The home I rent is being listed as a short sale and it is currently in foreclosure?
Tags:lease states, notice states, property management agreement, property management company, realty firm,
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My franchise (it went from a 1 year franchise to a month to month in Aug of 2009, though a franchise states which in a eventuality a skill goes month to month which all conditions as well as conditions stay a same, with a difference which possibly celebration might cancel a stipulate with a thirty day notice.) states which a skill owners contingency give me 120 days notice before to inventory a home for sale, however as of right right away we still have NOT perceived anything in essay as well as have not listened from a owner, though my skill government association called yesterday to let me know which a skill is in foreclosure as well as which a owners has hired an additional real estate organisation to list a skill as a reduced sale. My skill government association afterwards released a owners a thirty day notice to cancel their skill government agreement, they additionally told me which a owners has not paid a debt since Aug 2009 as well as which it will go to keeper sale in early Jun (the default was filed early Feb. 2010). we only paid my Mar 2010 lease upon Friday as well as currently we get a voicemail from a owners "selling agent" revelation me which we have to uncover a residence as well as which he is entrance to check a home after this week as he has right away defended a inventory upon a property. Do we HAVE to let him check a home? Do we have to let them uncover a home? we have nonetheless to embrace any notice from a owners saying which he is possibly giving me a thirty day notice to vacate, nor a 120 day notice of his vigilant to sell. My skill physical education instructor additionally told me which when they asked a owners about my confidence deposition which he settled he no longer has it as he had to make use of it to try to keep up a debt payments. What can we do? we do not have a income to pierce as we only paid my lease for this arriving month, as well as it appears we will not be removing behind my deposit. ARGH! Help please!
I assimilate which we have right away been since notice as of yesterday, however as we have already paid my lease for March, does which not concede me to live in assent for a month of Mar as well as afterwards concede a skill to begin removing shown thirty days AFTER we was since notice? And how do we replenish my deposit? It’s viewable we can’t sue for it as a owners has no money. The agents summary pronounced which a owners would bonus my lease by 0 per month to concede for a disruption, my stream lease is 00 so 0 doesn’t do most for me, nor does it pay off my confidence deposit.
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You need to let the listing agent do his job and work with him as best as you can. Short sales take a long time to sell so you have time to get ready for a move. The technicality that the owner hasn’t notified you is smoke and mirrors. You received notice from his agent which is the property management company. You have also received notice from a real estate agent that the property is listed for sale. You have no recourse except to save your money and get ready for a move.
Ask the listing agent who you need to notify when you are going to move. Also ask him how much time you really have. If you establish a good relationship with him he will give you good counsel and may even steer you toward a good rental for the future.
Get ready to move. Sounds like the owner no longer owns the home, and that the bank is taking over. I’d start looking for a new place to live, and stop sending money to your landlord – sounds like he hasn’t used your rent to pay the mortgage.
You may want to consult your city attorney and discuss landlord-tenant law with them, and see what rights you have, and any protection you have at this point. But it sounds like the place is going to be sold, whether you like it or not.
Don’t plan on your landlord living up to his agreement. Suing probably will not help because he would not be losing the property if he has any money.
The correct term is that the house is in preforeclosure. Not foreclosure yet. The bank does not own it. He is trying to get an agreement with the bank to sell it for less than the amount that he owes them. This is because home values have gone down, and amounts a landlord can get for rent it sometimes lower than the mortgage payment.
You will have to put up with letting the house be shown. It won’t help you to not do so. Some short sales take a long time. If the person who is negotiating the short sale knows what they are doing, the auction will be postponed.
I have done short sales that have taken 3 months, and some have taken a year. There is a new gov. program that allows a renter to stay, and rent from them. Maybe this loan will qualify for this.
You do have a right to get answers to your questions, but you cannot talk to his bank unless he gives you written authorization.
Unfortunately, some real estate agents really don’t understand short sales.
I hope this answers some of your questions. A short sale does not mean you have to move out right away. Even after the bank accepts an offer, you still usually have 30 days.