Rental properties can be a great investment for many people. By renting or leasing your property, you’ll generate a steady flow of income every month. People can also rent out their homes in a poor market until it recovers, preventing the need for a short sale or foreclosure. When the market improves, the property value will climb and may produce a profit. Real estate has value beyond its actual worth— you can live in a house because its a tangible and useable thing.
However, some people don’t experience as good of luck with their rental properties. If the income doesn’t cover the expenses related to the mortgage, insurance, and maintenance of the house, you could be looking at a money pit. Even worse, the home may sit vacant if the rental market is bad, leaving you bearing the full expenses every month with nothing to offset the costs. Sometimes, homes don’t go up in value. If you try to wait out a downturned market, you might just end up owing more on the house than it is even worth.
In other cases, rental homeowners might just decide that it’s not worth the hassle anymore. Maybe they’re tired of dealing with unruly tenants, or perhaps the upkeep just takes too much time out of an already busy schedule. Whatever the reason, know that you don’t have to be stuck with the property forever and have options when it comes to selling.
Options for Selling Your Rental Property
Your three main options when it comes to selling your rental house are sell the home yourself, list the property with a real estate agent, or sell the home directly to a cash buyer.
Selling the Home Yourself
The first option you have is to sell the home yourself. Unless you’re selling it to the current tenant (which is rare), there are a few things to keep in mind if you decide to go this route. First, you’ll need to take care of any repairs or remodels. Renters can be rough on houses, and if they left things a mess, it’ll need to be cleaned up before you can even show the house. Buyers typically aren’t looking for fixer uppers— they want something that’ll be ready to live in without having to put in a ton of effort. Next, you’ll have to worry about marketing the property. It’s likely that it will take months to find a buyer, leaving you spending money on a house that may just be sitting there. All of this will take time, money, and effort.
Listing the Home through a Real Estate Agent
Your next option is to list the home on the market through a real estate agent. This method has many of the same drawbacks as selling the home yourself. Although you won’t have to worry about marketing or showing the home, you’ll still need to make sure that all the necessary repairs and cleaning has been done. You’ll also need to consider the costs associated with agent fees and commissions. Everything can really start to add up! And like selling it yourself, there’s no guarantee that it’ll sell quickly. The home may sit on the market for months before you find a buyer that is able to finance the purchase.
Selling Directly to a Cash Buyer
Contacting a cash buyer to purchase your property is the last choice. This is the quickest option— most houses can sell and close in a week. When selling to a cash buyer, you don’t have to fret about repairs and cleaning because the house is purchased as-is, saving you valuable time and money. You don’t have to worry about agent fees or any commissions, either. The only money that is exchanged is the check into your hands.
Steps to Selling to a Rental House to a Direct Buyer
Selling your house to a direct buyer is easy; you can have your rental house out of your hands in just four simple steps! Start by filling out a form online or giving the buyer a call. They’ll take down some notes about the property, and if it meets the buying criteria, you’ll be contacted to set up a meeting at the home with a professional. After, the buyers will give you their no-obligation offer. Should you choose to accept it, you can close at the title company any day that you choose. Piece of cake!
Ready to Sell Your Rental Property?
If you’re looking for a cash homebuyer to sell your troublesome rental property to, look no further than Houndstooth Cash Buyers. We are your local Austin home buying team that aims to serve our community and help people find solutions to their problems. At Houndstooth, you’ll find dedicated professionals that will always give you a fair and honest offer for your property. If you want to deal with a business that treats you like family, Houndstooth is the way to go!
Don’t hesitate to reach out today if you have questions about our home buying process. We’d be happy to assist you!