Home Selling in Riverview>Question Details

Dan, Home Seller in Riverview, FL

can you do a short sale on an investment single family home you do not live in?

Asked by Dan, Riverview, FL Sun May 25, 2008

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HI Dan,
Yes, you can do a short sale on an investment property. I've a Realtor but also an investor and have made several offers on short sales that weren't the owner's primary residence. Please keep in mind that a short sale can be a very long process. Even after you receive offers, it can take up to 6-9 months for the lender to come back with an answer. If you are behind on your payments (or not making any payments), the property could actually foreclose before you can make a short sale. I would contact your lender on Tuesday and get information from them on starting the process now.
Thanks,
Julie Wright
Bette Butz Realty, Inc.
1 vote Thank Flag Link Sun May 25, 2008
I have done short sales on many investment properties and have not had any issues getting them through. There is always a hardship when you are coming out of pocket every month because the rent does not cover the mortgage. If you have had any problems with tenants making their payments or damaging the property, that is also a hardship.

If you are upside-down on your investment property, I would recommend that you contact a realtor who specializes in “Short Sales” and list your property today!

Best Wishes,

Eve Abrahams
Keller Williams Realty
Lic #01203305
Direct (916) 359-6596
http://www.RealEstateByEve.com
0 votes Thank Flag Link Tue Nov 20, 2012
Hi Dan,

I have a investment town house that I would like to sale as a short sale can it be done and how long do you think it will take?

Edith Scott
Norfolk, VA
0 votes Thank Flag Link Mon Jun 14, 2010
Great question, that compelled me to write a post for my blog in short sales
Check It Here:
http://activerain.com/blogsview/1131478/can-you-short-sale-i…
0 votes Thank Flag Link Sat Jun 27, 2009
Any property qualifies for a short sale if the owner qualifies.. .even if you have several properties. .as long as you can show them that they are all underwater and you do not have any equity, there is a possibility that the bank will accept the short sale.
Even more so when they see that all your properties are being considered for a short sale.
Just be sure you have some with experience doing this. .it is a long process
0 votes Thank Flag Link Fri Jun 26, 2009
Hi Dan,

We have found the banks will only work with you if you are in distress - job loss, illness, transfer ect. They'll want proof that you have tried to sell the home, they'll also require a very detailed financial statement and they'll do nothing till you have an offer to purchase. And as said before it can take months to get it approved.

The market has caused many to be upside down but we suggest riding it out instead of ruining your credit. Find a good tenant to help recoup some of your payment. We own several rentals and watched our equity slip too, but found tenants anyway. Now everytime a tenant makes a payment for us we build equity and get a tax right off.

The market will turn just give it time.

Cindy Knight
Realty Executives e-Group
0 votes Thank Flag Link Mon May 26, 2008
Gary, guess I have a lot of company. Sees like everyone is upside down. Gotta keep my chin up, and you do the same pal. Thanks.
0 votes Thank Flag Link Sun May 25, 2008
Dan, Misery loves company. Bottom line, good luck, I hope your lender is more understanding than mine. Once they found out there were retirement funds the answer was no.

If you have retirement funds, I suggest seeing if this would allow you to take out or borrow funds without penalty. A tax professional, CPA, or real estate attorney would be able to give you a good answer and advice.
0 votes Thank Flag Link Sun May 25, 2008
Diane thank you. But I can't sell my primary either! it's upside down to the tune of about 50 to 60K! So are my other two investment homes. I'm pretty stuck with three upside down homes in Riverview Fl. I would be bringing about 150K to the table to get rid of the them, no posssible, so I'm looking at options. Dan
0 votes Thank Flag Link Sun May 25, 2008
Not likely. The bank will find out in a full disclosure that you own other propreties (primary residence) and will expect you to sell something else if you cannot sell your investment property. That's what my mortgage brokers and accountants are saying, anyway.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sun May 25, 2008
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