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 firstname.lastname@example.org. I can help you!!
Associate Broker & Sales Professional,