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Trying to ke…, Home Seller in Charleston, SC

Are we completely crazy to try to sell an occupied investment property (single family) in this market?

Asked by Trying to keep the faith..., Charleston, SC Sun Nov 30, 2008

I've posted once before regarding our investment property in W. Ashley and how we wanted to refi at 90% LTV. Well, we haven't had much luck. I'm now thinking we should put our property on the market even though our tenants have signed a lease until 8/31. We would never dishonor our agreement with them, but would rather prefer to sell to someone looking for a property with tenants in place that are currently paying above market rent (just not enough to cover our specific mortgage pmt). I know the Charleston area is saturated with rental properties - is trying to sell an occupied investment property in this current market completely nuts?

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Dear Liz,
Selling an occupied investment property may be easier in a saturated market. If you have a good rental history, this is even better. I guess the worst that happens is you sell the property. You are going to gain nothing by waiting if you need to sell. The market is a few years from leveling off.
If you would like to discuss further or need additional advice, please give me a call.
Terry Molnar/Marian Schaffer
877-886-8388
0 votes Thank Flag Link Sun Nov 30, 2008
Hi Liz - I am guessing from the above, my contacts were not able to help you. When you can, email me what happened and I will see if I can come up with something else. The way it works with selling a rental property is that if it is currently leased, it is sold with "tenants rights" meaning the new owner moust honor the current lease. Sometimes the new owner may consider extended the lease or trying to buy out the lease but most are looking for an investment with a good renter in place.

I will email you tomorrow some more details.

Thanks, Randall
209-9667
rsandin@carolinaone.com
0 votes Thank Flag Link Sun Nov 30, 2008
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