Hello all, been away trying to solve this thing with the terrible rental property that I have. I have tried to short sale and didn't get much offers thanks to the tenant. I need to have the tenant to keep getting the checks to pay, but lately they havent been paying on time and I am at a position that is not getting the proper income to support it.
I have tried the In lieu of Foreclosure but they have denied it twice. Now I can kick the tenant out but I dont know how long I will have to hold on to the property to get the shortsale. Any suggestions are welcome, looking for some good advice to help get rid of this property fast before it foreclose.
How much is it worth, as is? How much do you owe on it?
Still owe over 95K on it and the last offer was for 50k. What you think Jon?
You have a two issue front. Your house and your tenant. The first thing I would do is get strict with the tenant. Tenants are like any humane being if they smell weakness they will push you to your MAX. So the first thing you need to do is retrain. You need to send them a letter about late fees, if they still haven't paid, do a 3 days notice and so far! If you go lax and give an cm they will take 2 miles!
The next thing you need to do is figure out the house. I HIGHLY recommend you find the best realtor in the area. I always look on zillow for the rating and comments. I would than contact the top 3 and get their opinion and go from there.
If its making you poor, stop making the payments. Then have a shortsale discussion. Have to stop making payments first
Seth thats what im doing now, and explaining to the company that Im under hardship. Im going to kick the tenant out and try ANOTHER shortsale. I prefer to get rid of it because I have taken too many losses with the repairs being done to it. Thanks for all your suggestions.
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