Authors Tim and Julie Harris with the Harris Real Estate University and Dan and Traci Rochon of www.GreetingsVirginia.com explain all of the pros and cons of selling your home as a short sale.
Having collectively been involved in thousands of real estate transactions the co-authors explain the challenges involved with a short sale and how they have overcome those obstacles for their clients.
Tim and Julie Harris own The Harris Real Estate University. Every day, over 11,000 agents participate in a Harris Real Estate University coaching program.
Dan and Traci Rochon are owners of Dan and Traci & Consultants and Dan is the Operating Principal of Keller Williams Realty in Alexandria, VA. They specialize in short sale transactions and foreclosures in VA, MD, and DC.
Short sales can take a long time. There are various factors that effect the length of time that a short sale can take.
Do you have more than 1 loan? -If you have multiple loans, then there are more than one lender to negotiate with.
Who are the lenders? -Not all lenders are created equal. Some are more willing to work with you than others. An experienced short sale Realtor can guide you through which lender typically is easier to work with.
Do you have a valid financial hardship? -If your hardship is valid, the lender will more likely not give you problems. Most hardships that they accept have to do with 1) Changes in Money, 2) Changes in Family, or 3) Changes in Health.
Who is the investor? -Often the bank that you pay your mortgage to is only servicing the loan. The owner of the loan may not be the direct negotiator.
Who is the Realtor? -Experience counts when doing a short sale. Short sales require diligence, perseverance, commitment, and know how. If you hire the right short sale Realtor, your short sale will likely take less time.
Having a property that is rented does not disqualify you from doing a short sale. It does however bring up some complications (of course all short sales have complications).
If you have a great relationship with your tenants, it is more likely that they will cooperate. Your tenants interests are not the same as yours. From their perspective, they would not want you to sell the home because that would mean a new landlord. From a buyer’s point of view, unless if they are an investor, a tenant occupied property would not be ideal.
With all of that being said, it is feasible to short sale a rented property. When we advise on this situation, our first advice is to see how long your lease is. If it is not going to expire soon, we advise that you speak with the tenants to see if they would be willing to break the lease early – often they will.
Also understand that tax implications are different for an investment than a primary residence. These differences should be considered.
If you are in this situation, you may have options. Speak with a short sale professional to see what your choices may be.
“Home for sale available only as of October 28, 2010. For current property availability please email listing agent at Dan@GreetingsVirginia.com or contact your REALTOR. There are NO Representations that this property is currently available. Please check with your real estate agent or the listing agent for an update on property status, current price of home, etc. Search http://greetingsvirginia.com/ to find luxury condos, bank owned homes, short sales, waterfront homes, and other homes for sale.”
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12611 Killian Ln, Bowie MD 20715
$280,000 PG7459241
4 Bedrooms 2 Baths
Residential
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