Selling an Inherited Multi-Family Property in Milwaukee: Resolving a Foundation Concern
Selling an inherited property can become complicated quickly, especially when tenants, financing and unexpected inspection or appraisal concerns are involved.
We recently worked with the owner of an inherited multi-family property in Milwaukee’s Williamsburg neighborhood, just minutes from Downtown Milwaukee and the Lake Michigan lakefront.
One of the units was occupied by a tenant, and the owner needed to sell the property relatively quickly because the funds were needed for other priorities. Rather than spending months preparing the property for a traditional sale, the seller wanted a more straightforward solution.
Then an unexpected concern arose during the transaction.
Selling an Inherited Milwaukee Multi-Family Property With a Tenant
Inherited rental properties can present different challenges than inherited single-family homes.
In this situation, the Milwaukee property was a multi-family building with an existing tenant. The seller didn’t necessarily want to become a long-term landlord or invest additional time and money into the property.
Fortunately, having an existing tenant doesn’t necessarily prevent you from selling a rental property in Wisconsin.
We regularly work with Milwaukee-area property owners dealing with inherited houses, duplexes and multi-family properties, including properties with existing tenants.
The important part is understanding the circumstances surrounding the property and finding a solution that works for everyone involved.
An Appraisal Raised a Possible Foundation Concern
As the transaction progressed, financing was being obtained using a DSCR (Debt Service Coverage Ratio) loan, a type of financing commonly used by real estate investors.
During the appraisal process, the appraiser raised concerns about a possible foundation issue.
The people familiar with the property did not believe there was a significant foundation problem, but an appraisal concern like this can’t simply be ignored. It needed to be properly evaluated so everyone could move forward with accurate information.
Instead of guessing about the condition of the basement or foundation, we brought in an experienced local foundation professional.
Getting a Milwaukee Foundation Expert Involved
We contacted GSI Foundations LLC, a Southeastern Wisconsin basement and foundation company we’ve trusted and worked with for more than a decade.
The company evaluated the property and provided a written report documenting its findings.
The professional evaluation confirmed what the parties familiar with the property had believed: the suspected foundation problem was not present.
Having documentation from an experienced foundation contractor helped address the concern and allowed the transaction to continue.
This is a great example of why having relationships with reputable local contractors can be so valuable when selling an older Milwaukee property.
What Happens If an Appraiser Flags a Foundation Problem?
A foundation concern during an appraisal doesn’t automatically mean a real estate transaction is over.
Depending on the circumstances, the next step may be to have the property evaluated by an appropriate foundation professional, structural expert or other qualified contractor.
The resulting evaluation can help determine whether there is actually a structural problem and, when appropriate, provide documentation addressing the concern.
Every situation is different, but getting the right professional involved quickly can sometimes prevent an unexpected property-condition concern from derailing a sale.
In this case, that’s exactly what happened.
The foundation concern was professionally evaluated, the transaction continued, and the seller was able to close and receive the funds they needed.
Can You Sell an Inherited Rental Property in Milwaukee With Tenants?
Yes. In many situations, an inherited rental property can be sold even when a tenant is still living there.
Wisconsin landlord-tenant laws, the existing lease and the specifics of the transaction can affect how the sale is handled, so every situation should be evaluated individually.
For someone who unexpectedly inherits a rental property, however, becoming a landlord isn’t the only option.
You may be able to sell the property as-is and with the tenant in place, avoiding renovations, vacancy periods and the work involved with managing a rental property you never intended to own.
Milwaukee Properties Don’t Always Have Simple Problems
Milwaukee has a large inventory of older duplexes and multi-family properties. Sometimes that means a seller encounters issues involving basements, foundations, deferred maintenance, tenants, title problems or financing during the sale.
That’s where experience and strong local relationships matter.
At Captain Save A Home, we work with homeowners, landlords, heirs and personal representatives throughout Milwaukee and Southeastern Wisconsin who need to sell properties that aren’t necessarily perfect.
That can include:
- Inherited houses and duplexes
- Tenant-occupied rental properties
- Properties with suspected foundation or basement problems
- Houses requiring extensive repairs
- Vacant or distressed properties
- Properties with title complications
- Out-of-state landlord properties
- Estate and probate properties
You don’t have to solve every problem with the property before contacting us.
Need to Sell an Inherited or Tenant-Occupied Property in Milwaukee?
If you’ve inherited a house, duplex or multi-family property in Milwaukee or Southeastern Wisconsin and aren’t sure what to do with it, Captain Save A Home may be able to help.
We buy properties as-is, including inherited and tenant-occupied properties, and we understand that sometimes a seller needs a straightforward sale without months of repairs and preparation.
Our goal is to understand your situation, explain your options and determine whether we can provide a solution that works for you.
Have an inherited Milwaukee property you need to sell? Contact Captain Save A Home for a no-obligation cash offer.