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Its Always Me | ADVISE PLEASE!!! Should I stay in the house I am in, or should I move? PLEASE READ BELOW? |
I am currently renting a home, my landlords decided to put the house on the market and do a short sale. After an open house and 3 other showings, the real estate agent said that she received multiple offers. The real estate agent informed us that the offer she is accepting is one from an investor who will be putting 50% down and that the investor liked the way we kept the house and wanted us to stay in the home. I am not sure of how a short sale will work and if we will truly be safe in the house. So many what if's....should I just rent another house that is a sure thing?
Additional Details
My main concern is that I may have someone who is willing to rent to me. The reason I wanted to jump on the possible rental is because I am in Bankruptcy and the house that I may be able to rent does not do a credit check and would allow me to have dogs. The down side is that the house is 200.00 more than what I am paying. If I stay in the current house, I would pay less and my family is comforatble in the house, but again if the short sale does not go through, I may be missing out on an opportunity. |
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RM
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Keep your eyes out for another place to rent, but wait until they present a renewal lease or continuation lease after the home is sold to move or do anything.
If an investor is buying the property and putting that much equity into it, odds are you won't have to worry about them selling it for a while, and they'll most likely want to keep you as a tenant to avoid searching for one themselves. |
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happyhitler
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the investment company will have you sign a new lease aggrement. |
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supernova
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I think the investor wants to rent the house so he will pay for the rest of the money. No such thing as a sure thing. Make an agreement that u like. |
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Ask Me Your Name
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They have to give you a months notice no matter what...but do they want you to pay the other 50%?
It seems like all that will happen is your land lord will change, but you should talk to your new one about any possible changes in rent etc |
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Bobby M
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This is what I would do. I would find another place because of so many what ifs. When I come home at night after a hard days work, I like to be relax and be able to get a good night sleep. You could get in contact with the new investor and get a better understanding or maybe a written contract concerning you living there. Can you imagine coming home from a hard day work and finding out you have to move. I save all this worrying of all these ifs and rent another house. |
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C R
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In today's economy, nothing is really a sure thing. If it were me, I would keep an eye open for another place, but know that the new owner has to give you appropriate time to move if they don't want you there.
Good luck! |
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daeve930
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I agree there's no sure thing these days.
This guy is planning to rent the house anyway, so why not rent it to the person who already lives there? In most cases, when an investor buys a house that has a lease, he has to honor the lease.
The fact that this is a short sale -- which only means the lender knows the value of the property is less than the amount owed -- really means nothing to you. You're not a party to the sale. If the buyer wanted to live there himself, you might have a problem, but if you have a lease, it has to be honored.
When we make a loan to purchase investment property, we require copies of existing leases to be sure that the current tenant doesn't have nay kind ownership rights to the property. The buyer can't throw you out, except some states allow that if he's planning to live there himself. |
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QT777
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I agree with Slassy Girl ... doesn't make a bit of difference to you to WHOM or WHERE you mail your rent check to....all the terms in your lease agreement remain the same until it expires in which case you would be in the same position as if the house hadn't been sold. More importantly for you though... if the bank doesn't approve the short sale then be packed and ready to move. Find out WHEN the foreclosure date is....this is the only thing that should matter at this point.
Good luck! |
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Landlord
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I have a Four unit building I purchased several years ago. The first thing I did after purchasing the building was to run the background/credit of all of the existing tenants. I removed two as soon as their leases expired (someone correctly mentioned previously that a new owner could not alter the terms of the lease agreement, however, in most states after the lease expires only a 30 or 60 day notice is required to remove the tenant unless the property is rent controlled). The reason the investor wants to put you at ease now is so that the property remains occupied during the short sale process (short sales are very involved and can take 6-9 months to complete). A vacant home spells trouble (vandalism, harder to insure, etc.) and he wants to make sure you stay in the property. The way I look at it, you have a couple of options:
1) Renegotiate your lease for a longer term (lets say 2 years) with the current landlord. This person will have a good incentive to do this, as this will ensure you remain a tenant during his sale process. Furthermore, they won't care too much about monthly rent because if they are short selling they are under water anyway and want to insure a reliable income stream. Additionally, if the owner finds someone who wants to move into the property after purchasing, this gives you leverage to be "bought" out of your lease. You should negotiate an amount to help cover your transitional expenses.
2) If you can't do #1 then I would go ahead and move to the new place you found. Considering the state of the economy I think it will be increasingly difficult to find a landlord who doesn't perform background checks.
Good luck with your situation |
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Slassy Girl
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The fact that there will be a short sale does not affect you, the tenant, at all. The only difference for you is that you will have a new landlord. If the bank does not approve a short sale and the home goes into foreclosure, then you will be forced to move. |
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Scilla
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Be safe. Rent another house. |
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