Selling a home with tenants can be quite a hassle after all is said and done, even if you have complete ownership and reside there. But what happens if it’s a house that you rent out? What if you have problem tenants with a history of not paying the rent on time, AND the house is in need of repairs?
Michael’s life already had enough stress in it, so much so that he simply didn’t have the time and state of mind to deal with his problem tenant’s anymore. He needed to sell the property in the Churchill Town Sector of Germantown, MD, and fast.
Michael was kicking tires at this point.
Given the state of the house and the current tenants, there was almost no way that he would be able to sell the property through any traditional channels. Just when he was about to give up, he remembered the TV ads for Express Homebuyers and their catchy jingle “We Buy Your House in 7 Days,” that he had been seeing for years.
So he gave us a call, and we were able to make him an initial offer in minutes. We still needed to give the house an inspection, but he wouldn’t be there to let us in, so it was time to meet the tenants.
The tenants met us at the door.
The current residents were a husband and wife, along with the wife’s parents living in the basement. The residence wasn’t nearly large enough for the four of them, and the condition of the house had suffered for it.
Michael would have liked to keep the house in a better state, but life was getting in the way. Michael was a business owner, which alone can take up massive amounts of time. On top of that, his wife had recently fallen ill, and was in and out of hospitals, bringing large medical bills to the table.
Michael’s busy life required a slower buying schedule.
More than that, he needed a cash advance to help out with the hospital bills that were piling up. We here at Express Homebuyers have absolutely no problem working with a time-table that suits our clients best, and we even offer a $2,500 cash advance before closing on the home!
We were initially contacted on May 15th, and made the final purchase of the home on July 2nd, a total of 48 days, less than half the time a home would normally sit on the open market. The cash advance we gave Michael helped him cover his wife’s medical expenses before he had the full payout in his pocket.
The last thing to do was take care of the repairs.
At the time of inspection, the house was in poor enough condition and would have disqualified it from receiving FHA financing, the mortgage type that the majority of first time homebuyers use to afford the house. This would knock out a significant portion of the market.
We had to put almost $50,000 into the house, but massive repairs will never shy us away from working to help a homeowner out. Taking care of Michael’s needs was our #1 priority.
What can Express Homebuyers do for me?
Are you currently dealing with problem tenants, or even good tenants that are still making it difficult to sell the property? Is the property in need of repairs, but you don’t have the money or time to get the work done? Then give us a call or fill out our contact form to get the selling process started today!