Walking away from a problematic rental property

I didn’t have the energy or budget to make repairs.

I bought a single-family rental property that was in a terrible state of disrepair. Because of the rapidly expanding housing market in the Jacksonville, Florida, area, I hoped that making improvements would prove to be a worthwhile investment. I assumed that updating the property would attract a higher class of tenant. Due to extensive water damage, I just about gutted the home. I tore out walls, ceilings and floors and hired licensed contractors to install brand new electric lines, plumbing and ductwork. I invested in a new water heater, central air conditioner and appliances. New windows, exterior doors and insulation elevated comfort and energy efficiency. Brand new kitchen cupboards, countertops, toilets, sinks and fixtures ensured a functional and beautiful kitchen and bathrooms. I laid down a combination of tile and laminate flooring and installed brand new light fixtures. I painted the interior and exterior of the house and spent time and money on landscaping. When I listed the home for rent, there was a great deal of interest. I did a thorough background check before choosing a renter. Within six months of the tenants moving in, the property began to look rundown. There were toys and garbage scattered across the lawn. The rent was late every month. Shortly after that, they stopped paying rent all together. Getting them evicted was a difficult and time-consuming process. The renters were extremely hostile and deliberately caused damage. When I finally got them out, I discovered that they had poured cement down the drains. I didn’t have the energy or budget to make repairs. I simply wanted to walk away from the property as quickly and painlessly as possible. In that situation, selling the home for cash was the right decision. I secured an offer within 24-hours and closed within ten days.

sell house to relocate

Find a reputable cash buyer

There are numerous situations where selling a home for cash is preferable to a traditional listing on the market.

Homeowners who are facing foreclosure, relocating for a job or are involved in a divorce frequently opt for the much quicker turnaround of a cash sale.

If there are structural issues with the residence or it’s located in an undesirable neighborhood, a conventional sale can be nearly impossible. Buyers typically require financing via a bank loan. Banks are unwilling to provide loans on homes that won’t pass inspection or qualify for insurance. An electrical panel or plumbing system that fails to meet code, an older HVAC system or roofing system or any structural issues can become obstacles. Making repairs can get expensive. Cash home buyers offer a fresh start and a way out of tough situations. For those liquidating assets to pay bills, confronted with a job loss or looking to downsize, a cash option is hassle-free. There is no need for a home inspection, cosmetic fix-up or staging. The house is sold as-is. When a property becomes a burden, the process of listing, open-house and negotiation simply adds to the stress and problems. There are more cash home buyers emerging all the time. Not all provide the same level of service, honesty and transparency. Homeowners need to beware of hidden fees and those buyers who are simple middlemen. Look for local companies with a solid reputation. Make sure there is no obligation associated with seeking out an offer. There should be the option to speak with someone face-to-face.

 

cash for house with tax lien

Selling for currency is a hassle-free alternative

I was originally reluctant to sell my home through a currency buyer.

I assumed that the price offered would be considerably lower plus that the process might not be legitimate.

When I sold my first home, I chose to follow the more traditional process. I found a licensed real estate agent plus listed the apartment on the market. This led to taking pictures plus arranging viewings. Once there was an offer, the interested customer plus I went back plus forth negotiating a price. The customer needed to get financing through a bank, which led to a long list of demands. In order to secure the loan, I needed to make repairs plus replacements. I ended up replacing the roof plus the electric panel, installing gutters plus railings plus having the air duct sealed. The cost of these improvements added up swiftly. At the closing, I discovered all sorts of fees that I was unprepared for. A considerable percentage of the money went to the real estate agent. Overall, I was not blissful with the process or the end result. When I decided to sell my second home, I researched the several currency home clients in my local area. Rather than one of the giant corporations, I chose a local, family-owned company with good reviews. They were excellent to labor with, plus every stage of the sale was completed swiftly plus smoothly. I was able to sell the home as-is plus walk away from it in under two weeks. I might have been able to get a bit more money with a more conventional sale, but I am blissful with my decision.

cash for apartment buildings

Extensive termite disfigurement necessitates sale of home

I live in a part that is prone to termite infestation.

  • Because I moved from the northeastern part of the country to the south, I wasn’t aware of this threat.

Termites aren’t a concern when the outdoor temperature drops into the drawback digits for about half the year. I resituated because of the year-round warmer conditions plus sunshine. The heat plus humidity are ideal for breeding termites. They come out of the ground plus eat into anything made out of wood. I wish the real estate agent would have pointed out the risks of having a wooden porch on the front plus a wooden deck on the back. It would have been genuinely helpful if the home inspection would have turned up the existence of termites. Within five years, the porch plus deck were collapsing. The window frames inside the home were falling apart. When I called a pest control company, they informed me that the home was overrun with termites. They had compromised the structural integrity of the property. I was unwilling to invest into extensive pest extermination plus repairs. There was no occasion of listing the home on the market. It honestly wouldn’t pass inspection or qualify for insurance. I looked around for alternatives plus came across a home currency buyer. I was honestly amazed by the quick turnaround plus simplicity of the process. I handled nearly every step online, beginning with the completion of the contact form plus getting an offer in a single day. The closing happened ten days later. I didn’t need to hand over a percentage of a real estate agent.I was able to sell the home as-is plus walk away with currency in my pocket.

sell my inherited property