Archive for the ‘24 Hour’ Category

Is It Potential To Accomplish A Short Sale In A Tenant Occupied Property?

Sunday, February 5th, 2012

Hello, this is Kerri from the Bay Area Short Sale Angels, northern California’s primary short sale team. So lots of people ask us how we take care of tenant occupied properties. Many of our clients have investment properties that they need to short sale and even their primary residence that they moved tenants in with the intention to try to continue to make those payments and it is not working out. Each state has totally different laws, but within the state of California, the tenant is required by regulation to comply and not get in the way of the sale of a house. It does not matter that it’s a short sale or that the house is underwater, they need to participate. All that is required is 24 hour notice with the intention to show the property.

What we do as a team is try and get the tenant to work with us and have the least amount of disruption to their life. We promise them only two Sunday open houses from 2-4:30. We don’t put a lock box on the home so there will not be agents simply barging in all the time. In exchange, we often recommend that our landlords offer a break on rent throughout the promoting process. That is not something that is a legal obligation, its’ just a courtesy.

In addition to that, a number of tenants get frightened about their deposit and if the property sells, what occurs to their deposit? The deposit is transferred to the new proprietor and whether or not the owner goes to be one other landlord of the tenant or if they’ll wish to move in. That deposit sticks with the property and can return to the tenant minus any damages that have to be taken care of.

So, tenant occupied properties are somewhat bit harder to take care of but positively not impossible and we try and make it as friendly as we will to keep everyone happy. This is Kerri from the Bay Area Short Sale Angels where we believe there’s nothing worse than doing nothing. We’re northern California’s number one short sale crew and we look ahead to talking with you soon.

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