New Short Sale In Manassas, VA

Short sale listing in Manassas, VA.
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Short Sale by Rob and his team in Manassas, VA. Priced at $250,000, this three-level townhome nestled in the Wellington/Cloverhill area of Manassas is a perfect home at a great price. First lein Chase Mortgage, 2nd with OCWEN.

For more information about this property, or about doing a short sale on a property you own, contact Rob today. 703-587-0995.

How To Short Sale A Property With Tenants

Short Sales are not just for owner-occupied residential properties. Owners with rental properties can also benefit from short sales.

Why do a Short Sale on Income Property?

There are many reasons why you might decide to do a short sale on an income property currently occupied by tenants. The current rental rate might not exceed mortgage and associated payments, leaving the owners in the red every month. Costly repairs and other financial burden, including an extended period of vacancy, can all lead an owner to want to sell an income property, but if the home is currently worth less than you owe and you can prove hardship, a short sale might be your ticket out.

How to deal with Tenants in a Short Sale

Doing a short sale with tenants can be tricky, but there are several steps you can take to make it go smoothly.

1. Review the Lease- Make sure you are familiar with the terms of your lease with your tenants. A lease provides a legal agreement and outlines the procedure for both parties- the landlord and tenants. The standard Virginia lease allows landlords to begin marketing the property for sale no sooner than 90 days before the end of lease. However, if the tenants are on a month-to-month lease, less time may be required.

2. Talk to your Tenants- It is important to formally inform your tenants of your intent to sell- preferably in writing. If the time frame outlined in your lease does not work for you, it can’t hurt to appeal to the tenants. They may be perfectly willing to cooperate- they may even want to end the lease early if you do as well. Let them know the sales process, or better yet, have your realtor explain it to them. Let them know that realtors will be coming through (no unchaperoned prospective buyers) and are required to give them “reasonable notice”. This usually means one to two hours, but tenants may request that appointments be made no less than 24 hours in advance (though this will make your property less likely to be shown).

3. List the Property- If you list the property 90 days before the current lease expires, it could still be a while before you receive any offers. It isn’t a bad idea to allow the tenant the option to go month-to-month following the end of their lease; short sales can take from 4 to 6 months after getting an offer- which can take months in itself. The tenants may very well not need to leave for up to 8 months after the termination of their lease.

What to do if the Tenants are Problematic

If the tenants are not willing to cooperate, or have been delinquent on their payments or otherwise problematic, it may be time to consult a professional. While an experienced Real Estate Agent with experience in property management can certainly help, they may direct you to a legal professional to determine the best course of action.

If you have a property that is currently tenant occupied that is causing you more trouble than its worth and you can no longer make payments, it may be time to ask for help. Let Rob Chevez guide you to a successful Virginia Short Sale. Call today for a free consultation to discover if this is the best option for you 703-587-0995

 

SOLD Short Sale In Woodbridge, VA

 

 

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Sold in Woodbridge

Successful Short Sale negotiated by Rob and his team sold for 99% of list price. This Woodbridge homeowner successfully avoided foreclosure by doing a short sale, and Rob’s team got it to closing.

If you think a short sale might be the solution to your home ownership situation, call Rob to get his expert advice: 703-587-0995.

Woodbridge, VA Short Sale Approved

The hardest part of any short sale negotiation is getting the bank to approve the short sale once an offer has been made.

Rob’s team has the expertise to get that approval from your lender. We recently received an approval for a Short Sale in Woodbridge. Coldwell Banker approved the short sale and it will be closing soon.

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If you need to sell your home but worry it isn’t worth what you owe, give Rob a call to discuss your options. He will help you determine if we might be able to get your short sale approved as we have done for hundreds of other people. 703-587-0995.