You had that tenant in that house for years, and when they finally left, you found that the place is in shambles. No matter how low you set the rent, you won’t be able to have tenants there until you’ve fixed things up—and that’s going to be a huge investment of time and resources.
It will be difficult to sell it too. Most home buyers aren’t interested in homes that need cosmetic work, let alone those that are in disrepair. In addition, most homes that have not been updated in many years are in violation of one or more zoning laws. These problems will have to be fixed before anyone can live there.
A distressed property is one whose owner can no longer maintain it. This could result from an inability to pay the mortgage or taxes on the property, but it also includes neglected or poorly maintained houses, apartments, etc. These can be difficult to handle because they won’t attract conventional buyers. In addition, they probably won’t be worth their mortgage payments, which is problematic in its own right.
Fortunately, there is a market for these types of properties. Home investors will frequently buy distressed homes in order to profit from them, either by fixing them up and marketing them to buyers or by selling them wholesale. Selling your distressed rental property to a home investor is a quick way to unload unwanted problems while giving you the cash you need to make a better investment.
My Fast Home Buyers purchases distressed properties in the Dallas Fort-Worth area. You need only fill out an online form, and we’ll schedule a time to come inspect the property and make you a cash offer within 24 hours. After that, the sale closes within as little as a week’s time. To sell your distressed rental property quickly, contact My Fast Home Buyers today.