Can I Short Sale My Investment Property or Second Home

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Can I Short Sale My Investment Property or Second Home?

Many people do a short sale on their primary residence, but are banks doing short sales on second homes or investment property?
 
They are absolutely doing lots of short sales on investment properties and second homes today. It was much less common a few years ago, in the early days of short sale, but they do them all day long now. 
 
So the bank doesn't prefer it to be your primary home?

Not at all, because the way the bank looks at it, "a foreclosure, is a foreclosure, is a foreclosure, is a foreclosure." It's a vacant property that needs to be dealt with, so they finally made the paradigm shift to include second homes, and not only primary homes.
 
Now since this is your second home and not your primary home, do you need a hardship?

It still helps if you have a hardship of some sort. There are the rock-solid hardships such as: death, divorce, military relocation. Aside from that, it is completely a judgement call, but it never hurt if you have a solid hardship, yet it is not necessary in all cases.
 
Do your monthly expenses matter?

They do matter because if your showing excessive debt and excessive expenses over your income, that will certainly come into play and increase your chances that they will do a short sale for you. But, to be realistic, they will make exception even if the financial hardship isn't overwhelming.

What do I have to pay a Realtor to get a short sale done for me?

You actually don't pay anything because the bank covers the real estate fees and closing costs in the transaction. The bank will look at the seller's overall financial picture and they may ask for a contribution based upon your income and assets. Now, if they do ask you for a contribution, it is almost always reasonable. It is rarely more than a couple of mortgage payments, and it is a great solution to get rid of the problem of hundreds of thousands of dollars in debt. It just makes sense for a lot of people to do that.

Would there be any reason to deter someone from short selling their investment property?

No! There is no reason. If you have a problem of this nature, you need to get rid of it, and this is a solution that makes sense for a lot of people. If anyone has any questions, we are always here to help.

Call Scott Gregory of The Gregory Team (850) 501- 2574

 The Gregory Team

The Gregory Team is a “mega agent” team at Keller Williams Realty Gulf Coast (Keller Williams Realty Pensacola) that specializes in residential sales and investment properties, and has extensive experience in getting homes sold in a changing market (from regular sales to distressed sales). When you buy or sell with The Gregory Team, you get a full team at your service. They can help you buy or sell property anywhere in America. Local market areas include Pensacola, Navarre, Navarre Beach, Pensacola Beach, Gulf Breeze, Milton, Pace, Fort Walton Beach, Mary Esther, Perdido Key, Cantonment and Destin. Sellers, buyers and referrals are always welcome. Call us at 850-501-2574 or email to gregoryteampensacola@gmail.com.

Scott Gregory