How to Sell Unwanted Property

Abandoned house, unwanted property

In some ways, it’s a good problem to have. You have an extra property that you don’t really want or need. You don’t have plans for it and the best option is probably to sell it off and get what you can out of it. Perhaps it was an inherited property or it’s an investment property that is no longer an important part of your real estate portfolio. Whatever the reason for having this unwanted property, you need to explore your options for what to do with it.

Maximizing Your Profit Potential

Of course, you can keep the house and use it as a rental. That may take some work to get the property ready. Then, you have to screen tenants and take care of the ongoing property management—unless you plan to hire a property management company to handle the day-to-day issues. Or, you can invest some time and money to fix it up for a max-profit sale. Make the necessary repairs. Upgrade some features to make it more appealing to today’s home buyers. Put in the work to maximize the property’s resale value. Then, you can sell it on the open market through a real estate agent to get the best offers.

If you want to get the absolute most value out of your unwanted property, the solutions above will probably net you the best return on investment (ROI). However, these options take time and will usually cost extra money out of your pocket before you see any positive returns.

Sell Your House As-Is

The other solution to consider is selling the house in as-is condition, generally to a real estate investor (or a real estate investment company like PropertyLark) who is paying cash for the property. A cash home sale can be completed very quickly—weeks rather than months—and the buyer is generally willing to purchase the house in its current condition. This means you aren’t spending your own money to fix it up or to hire a Realtor® or property management company. It also means reduced ownership costs that come with holding onto the house, such as property taxes, HOA dues, utilities, insurance and basic upkeep. Selling the house quickly to a cash investor will get the unwanted property off your hands and put the proceeds directly in your bank account. You can move on and get out from under the financial and emotional burden of the house you no longer want to own.

You aren’t going to get as high a selling price when selling as-is to a cash real estate buyer. For many homeowners, though, the positives of this solution outweigh the negatives. In some cases, the seller may even come out ahead with this approach because of the cost and time savings.

Creative Seller Financing Options

You can also talk with real estate investors about other creative seller financing options. Owner-financed sales, lease-to-own financing, rent-to-own financing, lease purchases and subject-to financing are all effective solutions depending on the case. If you already own the property outright and/or if the house is in good condition, then you have more options and more negotiating power. Some investors may only want to pay cash for a clean and simple deal. Others may be willing to work with you to find an agreeable contract. At PropertyLark, we work with our sellers to figure out which solutions make the most sense given their specific financial and homeownership situations.

If you would like to further explore your home selling options for an unwanted property, contact PropertyLark today. Please fill out the seller contact form to the right of this page to get started. Please provide a little information about the house and your contact information. We’ll get back to you within 24 hours to make a fair cash offer and/or discuss other home selling solutions.