There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.
It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing.
To get caught up, you may want to read the 9 Option Summary here.
Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here and Option 3: Sell the Property! here.
Much like the last option, Option 4 is also considered a "common sense option," but again, sometimes the obvious is often overlooked.
Option 4: Rent the Property
While this option may be less desireable than selling, it may be worth considering if the rent payments are sufficient to cover the monthly expenses. In some cases, it may even be worth considering if the rent payments will cover the majority of the monthly expenses and the owner can pay for any shortage.
For homeowners who are considering renting their property, I would highly suggest retaining the services of a Property Managment company who will qualify potential tenants via credit and background checks, collect the rent payments, draft the lease documents, coordinate repairs and follow the laws if a eviction is ever required.
Unless you know the potential tenant personally (and even then, there is no guarantee they won't stiff you on the rent), it is my belief that professional Property Management companies are worth every dollar they make!
If you are a homeowner who has a home to rent in Seminole, Orange or Volusia County in Central Florida, send me an email at LaShawn@LaShawnNorden.com and I'll be happy to refer you to quality Property Management agents in your marketplace.
In the event that reinstating, repayment and renting are not options for your personal situation, I'd welcome the opportunity to meet with you to discuss other options, including selling your home.
LaShawn Norden, PA, REALTOR, CDPE, ALHS, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com
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LaShawn - I didn't get the chance to comment on #3 and now I can't wait for #9 - again, these are incredibly valuable options that you are providing! Keep them rocking!