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blessed85220 | We have a 2 year lease and landlord is short selling home and said that we might have to move? |
We just signed a 2 year lease on a rental home; we make the payments to a property management company; we recieved an email today from the actual landlord stating that he is going to try a short sale on the home and that we might have to move if new owner from short sale doesnt want us in here; doesnt new owner from short sale have to honor lease? |
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schwildcat1977
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Normally the new owner would have to Honor the lease - but unfortunately nothing is normal with the current market.
Short sales & foreclosures are very different and typically void any existing leases. |
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JACQUELINE
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no. the new owner didn't agree to the lease. The agreement was between you and the current owner. If I'm buying a house cheap like that, I'm looking to make some money off of it or I'm poor as hell and looking for a place to live. They'll either want to turn it over for a quick profit, (fix it up and re-sell it at a higher price) or they'll want to fix it up and get someone in there who will pay more than you're paying. There's a chance they'll let you stay if they're looking to just rent it out anyway. This saves them from finding a tenant of their own, but I think I would want to interview and do a credit check on someone before I agreed to rent to them. So, basically, it will just depend on who buys it. Basically, your owner is going belly up and is looking for an alternative to foreclosure. So, either way you might have to move out.
Oh, for a complicated twist, what if your landlord dies? My grandpa was a landlord and had tenants, but he isn't around to mess with it. Property is split between my dad and my aunt. They'll probably have to liquidate everything. That means selling the property that's rented out. Things happen. Here's an idea, though, maybe you can offer to buy it? |
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NavaehRose
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no he doesn't, there should be something in the lease to state the selling of the property |
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Deep
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I would think that they would have to honor the lease, but don't quote me. call the property management company in the morning. |
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GWB
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Nope, they do not.
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JoHo
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It may depend upon the jurisdiction you live in. Different communities have different laws regarding what happens to tenants when the landlord sells. You need to call your municipal government to find out the correct answer. Some communities have a separate branch for dealing with landlord and tenant issues. See if yours does. |
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lost
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that answer is no and I would be looking for another place to live |
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m_ekel01
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No the new owners do not have to honor any lease agreements made by prior owners, however the current owners have to give you about 60 to 90 days notice for you to find another place at least here in oklahoma they do. |
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goz1111
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It’s amazing the number of different responses to your question: But in general, a short sale is completely different animal then a foreclosure court procedure. With a foreclosure the senior note in a court proceeding recaptures the property to try and make themselves whole from the note, with the court order all encumbers that came afterward i.e. junior are wiped out like you lease in order to allow the senior note to sell the property.
This is quite different then a short sale, where the lender and the holder i.e. the landlord agree to unload the place for less then the loan amount, since this is a contract agreement and not a court order the short sale does not have the power to terminate any encumbrances that are junior i.e. your lease
This means if they want you out they have to buy you out you are in the driver seat in a short sale they can not force you out
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infinite crisis 247
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no, the no owner would not have to honor your lease. you see, when ownership transfers from the old to the new owner, your lease with the old owner would be null and void. after all, the new owner made no covenant with you, the old one did. however, the new owner must give you fair notice before you must vacate the property. they can't just go in and tell you "get out by friday". i would start looking for another place to live. the law won't be on your side, unfortunately. |
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Rico
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Yes the new owner has to honor the lease as long as it was legal. |
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Janice 10
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Yes, they do have to honor your lease. Your current landlord is trying to get you to move so he can sell and make big $$$$. This is NOT right and I would contact an attorney. Stick to you lease rules. Best Wishes! |
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