Although it may not be initially apparent to most duplex, triplex or fourplex sellers, the fact is that a person’s motivation for selling a property is the single greatest factor in whether the property actually sells.
Are you a motivated seller?
Whether you have outgrown your starter residence, you want to trade up, you want out of being a landlord, you have inherited a property, you want in on the booming seller’s market or you are moving to another town or state for work-related reasons, you should clearly identify your reasons for selling.
The process of selling your home or multi-family property can be time-consuming, labor-intensive and of course, expensive. Therefore, the first thing you should do is to ensure you are not jumping the gun and that you’re truly ready to sell your property. What is your motivation for selling?
Do You Have Equity in Your Duplex, Triplex or Fourplex?
Review your most recent mortgage statement and find out how much you owe under “principal balance.” For an accurate home valuation, you should consult an experienced real estate agent and have them prepare a comparative market analysis, or CMA. After you have these two numbers, take your current home value from the CMA and subtract what you owe. This will give you a rough idea how much equity you have in your duplex, triplex or fourplex.
Having some equity puts you in a much better position to sell versus owing more than your property is worth. Owing more than your property is worth places you in a “short sale” position, which is much more complicated.
Ready to Sell a Home or Multi-Family Property in Silicon Valley?
Selling a home or multi-family property can be stressful, but Debbie Marino is here to help. If you live anywhere in Silicon Valley, call or text Debbie at 408-210-2400 or send an email to Debbie@PropertiesInSiliconValley.com to request a free, no-obligation consultation.
If you’re also looking for a new home or multi-family property in Silicon Valley, use the links below to get started:
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