Selling Your Apartment Building

While we primarily deal in single family homes, we are very well connected in the investor community. Our network of private investors consists of highly motivated buyers looking to invest in apartment buildings ranging from two to 200+ units. Throughout our twenty years in the real estate business we have built strong relationships with small family owned buyers as well as large, sophisticated investment groups.

Most of our buyers purchase apartment buildings in any condition; in fact, majority of our investors prefer distressed apartment buildings over properties in pristine condition however turn-key buildings are also considered and wanted especially by out-of-state investors. The closing process is always quick and with great consideration to sellers preferences.

The most common question asked by a seller of a distressed apartment building is usually if the seller has to pay any fees or expenses. The answer is “NO”. During a distressed sale, typically the buyer or the investor will pay all fees associated with the sale of your apartment building. The buyer will cover all inspections costs (if any) and can cover outstanding debt and/or creditor dues, as well as code violations or city escrow requirements, unpaid bills, overdue taxes, property liens, unpaid utilities, etc; and yes, including closing costs and any real estate commissions. We make the selling process of your distressed apartment building simple, easy and without any monetary expenses to the seller.

Our experienced network of apartment building buyers consists of an array of investors with each having unique buying specifications and we are able to carefully connect you with the right buyer that can make a quick and confident decision.

A vast majority of buyers in our network prefer distressed or ‘problem’ apartment buildings. Small or large, vacant or under occupied; buildings needing a cosmetical ‘face-lift’ or buildings with major issues. Apartment buildings that our buyers will purchase may be in any situation or any condition.

Buildings that have issues will not qualify for conventional financing so our buyers are prepared and will make an all cash offer or will use private funding that is not subject to regular loan requirements such as appraisal.

Our goal at Krilova Group is to make a bad situation as comfortable as possible for a seller. Often, the seller is experiencing an unforeseen hardship and has nowhere to turn. We will connect you with the right, no-nonsense investor that does not play any wholesaling games, gets you under contract and then tries to sell the contract to someone who actually has the money. We work with integrity and trust in our partners.

A free and confidential consultation with Jelena Krilova is the first step in selling your apartment building. Jelena will collect some basic information pertaining to your property. Some basic questions may include:

• Location of the Apartment Building
• Ownership (owned by a single owner or several parties)
• Number of Units
• Condition of the Building (roof, windows, mechanicals, cosmetics, etc.)
• All available documentation: 12 months profit and loss statement, rent roll, expenses, lease agreements, etc.

*We have dealt with inherited properties and are well prepared to handle buildings that do not have any documentation. Our buyers are experienced and will consider a building that does not have a paperwork trail. If a lawful seller is interested in getting it sold, our buyers will make every effort to purchase the property.

A physical visit to view the apartment building will be scheduled at seller’s convenience. Initial visit can be to look at vacant units and common areas, but all units and areas are subject to physical walk-through before accepted contract. At this visit the buyer will determine what, if any inspections are necessary and may be prepared to make an offer within 24 hours. Smaller, two-four-six-eight unit buildings may not require any inspections and the buyer may make an offer on the same day.

Larger apartment buildings may require multiple visits to view all shared and private areas as well as any occupied units to determine potential expenses. The buyer may choose to have certain inspections done on the building to determine extent of necessary repairs and associated costs. This may require several visits to the property. The seller does NOT pay anything out of pocket to cover these inspections, the buyer pays all associated inspection costs. Most buyers purchasing large multi-unit apartment building will require several visits to the property and certain inspections to calculate their costs.

Every purchase is different but generally, after viewing all areas of the apartment building, the buyer will make an offer and once it gets accepted, the buyer will arrange to have inspections on the building, at buyers expense. The seller DOES NOT pay any building inspection fees. With reasonable notice, and at the buyers own expense, the inspections are typically done within 7-30 days (depending on the building size).

Once inspections are completed and results are accepted by the buyer, a reputable, local Title Company is hired to handle the closing process and title transfer. Working with a local professional title company ensures the seller receives their money and the buyer/investor receives their newly acquired apartment building without any surprises.

The process in such an instance is similar. Reach out to Jelena Krilova, she will collect basic information about the property and your relationship with a potential seller. Some buyers in our network will consider paying a ‘finders fee’ to a person that makes an introduction to a potential seller. If such introduction results in a successful purchase of said apartment building, the individual will be paid a finders fee at closing (this is on case-by-case bases and is negotiated directly with the buyer).

We unfortunately cannot discuss the details of the arrangement as it is agreed upon directly between the investor and the individual brining a potential transaction to the investors attention.