Tips to Sell My House Fast Philadelphia for Landlords
Being a landlord is a full-time gig. Not to mention that the tenant-landlord laws in Philadelphia benefit the tenants in many ways. Which is a positive thing 90% of the time. The other 10% are rules that people occupying properties know how to bend and play with to their advantage. As a landlord, you may be looking into other possibly investments and have a shorter timeline than others. Personally, if I needed to sell my house in Philadelphia and the property sale was delayed, I would be frustrated. There are countless scenarios that can negatively impact landlords on investment properties, and delay the sale.
Evicting a Tenant
Out of every 14 renters in Philadelphia, 1 of them will face an eviction each year. The Philadelphia eviction process is not for the light hearted. Philadelphia is known to be a tenant-friendly city, which is good. However, tenants typically know how to take advantage of this and work the system. Which is more common than landlords would like to face as well! Homeowners that have filed multiple evictions can eventually get fed up with the whole ‘real estate thing’, give up on their properties, driving them to sell. Depending on how the hearing goes, the eviction process in Philadelphia can take weeks. Your timeline is not only in your hands, but also your tenants’ hands.
Unfortunately, this is quite common in Philadelphia. It has become so common, that landlords are becoming accustomed to selling homes with squatters in them already. Known as the ‘squatter special’. Typically, the house is discounted a few thousand dollars on the sticker price in exchange for the buyer dealing with the hassle. There are several strategies that are used to get squatters out of your properties in Philadelphia. Fortunately, houses can still be sold with squatters in them, however you may scare aware potential buyers and that could slow the process of your home sale.
“If a tree falls in the woods, but there is no one around to here it, does it actually make a sound”? Vacancies are a blessing in some respects since you aren’t dealing with squatters or bad tenants. That also means no one is paying you to live in the place that you either paid for at one time or are still paying for. Not good! Depending on the layout of a property, the demand for living in the neighborhood, the economy, and countless other factors – it can be hard to find tenants to fill your units. Prolonged vacancy periods can lead homeowners to cut their losses and get rid of their property. Sometimes selling is easier than trying to fill a unit that is not desirable. It is all situational. Having trouble filling a unit? You can pay property management companies in Philly to take care of that part of the process for you.
Of course, the major plus to selling a vacant property is just that – it’s vacant. You can slap a lock box on that puppy, put the key inside, set the code, and throw your property on the market. Experienced Philadelphia home buyers are happy to show themselves around on their own time. This not only saves you time running back and forth for showings, but it will also increase the speed of your sale because home buyers can inspect the entire house – not having to worry about disturbing tenants. This gives investors a more exact idea of what they could pay for the property based on their renovation cost estimates since they can see every inch of the property on their walk through. What does that mean? Less buyers backing out later in the selling process! The more control in your hands, the more time in your life.
Hold up! You might be wondering how fast can I sell my house if I am not on any type of timeline? Great question!
21 days is fastest we have seen. This short timeline typically comes from a cash buyer. They are not using bank financing, meaning there are no financing head aches or bottlenecks. Buying in cash comes with a quick closing. Average closing for Brotherly Love Real Estate is typically 25 days.