However, the real issue here seems more to be that you might be under water with your current loan to value and that would mean you would need to negotiate a short sale with your note holder for the house. They would have to approve the sale based on your financial situation. To do this, you will need to work with a real estate agent and company who has a history of completing, not only listing short sales.
In addition, since you currently have a tenant on a lease, that lease remains in effect until it runs out or you both mutually agree to terminate it. Most homebuyers donâ€™t want to deal with someone elseâ€™s tenant. Of course that may not be an issue at all with an investor.
We run into this all the time as San Antonio's largest short sale team and co-founder of the Real Estate Investment Club of San Antonio. You have a few options and one would be to possibly take advantage of the HARP 2.0 and turn the house profitable again if you have a hardship? The LTV is not considered and only major factor considered is mortgage history and credit score > 620.
How long have tenants been in there? Rental market is certainly hot enough for a possible rent increase or higher paying tenant? How much are you subsidizing? What's estimated cash flow at current rate? Have you done those numbers?
We'd love to talk further if you're serious in getting out of this pickle. We're here to help.
Personally I have never found a tenant to be uncooperative. Many times your tenant would like to purchase the home. Have you tried that yet? There are several options and I would be happy to go over each and everyone of them with you. Just contact me by email or phone: Priscilla@AllenRealtyGroup.com or 210-215-7440.
Make this a great day!
No showings until you get a contract.
There are investors who want to buy properties that are leased already.
Makes sense for all parties involved.