Many distressed homeowners in Ocala are owners of rental homes with tenants renting the homes. You can have a successful short sale with a tenant occupied home. In fact many of our sales are investment homes that are “under water” with high mortgage balances and negative cash flow. A seller that has a home currently occupied with a tenant does not have to wait until the lease is up to short sell the home.
The first step we take as certified distressed property experts is to contact the tenant and find out if they are interested in purchasing the home. At today’s prices and interest rates, most times the tenant, if qualified, can purchase the home and pay less in a monthly mortgage payment than the amount of the current rent. If the tenant is qualified and wants to purchase, then we list the home and assist the seller and the tenant to effect a successful short sale. This scenario is a win-win for all parties, and the sellers lender doesn’t mind if the tenant is the purchaser of the home. During the time the short sale is in process, the tenant continues to pay the previously agreed upon rent until the closing. The seller collects the rent payments as usual, unless some other agreement takes place. We have helped many tenants and distressed homeowners come to a happy conclusion for all.
If the tenant does not want to purchase or cannot qualify to purchase, then we can continue to market the home on the market to either an investor who wants to tenant to remain in most cases, or to buyer who will occupy the home after the current lease expires. If the home is rented on a month to month basis, then ample notification is given to the tenant to move prior to closing if owner occupant is purchasing.
Many of our short sales are with investors as buyers and investors as sellers. The sellers usually purchased or refinanced during the “boom years”, and the buyers are buying with excitement while the prices are low enough to create a very healthy rate of return from owning rental property. We have a full service property management department in place for anyone wanting to buy but not have the hassles of day-to-day details of managing.
If you are trying to avoid foreclosure on your rental property or need to eliminate the negative cash flow, just give us a call today. The monetary relief you receive can be substantial!
Nancy Deichman, GRI, CRS, SRES, CDPE
352-351-5429 Office
352-427-5704 Cell
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