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Archive for October, 2011

I get asked this question by many clients, particularly from those who live out of state. The simple answer is yes, banks will accept a short sale with a tenant in place paying the owner rent. The key here is what hardship does the owner have with receiving rent. For example, is there a negative cash flow once you calculate the entire costs such as taxes, insurance, maintenance and repairs, sewer, vacancy factor, etc. Or is there an over-riding reason to sell the home.

Usually the biggest obstacle is availability to show the home with the tenant. Ideally there should be a lockbox so that agents can show the home after making an appointment, I have found that not having a lockbox will seriously curtail the marketability of the home. Most agents will call the “day of” or the night before, and if the home is not available, then they will just move on to the next home. There are several incentives that you might offer the tenant to allow for this. A reduction in rent or a set amount taken off the rent for each showing provides an incentive for showing.

In fact in some cases having a tenant in place will be attractive to a potential investors as long as the rental amount pencils out for them. The lease will continue with the home, even though ownership has changed hands, so if you have a long term lease with a below market rent, that will also minimize the marketability. A lease will also prevent a lot of buyers who intend to occupy the property from looking at the home as their loan will be for owner occupant only.

Pricing the home to over come these challenges will be important in getting your home sold. Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

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