Tenants Not Paying - Cause Hardship for Naperville Short Sale Sellers
As a Naperville short sale agent, I often get calls from homeowners asking me about the short sale process. But because each person's situation is different, I like to ask a few questions and then listen to the homeowners explain their situation to get a better understanding of what I can do to help.
Lately I have noticed that the calls I have been getting, are from homeowners considering a short sale that currently have tenants in their property. The tenants are either not making their rent payments on time or not paying at all. The homeowners then have to go through the added stress and expense of taking the tenants to court to start the eviction process. Not a good situation to be in.
Often times these homeowners that are considering a short sale, were put into the position of having to become landlords because they needed to move but were unsuccessful at selling their property. They are now left to deal with the responsibility of having two mortgages and they cannot afford the second mortgage without the help of rental income.
This particular situation becomes a "domino effect". When we refer to the "domino effect" in real estate, it typically refers to the situation when a seller receives an offer from a buyer that has a home to sell and the buyer's buyer has a home to sell and the buyer's buyer's buyer has a home to sell - (you get the picture), at any time if anything goes wrong with one of the buyers the dominos can start to fall and affect everyone. The same holds true with people affected by the economy, if it affects one person, it will affect the next, and the next.
This could be something that we might be seeing more of and it might be a hardship that can be added to the list of hardships -- tenant problems.
If you or anyone that you know is experiencing problems with tenants in the Naperville Area, a short sale might be an excellent solution for you.
About Maria: A Realtor with RE/MAX of Naperville, she's been helping home-buyers and home-sellers since 1997. If you have any questions about Naperville Short Sales she can be reached at: firstname.lastname@example.org or Call/Text (630) 248-6077