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.”
LISTED BY KELLER WILLIAMS REALTY
51 Rhode Island Ave Nw #3, Washington DC 20001
$299,000 DC7457330
2 Bedrooms 2 Bathrooms
Residential
Great 2 bedroom and 2 bath condo lives like NEW! LOCATION, CLOSE TO HOWARD UNIVERSITY&HOSPITAL! THE MAGNIFICENT REMODELING WITH AN EUROPEAN FLAIR,BAMBOO AND MARBLE FLOORING,GOURMET KITCHEN,GRANITE COUNTER, STAINLESS APPLIANCES,BATHROOM WITH TRAVERTINE FLOORS AND JACUZZI TUB!
Thanks for ALL that voted Traci Rochon for the Washington City Paper Best of 2010 Reader’s Poll Best Real Estate Agent – You Voted her in the top! We appreciate you!
Are you eligible to qualify for the Home Affordable Foreclosure Alternatives (HAFA) in Virginia, Maryland, or Washington DC? If you are facing a foreclosure in VA, foreclosure in MD, or foreclosure in DC, you may be eligible for a short sale, and if so, your lender may participate in HAFA. What is HAFA and how does it help you? Watch this video to find out:
