Are you asking yourself “how do I sell my multifamily fast”? Sometimes you just want to sell a property fast. Maybe it’s because you need the cash or because you could use the money for another investment opportunity. Either way, in this article we’ll talk about how to sell your multifamily fast.
Options for selling your multifamily property
Like with any type of property you have three main options for selling your multifamily. You can sell your multifamily for cash to an investor, list the property with a realtor, or try to sell your multifamily yourself.
Pros and cons of each option
Each of these options has pros and cons. The pros and cons of each will center around the sales price you can achieve, the costs you will have to pay, the time it will take to sell your multifamily, and the convenience of the sale.
For instance, you might expect to get the highest sales price when listing with an agent. However, listing a multifamily on the market with an agent is typically a slow process. This method also includes quite a bit of preparation, repairs, and costs out your proceeds (realtor commissions, closing costs, repairs, etc.).
Selling your multifamily by yourself will realistically take longer and have the least amount of convenience. The costs are about the same minus the realtor commissions.
Cash buyers close fast, eliminate realtors, repairs and other costs. The con is that you won’t get market value for your multifamily.
The fastest way to sell a multifamily property
If speed is your concern then the fastest way to sell your multifamily property is to sell it to a cash buyer.
Cash buyers (also called investors, investment firms, we buy houses companies) close much faster than a market buyer (weeks vs. many months).
This is because you won’t have to list the property on the market, or alternatively, by yourself. You won’t have to deal with multiple showings and wait for an offer. Also, cash buyers don’t use lenders so there are no contingencies or mortgage applications. Lastly, you may also be able to sell your multifamily faster because of a greatly reduced due diligence period with a cash buyer vs. a market buyer.