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Short Sales Short Tales . . Short Sale With A Bad Tenant?

By Fernando Herboso - Associate Broker MD, & VA

Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

October 18, 2011 02:18 AM

"Short Sale With A Bad Tenant?"

I have many clients over the years that call me wanting to short sell their investment properties. They are generally very clear in their actions and they are not emotional attached to their properties.

In this particular case, the investment property had one problem. . a bad tenant.

It seems that the tenant was not communicating with the landlord in a proper way. . and this short sale came to me as as last ditch effort to end a problem that was daunting for my client.

Dealing with short sale investments could be a slippery slope for most short sale real estate agents because of the legal minefield that exists if a tenant is not dealt in a proper and legal way.

I made contact with them and basically negotiated for them to stay in the property for 45 more days; and their deposit returned if they left the house free and clear of debris. . that incentive is all we needed to get the property in the market . . .and sell it a few months later for our client

See you in the next short sales short tales. .(insert eerie music here)

Fernando Herboso

Broker - Solutions Finder
"Don't Pray For A Miracle. . .expect it!"
Herboso & Associates llc

www.ReallyNiceHomes.com
www.Short-Sales-Expert.com
Office 301.968.0555
Cell 240.426.5754
Fax 888.913.3535
My real estate knowledge is always up-to-date. For expertise you can depend on, call me when you have questions about the market or are ready to make a significant move. . .Quality representation is not expensive, its priceless!

Herboso&Associates

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JOSH EVANS *JoshEvansHomes 516-655-5000

Village Properties of Mineola, LLC - Mineola, NY

Thats a great idea. Good luck and good job. Thanks for the info. Keepnup the good work

Oct 18, 2011 02:19 AM

Jon Gosche

Jon Gosche Real Estate - Boise, ID

Fernando! I need help with this ActiveRain Blogging. My partner and I have close over 100 short sales. I see a lot of really bad information all over the internet. There are lots of horror stories, lots of Realtors who write very discouraging things about short sales and lots of bad advise and information. I would like to develop a network on ActiveRain for both agents and potential buyers and sellers to be able to get some good information, share advise, and maybe even develop a referal system for people out of hour areas.

I have several good websites but I see this ActiveRain as a great tool. Perhaps there is already a good short sale group. If it is let me know where it is and if there isn't help me develop one! Jon Gosche Boise Idaho 208-870-2115. I would put a website here for you to see but I think that is against the rules isn't it? I think you can email to me at gosche@cableone.net though?

Oct 18, 2011 02:30 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Any listing with an uncooperative tenant can be challenging to say the least. If at all possible I suggest the tenant is out of theproperty prior to listing.

Oct 18, 2011 02:49 AM

Fernando Herboso - Associate Broker MD, & VA

Maxus Realty Group of Samson Properties - Clarksburg, MD

301-246-0001 Serving Maryland, DC and Northern VA

Jon. . very good timing for you, Bryant below your comment is the person you need to speak to. .he has everything you describe and a short sales guru himself. .

Visit him here. .http://activerain.com/tutas

Oct 18, 2011 02:54 AM