Home Selling in Dresher>Question Details

Lano, Home Seller in Dresher, PA

I am unable to refinance my current mortgage because I do not owe a lot. I want to find someone to buy my condo and allow me to rent it. Is it doable?

Asked by Lano, Dresher, PA Sat Jan 8, 2011

What is the most efficient way for me to find someone looking to buy my condo for the purpose of renting it to me? Thank you. Barbara

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Answers

6
Hello Lano,

I am interested in discussing this with you. Please call me at 267 992 7276.

Alan
0 votes Thank Flag Link Mon Jan 10, 2011
Hi Lano,

I'm not sure I understand the question. If you do not owe a lot, that means there is equity in the property. If there is equity in the property, you should be able to refinance. If you can't refinance, because you don't qualify for a loan based on income and credit, then yes, you would be able to sell your property. If it is a normal sale, as opposed to a short sale, you could simply sell the property to an investor. Just disclose that the property is being sold with a tenant paying however much rent per month.

Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Sat Jan 8, 2011
Investors would most likely purchase a property with equity IF property would need be sold to them with 25% - 30% below market value then lease to you.

Have you contacted bank for a short sale approval?

Then you are at risk what the investor would charge you for rental amount, based on mortgage, tax, HOA, insurance and etc. in order clear a profit.

You would also have complete an application for credit approval with deposit(s) paid to investor AND your rent could increase on annually .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 8, 2011
Have you investigated a home equity loan to refinance your mortgage? A reverse mortgage may be an option?

If these avenues do not provide the solutions you seek, then investors may be available to assist, but be prepared for zero-sum terms: much lower than market value selling price and rental rates above market with annual bumps.
0 votes Thank Flag Link Sat Jan 8, 2011
Hi Lano

Work with a good local Realtor who can list to sell it, with the condition that they rent it back to you.

It's very doable.

Go to http://www.realtor.com and find out what condos are selling for and what the rents are.

Good luck.
Perry
0 votes Thank Flag Link Sat Jan 8, 2011
It is doable. If you are not looking to list it with an agent, post it on craigs list for sale with the stipulation of you renting it. advertise for investors for a request like this.
0 votes Thank Flag Link Sat Jan 8, 2011
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