Rental property is left in poor condition

About ten years ago, I purchased a small home on the outskirts of Phoenix, Arizona.

  • I invested money into new windows, HVAC, hot water tank and appliances.

I had the house professionally painted inside and out. At the time, I was still living and working in the northeastern part of the company. My plan was to rent out the Phoenix property until I was ready to retire. The rent would pay the mortgage. I knew that after renting for ten years, the property would require a fresh round of renovations and repairs. However, I was not expecting the disaster that I discovered. I’d relied on a property management company to handle my tenants and maintenance on the property. They were very lax. When I showed up, hoping to move into my Jacksonville home, I was unpleasantly surprised by the rotting porch, broken windows and peeling paint. There was obvious termite infestation, mold growth and water damage. There were holes in the walls, missing light fixtures and the majority of the appliances needed to be replaced. I had no desire to live in such a dilapidated home. I decided the best option was to sell and invest the money into better accommodations. Unfortunately, the house proved impossible to sell in its poor condition. I was also in a bit of a hurry. I had already sold my house up north and was living out of a hotel. To expedite the process, I sold the Phoenix property for cash. I worked with a cash home buyer who proved really helpful. I got a cash offer the same day I made the request. I was able to skip formalities such as inspection and appraisal. There were no realtor fees, closing costs or delays. I wasn’t expected to update, repair or even clean the house. The former tenants had left behind quite a bit of debris and garbage, and I didn’t need to deal with it. I simply signed various paperwork, handed over the keys and walked away with the purchase amount.

 

 

sell my foreclosure home

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