How difficult is it to short sell a rental property in Michigan?

Asked by Egnew, Michigan Mon Sep 9, 2013

Purchased the home in 2004 and converted it to a rental when I purchased a 2nd home when I had to move due to work. We refinanced it over a year ago and now rent it out. Keeping it rented has been one issue after another and we are basically broke. We have never been late on a payment but am wondering how long we can keep this up. Any thoughts or advice?

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6
Wallace Radge, , Oakland County, MI
Mon Sep 9, 2013
Doesn't really matter where the agent is located. Find someone you are comfortable with.
0 votes
Jillian Muld…, Agent, Commerce Twp, MI
Mon Sep 9, 2013
Nope I can definitely help you! I actually just closed a short sale in Grand Blanc, 1023 Risecliff drive, we had full approval within 3 months and got a state tax lien lifted from that house for the short sale. I can definitely help you! I'm very familiar with Genesee county and have sold several homes there to buyers too! I know the market well! Call me or text me or email and I can talk to you a little more, no obligation whatsoever, 248-701-1677 / jillmuldoonhomes@gmail.com.
0 votes
Egnew, Home Buyer, Michigan
Mon Sep 9, 2013
Thank you for your answers. My rental is in Genesee County and I reside in Oakland. Would I be better served contacting an agent closer to my rental?
0 votes
Jillian Muld…, Agent, Commerce Twp, MI
Mon Sep 9, 2013
You can still short sell a rental home, many people have done this successfully, the main factor is that the home must be underwater in its value. However, one thing to be sure of is when you list it with an agent, list with someone who is EXPERIENCED in short sales. Many agents will be quick to take on a short sale listing however not every agent can successfully close short sales, it is a much more involved process than a regular sale. In order to best advise you of course I would need to speak with you and get some info. on the property. But, I can tell you right now we can help you! We specialize in short sales and list and sell many every year, I have a dedicated short sale negotiator that has closed hundreds of short sales and has worked with essentially every bank out there and has experience in dealing with 2nd homes as short sales. I currently have another client right now who is in a similar situation from you, she had to relocated and was stuck renting the house before, and now we are on track to getting hers closed very soon. She was renting it prior and forking out $200/mo. of her own money to keep it afloat and now is so relieved she is going to be done with that burden!!! Also- some firms charge a short sale fee to the seller but we do not, doing a short sale with us essentially costs you nothing- because we negotiate with the banks to pay all the commissions, closing costs, etc. so you really have no out of pocket cost and nothing to lose by listing with us.

Please call me at 248-701-1677 or email me at jillmuldoonhomes@gmail.com. I can help you!!

Sincerely,

Jillian Muldoon
Associate Broker & Sales Professional,
Re/Max Royal
http://www.jillmuldoon.com
0 votes
Wallace Radge, , Oakland County, MI
Mon Sep 9, 2013
I am in need of more info in order to fully answer your question. Please call me so we can discuss your options. Overall it is pretty difficult to do a short sale that you can "write off" the debt on a rental but not impossible.

Wallace Radge
Liberty Way Realty
248-836-7737
0 votes
Gracie Mooney, Agent, Ann Arbor, MI
Mon Sep 9, 2013
If you have a good relationship with your Lender, you should ask them if they would accept less than owed, or if they will require a hardship. If the Tenants are cooperative and will allow the property to be showed, than it should be no problem. Gracie Mooney / graciemooney470@hotmail.com 734-812-1386 cell
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