Selling a Rental Property in New Jersey
Are you interested in selling your rental property in NJ? Are you looking to sell fast without having to list your property with an agent or pay any commissions? Great news! You’ve come to the right place. We have purchased many homes from landlords like yourself. After speaking with many landlords looking for a fast cash sale, we’ve compiled a list of answers to common frequently asked questions for sellers selling a rental property in New Jersey:
Q: Can I sell the home with a tenant?
A: Yes, you can sell your home with a tenant in the property. Selling a house to a retail buyer (someone who needs a mortgage) might be more challenging then selling to a new jersey cash home buyer. Depending on your situation, it might be beneficial to notify the tenant that the property will be sold. Remember to get proper legal advice regarding the notice to the tenant and the timeline they have to vacate the property.
Q: What happens to the tenants when I sell the home?
A: It depends on the situations, but in many situations if the tenant has good rental history, takes care of the home, pays on time, and is paying fair market rent, we prefer to keep them in the home.
Q: Do I need to sell my property using a realtor?
A: No, using a realtor is not necessary. We typically find that houses we buy that are “for sale by owner” net the seller more money in their pocket since there’s no commissions to be paid.
Tax Implications for Selling a Rental Property in New Jersey
Some sellers have concerns about the tax consequences when selling their rental property in New Jersey. It’s important to talk to a tax adviser who is knowledgeable in real estate to give you correct information based off your situation. Any depreciation deducted during the time period you owned the property will have an effect on how you’re taxed upon the sale.
If you’re an investor, a 1031 exchange might be a good option for you. If you inherited a property or just need to sell your property fast, consider selling to a new jersey cash buyer.
Selling a Rental Property in New Jersey that is vacant
We understand that having a vacant property can be problematic. For starters the constant worry about having your home broken into and vandalized, copper pipes being ripped out, etc. Then you have the added headache of paying taxes, maintenance fees and insurance costs. Did you know that having a house sit vacant violates many insurance policies?
Owning a rental property in new jersey can be challenging in itself. Trying to sell a rental property can provide another list of challenges noted above. Do you have a rental property in new jersey that you would like to sell quick without the headaches? Allow us to give you a fair cash offer for you rental property AS IS, with our without tenants.