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Answers (5)
- Loretta Buckner, "RealWorldProperties"
- Contributions:205
Yes, it can be done, and you do need to consult with all of the aforementioned professionals before attempting it. You do need an experienced RE broker, preferably a CDPE (although short sales desingations do not always assure experience!) who knows how to handle investment properties.
I have closed several short sales on 2nd or investment properties, with several different lenders, so yes, it can be done.
I have closed several short sales on 2nd or investment properties, with several different lenders, so yes, it can be done.
- Craig Lawler, "Craig Lawler"
- Contributions:238
Absolutely, although it's easier to get this approved with some lenders than others. Best to consult a real estate attorney, a financial advisor and a Realtor before making any decisions.
- shasta_steve
- Contributions:448
Forget talking to an agent right now. Very few have a clue about what they are talking about only how they might make some money off of you.
Was the house purchased as a rental or was it a converted to one later? If you purchased your primary residence and later converted it will be a non-recourse loan if you never refinanced. If you purchased the house as a rental then by California law it would be recourse. If the house is recourse you may have taxes to worry about but not if it is non-recourse. This is true of both short sales and foreclosures. If you only have one loan and the house goes to foreclosure you will not have to worry about the bank looking to you for more money because of California's one action rule. Technically they can do a judicial foreclosure, to get a judgement, but they never do.
Look what you need to talk to is a good tax person and maybe a good lawyer. Sometimes the best thing you can do financially is to just let the place foreclose. Don't believe all the hype how great short sales are for your credit compared to foreclosures, for the most part it is simply not true. Very little difference in the end.
Was the house purchased as a rental or was it a converted to one later? If you purchased your primary residence and later converted it will be a non-recourse loan if you never refinanced. If you purchased the house as a rental then by California law it would be recourse. If the house is recourse you may have taxes to worry about but not if it is non-recourse. This is true of both short sales and foreclosures. If you only have one loan and the house goes to foreclosure you will not have to worry about the bank looking to you for more money because of California's one action rule. Technically they can do a judicial foreclosure, to get a judgement, but they never do.
Look what you need to talk to is a good tax person and maybe a good lawyer. Sometimes the best thing you can do financially is to just let the place foreclose. Don't believe all the hype how great short sales are for your credit compared to foreclosures, for the most part it is simply not true. Very little difference in the end.
- Joe Homs, "The Homs Team"
- Contributions:225
Doug Ailes,
You can, but definitely contact a tax professional. You might be stuck with a large deficiency that needs to be accounted for. If you need some info on how to sell short go to: [link removed by moderator]
Good luck
You can, but definitely contact a tax professional. You might be stuck with a large deficiency that needs to be accounted for. If you need some info on how to sell short go to: [link removed by moderator]
Good luck
- Linda Rozales, "Lrozales"
- Contributions:245
Yes you can. However, you will need to really work with an experienced and knowledgeable real estate agent who can negotiate on your behalf. In addition, please consult with a legal and tax professional who can you advise on how this will impact you.
Can I short sale a rental property?
bleeding me dry.
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