The eviction moratorium has left many investors collecting little to no rent due to the guidelines set down by the CDC. But what do you do when your tenants aren’t paying up? Regrettably, as the order drags on, many investment property owners can no longer afford to take the loss. Most property owners turn to the more traditional style of listing a property when they are getting ready to sell real estate, without any thought to other options. When already facing not collecting rent, considering all the steps to prep the property to make it market-ready can feel overwhelming financially. Should you find yourself in this position, we will explore how to sell your Long Island investment property when your tenants aren’t paying up.
Real Estate Agent
Attracting the average investor to a listing in the real estate market is extremely difficult, if not nearly impossible if you are trying to sell your Long Island investment property when your tenants aren’t paying. The fact that your tenants protected under the order is not something that will go unnoticed, so be prepared to be completely forthright regarding your tenant’s current status, regarding the order. An issue with listings are the inevitable showings, which means arrangements with tenants to show your investment property. Be prepared to cover the expenses for photography, marketing as well as repairs and updating the property on both the interior and exterior. Added to this are commissions and fees associated with real estate agents.
The other option to list your Long Island investment property when your tenants aren’t paying is for sale by owner or FSBO. The most important information any buyer will be seeking is the monthly income realized from the investment. You will want to be fully prepared to share any arrangements you have already made with your tenants for partial payments, under the guidelines of the CDC order. By handling showings yourself, you also do not have to worry about tenants responding to questions that they really should not answer to a buyer’s agent or their clients. This also eliminates your dealing with them asking you questions during showings in front of your tenants as well. One issue is having tenants that are home full-time because they are usually not working at all in many cases. This causes difficulty for tenants keeping a unit spotless, just in case there is a showing.
Ready for a quick, painless, and easy solution? Direct buyers typically close much faster than traditional transactions and purchase homes just as they are. This can mean thousands in savings to you with no updates required and no more repair bills to worry about! This also includes buying the property with full awareness of your tenants current standing under the order. Why not sell your Long Island investment property to a direct buyer when your tenants are not paying? Selling to a professional home buyer is extremely straight forward. They will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. While offers are usually below market, this is for good reason! The buyer is taking on a tremendous risk by purchasing your house as-is, for your home may be more damaged than you realize! This lessens your exposure to legal risks, found in traditional real estate sales.
Leave all of your worries behind! Your best option? Sell your Long Island investment property to CoMax Properties when your tenants are not paying. Sellers can expect quick, simple, stress-free transactions from CoMax Properties. Give us a call or send us a message to discuss selling your investment property and the steps to receive your personalized, no-obligation offer. Call (516) 704-7025 today to learn more!