Case Study:
How To Sell Your Jacksonville Condo Quickly Even With A Bad Tenant
Problem:
– Accidental landlord
– Needed To Sell Condo Fast
– Seller needed quick cash
– Unwilling tenant
– Conventional financing
Our Solution:
– We relocated tenant
– $400k+ in proceeds to seller
– We built trust, funded move
– Fronted costs for repairs
Imagine living your best life in a beachfront condo for FREE for 15 years. Sounds nice, right? Now imagine you’re the owner of this condo and NOT the one living in it?! Our client needed to sell her Jacksonville condo quickly and she needed help!
We Buy Jacksonville Condos Fast
This is the situation we found when we met Ann a few months ago via our Acquisition Queen, Kristen. Ann was being a good friend with a generous heart when she let a family friend stay in her condo, allowing them to be a “house sitter” in her absence. That good deed did not go unpunished when short-term turned to long-term and the “house sitter” became a tenant who took advantage of a situation.
We learned that Ann wanted to sell to liquidate some assets but she was at a loss in getting the tenant out especially during the COVID-19 pandemic. She had filed for eviction back in February but it never moved forward and the tenant was not going to leave willingly. Also, Ann had recently been left legally blind by an operation and really had to rely on others to help her – she just didn’t have the strength to deal with the tenant. She had also dealt with 3 previous investors that had NOT been able to perform.
We partnered with the seller and found a buyer very quickly. The buyer needed to use conventional financing so we had to address some repair issues. We worked with the seller and fronted the costs of those repairs to make sure everything would be approved.
Ann was excited to move forward and, despite the issue with the tenant, she still wanted them treated fairly. We met with the tenant and worked through their options. Turns out, as is usually the case, that the tenant wasn’t so much “unwilling” to move out as they were unable. The tenant had nowhere to go and no real funds to make it happen – their “unwilling” response was really just fear of change and the unknown. On top of that fear, the tenant was grieving the recent death of their brother and dealing with self-quarantine issues due to possible exposure. Our team was ready to step up and help!
Our Dispositions Specialist, Caleb, took care and time to earn trust with the tenant. Together, they made a plan that worked. Obi Buys agreed to cover the costs of storage for the tenant and helped them to find and fund a short-term living option. Caleb was there on moving day, hoisting furniture over balconies and helping to make sure the tenants belongings were handled properly. We also gave the tenant $1,000 in cash to help out with future needs.
All in all, we were able to contract on this property, find a buyer, address financing issues and WDO repairs, move the tenant out, and close on this one with a five figure acquisition fee in just 60 days. It was a delicate process that required a lot of hand holding for the seller and the tenant but, once again, The Freedom Team came through and we have a relieved seller and a happy tenant!