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HOME SALE CHALLENGE: Renting out over-leveraged property because it can’t sell to clear the mortgage is rarely a good long-term solution for any homeowner. When this Bridgeport homeowner contacted me, she had already been renting out her Bridgeport home for several years waiting for market values to increase. Unfortunately, she was losing money monthly and still owed more than her home was worth, leaving a short sale as her best solution to get out of the burden.
REID GROUP APPROACH: While any short sale is a complex transaction requiring significant professional expertise, selling tenant occupied homes can be especially challenging. While I expected a good experience with Ditech, I had my suspicions that the tenant would cause complications.
RESULTS: As soon as the home went on market, troubles with the tenant began. She made her dissatisfaction over the sale very clear and became restrictive with showings. Despite the difficult tenant, the home was in a bidding war within days and under contract within the week. We submitted a short sale package to Ditech, who immediately went to work on the file.
It took just six weeks for our short sale approval letter to arrive! A quick closing looked promising until the tenant decided to refuse to move out. Weeks passed with no resolution, until the buyer got fed up and walked away from the sale.
It took several more weeks to come to agreement with the tenant to vacate the property. Fortunately it took just a few days to secure a new buyer. As usual, Ditech produced a new short sale approval within a week, and soon after this Bridgeport Ditech short sale closed, with the seller relieved of her unwanted landlord duties, as well as her over-leveraged property!