Of course you can rent during that time as long as you have half -way descent credit. It's all about the timing. You don't want to leave too soon from your home because you're not sure when its going to close, (sometimes they don't)... Some shorts sales go through quickly while some drag on. Good luck on finding the right time to move. If you need help finding a rental please give me a call. No charge to you.
Penny O'Brien with Simply Vegas
David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
Real estate professionals can not tell you yes or no!
It depends on your situation. Is your loan a primary or secondary residence mortgage loan, or does it allow tenants? You could completely ruin your chance of a short sale if it's rented and it's against your mortgage loan agreement to rent it out; that's considered fraud.
If your mortgage loan allows tenants, then you can, but beware that it's also going to provide you with an income that you must show, which may in return make you ineligible for short sale.
I hope this helps.
If you are ready to short sale your home, or if you'd like additional information, call or e-mail me.
One Source Realty and Management
Cell - 702.501.0973
"A Nation of Sheep Breeds a Government of Wolves".
Read the Constitution, Teach it to Your Children.
Website - http://matthewsellslasvegas.las.mlxchange.com
If you are making your payments and are not behind on your mortgage, maybe.
If you are no longer making payments to your lender, No.
Once you are in a Short Sale, you can no longer benefit financially form the home. All proceeds, earnings, income must now go to the lender.
The reason is if they the lender will settle for an amount that is less than what is owned then they the lender want every penny to now go towards them, the lender at a loss.
Hope This Helps,
Social Media Manager at SD HOMES
REALTOR at SD HOMES
(619) 368-1992 [cell] & [text]
(619) 502-7545 [fax]
http://www.about.me/gerrycarrillo [about me]
Jeffrey L Sklar
Broker and Property Manager
Southern Nevada Property Management
8871 West Flamingo Road Suite 202
Las Vegas, NV 89147
You own the house until the day it is sold at auction or you complete a short sale. If you do rent it during the short sale make sure your tenant knows all the facts and knows what will be expected. I would do everything in writing. It is amazing how well meaning agreements get sideways after time passes. I would be very educated on what the law says on the subject and also be up to date on all current tenant laws. Make sure your tenant will allow showings of the property. I have seen situations that the owner rented the home at a reduced rate to a tenant that was having financial issues and needed a helping hand. The home was occupied and being maintained. The risk of the property being vandalized was gone. It can be a win win. If not done properly it could become a nightmare so proceed with caution. It is always good to get legal advise if possible.
The short answer is yes. The long answer requires that I know a bit more about your situation. If you will cal me, we can drill down a bit deeper into your question and give you a cogent response.
I specialize in Short Sales, so I will give you the best of my personal experience in the matter.
Call me at 702-491-4663, or email me at: firstname.lastname@example.org