What is the Best Way to Sell My Rental House Fast?Whether you are a tired landlord and ready to get out of the game or have a property that is not generating profit, you may be considering selling a rental property and moving on. Selling a rental property can generate some quick cash, help you get out from underneath a mortgage, or reduce some stress. The question you may be asking is what the best way is to sell your rental property fast in the DMV area.
When selling a rental property, you essentially have three choices. You can hire a realtor or property manager to sell the property for you. You can also attempt a For Sale by Owner and bypass a realtor altogether. If you don't want to deal with the expense or hassle of listing your house, a third option may be to sell your house fast as-is to a local home buyer in the DMV area.
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Comparing 3 Ways to Sell Your Rental Property
Option 1: Hire a RealtorAverage Time to Sell: 60 to 90 Days
If you are like most homeowners, your initial thought is to call a local real estate agent to manage your house's sale. A realtor can list your house, manage the sale, and help you land a deal with a buyer. Also, they may be able to help you negotiate the asking price. However, there are some drawbacks to hiring a realtor.
- Realtor fees and commissions
- Closing costs
- Inspection and appraisal fees
- Renovations and repairs to your property
- Multiple showings over several weeks
- Lots of marketing and promotion
For instance, it can take up to 12 months to renovate the house. It may take another 45 days for the buyer to get mortgage approval and 40 days to close on the sale. If you are in a situation where you need to sell your house fast, you may not have that kind of time to unload the property.
Option 2: For Sale by OwnerAverage Time to Sell: 6 to 12 Months
If you don't want six percent of your profits going to a realtor, you may want to consider a For Sale by Owner (FSBO). This option gives you full control of the sale. You determine when you want to list the house, how you want to market it, and how much you want to ask. Simply put a for sale sign in the front yard and wait for interested buyers. If you are motivated and have negotiating powers, then an FSBO may be a better option than hiring a realtor.
- You determine the fair market value of your property.
- You find, hire, and pay for a licensed appraiser.
- You pay for renovations and repairs.
- You prepare and show your house multiple times.
- You are responsible for all your marketing.
Option 3: Sell Your House for CashAverage Time to Sell: 20 to 40 Days
A third option that may work for you is to sell your house fast for cash to a local home buyer in Ohio. The process is simple. You meet with the investor, who performs a quick walkthrough of the property. If they like what they see, they make an offer - usually within 24 to 48 hours. If you accept the offer, you close on the sale in as little as seven days.
There are other benefits to working with a local home buyer, such as
- There are zero closing costs and zero realtor fees.
- You do not have to list your house or show it multiple times.
- You can sell your house as-is - not renovations or repairs.
- You receive a fair cash offer within 24 hours at just under the market value.