How do I sell commercial property fast in Chicago
A want to sell my commercial property fast in Chicago. You can imagine that if it takes months to sell a house in Chicago, selling commercial property could take half a year to several years. Commercial property in Chicago can be a hard sell if you live in Chicago’s southside and for several reasons. First, many southside Chicago properties have Chicago building code violations that are a costly fix. Many commercial properties in Chicago’s southside have been left vacant or abandoned. This results in several liabilities from toxic building materials such as lead and asbestos to illegal inhabitants of the property.
So, you can imagine, I wasn’t shocked the other day when someone contacted me and said, “I want to sell my commercial property but don’t know how.” The problem wasn’t that the person didn’t know how to sell real estate. The problem was that this person didn’t know how to sell commercial property with significant damage.
And after reviewing the property, he was right. This property had a lot of problems. The property owner acquired the commercial property – a multi-us property with a storefront and several multi-family rental units upstairs – as an inheritance. Initially he thought this would be a great opportunity. Update the electrical, lay down some new floors, and maybe even move a wall or two. This new commercial property owner was actually a carpenter. So, he didn’t think much about the work he’d have to put in.
However, after reviewing the property with some friends he realized that this inheritance was more of a money pit than a profit. And like his uncle who he inherited the commercial property from, this guy decided it was better left abandoned.
In time, his abandoned property became more of a liability. A homeless person was injured. Then there was gang activity in and around the property. For some time he left the property with electricity running to it so he could use the building as storage. That’s when an older outlet began to smoke and caused second floor fire damage. A hole in the roof grew over the years and during one of several storms a portion of the roof caved in resulting in a significant amount of water damage. The list of problems with this commercial property was suddenly way too much to handle.
And so, comes the question again, “I want to sell my commercial property fast, but don’t know how to do it.”
You can imagine that relators were not jumping at the chance to try and list this property on the MLS. Nor were they willing to go through the hoops that a relator goes through to have an open house or contact potential clients interested in commercial property. This property owner was left alone to figure it out.
When the question came, luckily, I was able to supply him with an answer.
URB Chicago wants to buy your distressed commercial property
URB Chicago wants to buy your distressed commercial property. That was my answer. URB Chicago is a fast cash buyer of distressed real estate in Chicago. We buy property in as-is condition. And much like the property owner of the multi-use shop and rental property we buy property with problems.
I know a lot of people roll their eyes when I tell them this. And I often hear, “Well, you haven’t seen how bad my property is.” URB Chicago has been buying distressed southside homes and commercial property since the 1980s. I can assure you that you do not have the worst property I’ve ever purchased. But how does the fast cash process work?
Fast Cash for your Chicago Property
Fast cash for your Chicago property may be easier than you think. Simply, you contact URB Chicago and in as fast as 24 hours we can offer you a fair-market value cash offer for your commercial property. Once you accept the offer, we can close on most real estate in as fast as 24 hours. And that is when you walk away with cash in hand.
The process is simple and efficient. But there are some terms you should understand too.
As-is condition
As-is condition houses, rental property, and commercial property is usually in distressed condition. Distressed property comes in many forms that are damaged. Some examples of a distressed property include fire damaged, water damaged, abandoned, vacant, and properties with Chicago building code violations.
These properties are often so damaged that they are gutted or considered unlivable. There are varying degrees of homes in as-is condition. Some may have a hole in the roof, broken windows, or foundation issues. Others may be gutted, entirely fallen down, or fully burned to the ground.
The person who asked the question above had a lot of issues with his commercial property. However, his property was not a complete loss. It could be salvaged with a lot of money and effort. Other as-is properties are not as lucky.
Fair-market value
The fair-market value of your commercial property is based on several factors. Location is important. As is the condition of the home. As mentioned earlier, some homes may have good structure and bones with a lot of property damage. Other homes may require building code updates. And some properties may need to be knocked down.
With consideration of the real estate market, location, and condition, URB Chicago can make a fast cash offer for your property in as fast as 24 hours.
Cash buyer
A cash buyer is a person or company who can pay you cash for your property. That means that URB Chicago can pay cash without seeking money from a bank or lender. By paying cash for your single-family home, rental property, or commercial property we remove the middle man who is often responsible for delays in the buying process and requires upgrades to be made before a property sells. This is why URB Chicago can close on property in as fast as 7 business days.
Contact URB Chicago to Sell Your Commercial Property Fast
Contact URB Chicago to sell your commercial property fast. URB Chicago pays cash for single-family homes, rental property, and commercial property. Contact URB Chicago today and in as fast as 7 business days you can have cash in hand.