtless room repurposing. They’re unappealing to the average homebuyer and, thus, stay on the market for longer periods of time.
Using contractors to help sell a property that needs a lot of work comes with a steeper price tag. It also comes with a longer transition period between listing and closing. Best case scenario: your contractor does exceptional work within a guaranteed allotted timeframe.
Do you want to fix those major structural defects like replacing your roof, deck, or septic system? It'l mean shelling out thousands of dollars before even listing your apartments.
Renovating your property with contractors before selling can also deter potential buyers. When confronting cosmetic and particular major repairs, property owners are faced with property-altering decisions.
A variety of these improvements are highly stylized and require the right individual tastes. These can differ among neighborhoods, regions, and time periods dependent on what’s in-style. A feature that you love could be the deal-breaker for a buyer.
So how do you sell your fixer-upper? Making repairs is necessary but the thought of hiring contractors and owning a Frankenhouse is unsavory. Many property owners decide acquiring a Realtor and selling their apartments without making repairs is the only option.
Going the traditional route and using a Realtor to sell an apartment complex fast with too many repairs is tough enough; but selling apartments that needs repairs, especially major ones, is seemingly impossible for even experienced real estate agents.
Smoke predicts that six million properties will be sold this year alone, the highest amount of residential properties sold in a decade. With that kind of supply, sellers must expect more time on the market and fiercer competition.
When selling a property that needs repairs, Realtors often suggest lowering your asking price to shorten your property’s time on market. In theory, this is great. The more time a property spends on the market, the more time the owner spends paying the utilities, taxes, and insurance.
However, your Realtor is more concerned with selling and receiving payment than selling your apartments at top price to the right buyer. Sometimes, using a Realtor means giving up your property’s best chance to sell.
Using a Realtor also comes with unexpected fees, commissions, and unwanted advice on how to manage your property. Yahoo! Finance’s Mandi Woodruff estimates that even after paying the buyer’s commission - generally 3% - For Sale By Owners (FSBOs) cut selling costs in half by avoiding their own broker’s commission. With a median household cost, cutting out a Realtor saves thousands!
If you’re looking to sell an apartment complex fast with repairs by using contractors, expect heavy fees, paperwork, and other hassles. Want to hire a Realtor and sell without making repairs? Expect even heavier fees, a longer time on market and other complications due to third-party involvement.
But if you desire a simple, stress-free solution to selling your apartments with too many repairs, consider a cash buyer.
Accepting a cash offer eliminates many struggles sellers face when trying to sell an apartment complex fast with too many repairs. Cash buyers offer a much quicker close. This is due to their ability to skip the mortgage process completely. By avoiding banks, selling to a cash buyer means closing and receiving payment within a week – as opposed to the typical 30 days. This speed of sell means more money in your pocket sooner.
Cash buyers also provide more stability for sellers. They are usually pre-approved before making an offer on your property. So when a cash buyer is interested, there’s a sureness of sell that cannot be matched elsewhere.
Arguably the best advantage to accepting a cash buyer is their desire to buy your property as-is. Homeowners needn’t worry about fixing major repairs, updating outdated finishes, or appealing to the average buyer. A cash buyer wants your property just the way it is, and is willing to pay fair market value for it.
So how do you sell a apartment complex fast when there are too many repairs? Avoid costly renovations and contractors, skip the Realtor and their associated fees, and seek out cash buyers. They offer you more security and money without settling for less.
Our customers comment all the time about our soft approach. You won't get a hard sell with us. If you are not completely satisfied with the offer we make to buy your apartment complex, you don't have to accept it. No charge. No fees.
We'd love to talk to you today about the apartment complex and your situation. We're here to help even if you decide not to sell your apartment complex.
Give us a call at 214 537 9641 or fill out the form below to get started. We look forward to talking with you.
Sell an apartment complex fast even if it needs repairs