All Forum Posts by: Darrell Kirby

You need to reach out to the local housing committees they will put you on their database and feed your information to their case workers. 

Hi @Darrell Kirby, try to reach out to local housing authority that works with section 8 in your area. The list may be on Michigan state Housing Development Authority website. Give them a call as well and see if you could be routed to the right place.

Hope all goes well!

You need to reach out to the local housing committees they will put you on their database and feed your information to their case workers. 

Having a rental property sit unsold for over six months is what I would call catastrophic, particularly if it's vacant!

However, before you switch agents, I recommend you gather up a bit more information.

You should request recent comparable sales data that will help determine whether the problem is a "slow market" or an incompetent and ineffective agent.

Has anything sold near the subject property in the last 190 days? If so, where, for how much, and by whom?

If not, the problem may be your market.

Also, did you ever get any interested buyers? How many? What did they say? Why didn't they buy? What follow-up was done?

You need more data.

This depends on what your contract says. Most agents have you sign an exclusive listing agreement with an end date. If your end date is up, maybe looking for a new agent could make sense. Are they communicating with you all the time with updates etc? 

@Darrell Kirby unless you know what you are doing, letting someone buy your rental, "Subject To" (the existing mortgage) is not advised.

Typically, they will want you to transfer the deed to them, but keep the mortgage in your name. What do you do if they stop paying on your mortgage?

You could consider a Land Contract, which retains an ownership interest on your part. But if they stop paying, you stll have to do an abbreviated foreclosure to get the property back.

May want to do Lease-Option, where they lease the property for X years, with the Option to purchase at a contractually agreed upon price. You typically charge them an Option Fee (the $20k) to lock in purchase terms today. 

THIS IS NOT LEGAL ADVICE.

Highly recommend discussing with an attorney if you decide to pursue any of the above.