Maryland Short Sales Expert Specialist
QUESTIONS AND ANSWERS
Q: Can I rent my property while I’m doing a short sale with you?
It depends. .
The answer is yes if there are existing tenants there. . .otherwise, No, I wouldn't advice for you to rent the property to a family that may have to leave in only 3 months.
To remind you, you are still the owner of your property and you have that choice. . you are free to put your property for rent as long as it does not interfere with our short sale negotiation.
The main concern of renting your house to the prospective purchaser are hazard liabilities and eviction issues. As long as both parties are fully aware of the issues, and a rental agreement is drawn up addressing these conditions and contingencies. . . nothing is stopping you the homeowner from renting your property to a prospective tenant
If you are considering the HAFA Program, this will automatically exclude you since HAFA is only eligible to homeowners occupying the property.
Please watch our video “ Can I rent my property and still do a short sale? and the answer to the question. .
Can you collect rent and NOT MAKE YOUR MORTAGE PAYMENT???. . . .you are going to have to watch the video for the answer to that loaded question. .
The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. Herboso & Associates makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property in a short sale.
Homeowners are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. Herboso & Associates are not Advisors and they are not a legal law firm. We strongly encourages all parties, agents, homeowners brokers and mortgage lenders involved in a transaction to seek such advice from a professional advisor.
Fernando is an Associate Broker and founder of Herboso & Associates for MD, VA and DC