What is a short sale?
Depending on circumstances (moved already) a home owner may look at the opportunity to receive rental income to help offset the carrying cost as a good thing. After all, the owner still owns the home and has the freedom to do whatever they desire.
Disclaimer… I am not an attorney or tax adviser. Seek appropriate advice from qualified professionals.
How will a lease impact the sale of your Florida home? In Florida anytime a home is sold regardless of sale type a new owner must comply with the terms of a valid lease. This does not preclude some arrangement to terminate early if the tenant is willing.
Selling a tenant occupied property has potential hurdles to overcome. When selling a tenant occupied property (short sale or standard sale), it is critical the owners have an excellent relationship with the tenant to make things go a lot better.
Tenants can block or at least make showings difficult while they are occupying a home. Tenants may say things (true or not) to influence a buyer prospect.
Open communication with a current or prospective tenant is critical. And what if the seller quits making their mortgage payment? Will the tenant decide to stop making rent payments? Just a thought although it should not be relevant.
A short sale is not an easy process. Having a tenant in place may be an additional obstacle. Still, it is your house.
If you are considering selling your Viera, Rockledge or Merritt Island home as a short sale, send me an email or give me a call to discuss how I may assist you in the process.
