Posted on Apr 26, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek with Keller William’s Real Estate, your short sale specialist in the Roseville and Sacramento area. Today I’m going to discuss a question that I get asked rather frequently: can I short sell my home with a tenant residing in it?

Generally when I come into contact with a client in this situation most of the time the tenants are a little bit reluctant to work with an agent for a viewing of the property. They feel as if their privacy might be violated. In my experience, about 75% of the time the tenants are non-responsive and can cause problems generating offers, allowing access for the broker price opinion that the bank requires to do the short sale. Even all the way up to the closing, the tenant can hold up the short sale if they won’t vacate the property. This can definitely cause a problem for potential buyers, especially if they want to owner-occupy the property. Most of the buyers that we’re experiencing in this market are looking to occupy their property and if the tenant doesn’t vacate, then we run into an issue where we have to deal with an eviction.

All of these are issues that aren’t fun to deal with, so I highly recommend that you try to get the cooperation of the tenant up front. If there’s any resistance or restrictions placed by the tenant my advice is to get that tenant out of the property. If you don’t you may regret it and it may keep you from doing a short sale and losing your home to foreclosure.

Let me know if you have additional short sale questions. If you are seriously considering a short sale, please check out my Short Sale Calculator. By entering in some basic property and mortgage information it will let you know how long it will be until your home is an asset again.

Download My Foreclosure Prevention Package, or get started now by using my Short Sale Calculator

More Short Sale Articles

Leave a Comment