You will have to implement a plan for selling the home, as you have Section 8 tenants there. If you would like to have a discussion with me, please call me. I am able to arrange things with you by fax, email, phone or in person, whatever your comfort level is. My company has been doing business in the AV for over 50 years. I am part of a team of 3 professionals, I have a background in Lending and Finance as well as Real Estate, one of my partners has 20 years as a Senior Escrow Officer; the other has been a Realtor in the AV for over 19 years. Our expertise is at your disposal!
Although you won't get megabucks for the sale of your rental, you are still in a good position especially given your situation. So, be encouraged.
I would love to represent you in this sale. I look forward to your call!
If you would like to sale your home, I can definately help you with that. But I can also assist you if you'd just like to keep the property as a rental. I know of a rebutable Property Management Co. that can do it all for you. They will collect your rents, take care of repairs, process evictions and most everything else involved in being a landlord. If you're still interested in selling your home, I can market it as an investment property and to potential owner-occupied buyers. All my listings are published in a monthly real estate magazine that is distrubuted to over 400 locations locally. It will also be put on my website and a half dozen other websites such as Trulia.com, as well as similar websites.
Please contact me with any questions,
Keller Williams AV
The idea of selling your property is good! If you acquired that property long time ago and never refinanced you may have a good chance to sell it right away for the right price, since Lancaster is in a declining market.
Call me if you need any assistance, I cover Palmdale and Lancaster, you must have to notify your renters in advance since Section 8 protects them a lot.
Some investors don't like Section 8 tenants; others love them.
If you can't price it low enough to cash flow--if the investor's mortgage payments would be above $1,200-$1,300 a month (in our example, thus, the purchase price would be above $170,000), then consider taking back some financing on it. Let's say the property's worth $250,000, and that's what you'd sell it for. Take back an $80,000 second mortgage. To keep the investor's payments low enough to cash flow, you might make the second mortgage interest only. Or even a balloon payment, due in 5 years.
There are a lot of ways to handle the situation.
Find a good Realtor in West Lancaster. Discuss your situation with him/her. Get the comps for the property. Then work out a strategy with the Realtor. The market's always good for properties that cash flow.
Hope that helps.