I had an owner of a property in Hammock Trace subdivision in Melbourne, Fl approach me to rent her winter vacation home that she purchased during the real estate boom years. She wanted to receive enough rent to cover the mortgage payment. I placed her home on the market, but could not get the property rented for the amount the owner wanted. The owner was very distraught, her husband was ill and she was unable to rent the property, she was at a loss. She thought because she was upside down there was no way she could sell. I asked Agi Anderson, who is a CDPE to meet with her to discuss selling her property in a short sale. The property recently closed, we saved the owner nearly $80,000, because they did not have to pay anything towards the deficit. They did receive a 1099 from their lender, however with proper guidance from an expert CPA, they should have minimal tax to pay.
So many owners are suffering with mortgage distress because of an upside down situation. If you have a deficit, if you are upside down, there are options for mortgage relief. Please contact me… my team and I are here to help.
Many tenants we place plan to buy at the end of their lease. If you’re thinking about buying and want to consider a short sale, you need to allow at least three months for processing. The agents on the KGB Home Ownership team can set you up to receive automated MLS property alerts based on your personal preferences. They can also help you get prequalified for financing. If you are worried about your credit, they can also lead you in the right direction.
The short sale process helps owners with mortgage relief and tenants with exceptional buys in real estate. Some of our tenants have an interest in purchasing the property they rent. It’s great when we create a win/win for everyone.