Ventura County Short Sale Question: Renters Trashed My House. What Should I Do?

We decided to rent it out our home rather than short sale it. The renters just moved out. I just checked the house. They trashed it!
I could rent the house out again, but I would have to spend several thousand dollars fixing it up first. What would you recommend that I do?” Richard asked.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our recommendation. That is a tough situation. You could fix up the house and rent it out again. But, you risk having the same thing happen all over again.
Here is the other problem. The amount you can charge for rent has gone down in most areas. This means you will probably have to write a check every month.

If you are able to rent it and cover all the costs, then I would recommend you keep the home. If not, then I would recommend you short sell it.

Here is why I recommend that. If you can break even, then the house will be a good investment as the real estate market recovers.

However, you will always risk large unexpected costs like the one you are experiencing right now. If it the rent does not cover all the costs, then more than likely you are in an area where the housing prices are still dropping.

This means the burden will only get bigger as time progresses. Costs will keep on going up. Rent might drop even more. The housing market could decline even further.

It would be better to just get rid of the liability now, once and for all. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at cjohnson@prucalhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Moorpark loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. cjohnson@prucalhomes.com.

Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert

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 Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure. You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.

For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.
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