Jean and her husband were out-of-state landlords who owned a manufactured home on 350th Ave in Tonopah, AZ. Managing the property from afar became increasingly challenging, especially with an uncooperative tenant who stopped paying rent and left the place in terrible condition.
They needed a cash buyer who could take the property as-is and close quickly. We stepped in to offer them a simple and effective solution.
The Seller's Challenge:
A Troubled Tenant and a Remote Property
Jean and her husband had been dealing with a problematic tenant for almost a year. The tenant had stopped paying rent, and after months of frustration, the couple had decided they had had enough. They were ready to sell for cash as quickly as possible.
Compounding their problem was the fact that the property was located in a remote part of Maricopa County, making it harder to value and sell. The home was outdated and in rough shape, which also made it less attractive to many buyers.
"The process moved quickly, and Oggie was professional and didn't waste our time. We were relieved to find a fair cash offer and get rid of the property without any headaches."
Jean & Robert Thompson
Distressed Homeseller
Jean was thankful to find us during her online search for companies that could help. She initially spoke with our lead manager, John, who gathered all the necessary details before setting up an appointment.
The next day, Oggie, our JV acquisition manager, visited the property to assess its condition and present multiple offer options.
A Property with Potential
These photos showcase the property before it was relisted, highlighting its outdated and slightly distressed condition. They provide a clear view of the minor clean-out and cosmetic improvements made to prepare the home for resale.
Our Approach:
Multiple Solutions and a Flexible Close
After speaking with Jean and understanding their urgency, Oggie visited the property the very next day to discuss their options. During the walkthrough, he noted the extensive repairs needed and took several photos to document the condition.
We offered them a cash deal of $75,000, contingent on inspection, and agreed to pay all buyer-side closing costs.
To make the process easier, we allowed Jean and her husband time to inform their tenant about the sale, and we agreed to a 15-day close of escrow to give them the flexibility they needed.
When we didn’t receive suitable offers for an assignment, we used our line of credit to purchase the property outright, completed some minor clean-up and cosmetic repairs, and listed it on the MLS through an auction-style sale.
Step 1.
Discovery call to understand Jean's needs and urgency
Step 2.
Property walkthrough with acquisition manager and initial offer made
Step 3.
Drafted and executed purchase contracts, contingent on inspection
Step 4.
Sent contracts to title company and began escrow process
Step 5.
Allowed tenant time to move out and took possession of the property
Step 6.
Used line of credit to purchase the property, completed minor repairs
Step 7.
Listed the property on MLS for an auction-style sale
Standing by Our Commitment
The purchase escrow settlement statement details the $75,000 cash purchase made by our team. This document underscores our reliability and follow-through, even without a buyer lined up, ensuring we met the agreed-upon closing date with Jean and her husband.
The Results That Made the Difference
Our agreed purchase price with Jean and her husband was $75,000. After taking possession, we completed a full clean-out, made necessary cosmetic and mechanical repairs, and listed the property on the MLS for an auction sale. Within 32 days, we had secured a new buyer and closed the transaction.
Jean and her husband were happy to finally be free of the property. They were especially pleased with how straightforward the process was and appreciated that we stuck to our promises without any unexpected changes or delays.
$75K Cash Offer: Immediate Relief
Jean and her husband received a fair cash offer of $75,000, providing them with immediate relief and a stress-free exit strategy.
$89K Resale: Value Added
With minimal clean-out and cosmetic updates, the property was relisted and sold for $89,000, demonstrating its hidden potential.
8-Day Close: Fast and Efficient
The property was resold in just eight days after listing, highlighting the efficiency of our process and market expertise.
Resale Success
This document outlines the successful resale of the property for $89,000, just two months after the initial purchase. It demonstrates how our efforts added value through minimal investment, yielding a positive outcome for all parties.
“Rafael’s team closed with no hiccups, even with tenants in place!”
We were worried about selling our property with tenants still occupying it, but Rafael’s team assured us they could manage it. They worked quickly, closed as planned, and allowed the tenants time to move. The whole experience was seamless, and we’re very happy with how everything turned out.
Top Tips for Selling a Rental Property with Tenant Issues
Selling a rental property with an uncooperative tenant can be tough, but there are strategies that can help make the process smoother. Here are some lessons from Jean’s case that could help others in similar situations:
top tips for
sales success
Work with a Buyer Who Can Close Quickly
A buyer with access to cash or a reliable line of credit can close faster, which is crucial when dealing with problematic tenants.
Allow Time for the Tenant to Transition
If possible, work out a plan to give the tenant time to move out. This can help avoid complications during closing.
Sell As-Is to Avoid Stress
Selling a property as-is can save you time, money, and the stress of dealing with repairs, especially if the home is in rough shape.
Lessons From The Journey
The tax records and transaction history highlight the property’s evolution, showcasing its potential when maintained or remodeled effectively. This example inspires landlords to weigh the benefits of selling as-is or holding on for market gains, provided they apply smart strategies.
Lessons Learned:
Creative Solutions Lead to Success
One of the biggest lessons from this transaction was the importance of being creative in finding solutions. When we didn’t receive acceptable offers for an assignment, we pivoted to purchasing the property outright, completing some minor repairs, and listing it on the MLS to maximize value.
Another takeaway was the importance of maintaining flexibility. Giving the tenant time to move out helped ensure the sale went smoothly, without any last-minute disruptions.
Need Help Selling Your Rental Property with Tenant Issues?
If you’re dealing with a rental property that has uncooperative tenants or you just need a quick, hassle-free sale, my team and I are here to help. We handle everything from negotiations to closing, ensuring a smooth and stress-free sale.