Multifamily Properties

Frequently Asked Questions

FAQ

Below are some frequently asked questions we are asked from property owners looking to sell their property:

Who typically sells their apartment buildings to Huntley Equities?

With our seamless process and decades of experience, we can minimize the time and effort on the seller’s part – a truly hassle-free transaction. We usually make one site visit to the property, and we are always discreet. Many times, our clients are experiencing some personal matters that have caused them to sell their properties, including:

  • Selling an inherited property
  • Older owners that no longer want to operate their property
  • Selling due to problem tenants or non-paying tenants
  • Relocating to another state
  • Divorce
  • Facing possible foreclosure
  • Not enough money to make necessary repairs
  • Housing Violations
  • Property is no longer profitable
  • Doesn’t make sense to hold, given the current value and limited monthly income

How do you determine my properties value?

Factors such as your property’s lot size, structure square footage, bed and bath counts, and number of units are important factors in determining the current value. We also check recent comparable sales in the marketplace to get a better idea of what we can offer you for your investment property.

If your property needs work and/or is no longer desirable to you, does not mean you can’t sell it for a significant amount of money.

What is the general process like for selling my building to Huntley Equities?

By filling out our online contact form, or calling us directly, we will need to get some basic information regarding your property. Within a day or so of obtaining the property information you will receive a No-Obligation “Cash Offer” for your building. After agreeing to these terms, we draft a formal purchase contract on a California Association of Realtors form. This is a standard form that’s used in the industry. After we have a signed contract, we will meet at your property and walk through the units. In most cases, we can close escrow and have you paid within 30 days of the property inspection.

Who selects Escrow and Title Companies for the Transaction?

We have a network of escrow and title companies that we have worked with in the past. Because of our bulk volume of transactions, we have been able to negotiate very low rates on these services. As a result, this would maximize your net proceeds. However, if you have an escrow company or title company that you would like to use, we would be more than happy to accommodate you.

What information do you need to give me an offer on my property?

In order to get you an offer for your property we will need the following information:

  • Property address
  • General condition of building systems; plumbing, electrical, and roofing
  • Pictures (if available)
  • Most of the information we need is available through public records.
  • Rent Roll or monthly rental information.

What properties are we interested in buying?

We are interested in buying 5+ unit properties in Southern California. However, in some cases we will also consider 2-4 unit properties. Since we own and operate all our buildings, we only focus on Southern California. From a management standpoint, this allows us to

keep our management and maintenance overhead low and still effectively manage our properties and keep our tenants happy.

If your property is in Southern California, we would be interested in making you an offer. Even if your property needs a lot of work or has very low income.

What are the advantages of selling directly to Huntley Equities?

By selling direct to us you do not pay any commission fees whatsoever! Generally speaking, you’ll save approximately 5-6% of your sale price, which means more cash to you from the sale. In addition, we can usually close a transaction faster than most mom-and-pop investors looking to purchase properties on the open market. Because of the processes we have in place, and our experience in buying income properties, we are able to evaluate your property and move at a very fast pace. Our network of lenders, escrow and title companies, and other related trades, allow us to push through the transaction with no hiccups. We pride ourselves in providing our sellers with a fast and smooth transaction.

Are there any fees for me to get an offer for my house?

Absolutely not. There are no fees required in order to get a no-obligation offer for your property. All we need is some basic property information, and we will get an offer to you before you know it. Once you have the offer, you can decide if you would like to move forward with the sale.

What transaction fees do I pay Huntley Equities?

We do not collect ANY fees whatsoever. On a one million dollar transaction, a seller can expect to save approximately $50,000 – $60,000 dollars in commission fees by selling directly to us. Average commission fees in and around Los Angeles County cost the seller usually 5-6% of their sales price.

I want to sell my apartment building but do not want to get hit with a huge tax burden.

We are not tax professionals, and we suggest contacting your accountant for tax advice. However, after you speak with your CPA, we may be able to accommodate you, and structure the sale of your property in a way that minimizes your tax liability.

In addition to a 1031 tax deferred exchange, you may want to discuss the benefits of a seller financing transaction with your accountant. In many circumstances this may be a huge benefit to sellers looking to sell their property, but require to have a monthly income stream for their retirement and/or living expenses.