Foreclosure in Las Vegas>Question Details

Rakesh Verma,  in Las Vegas, NV

Can a person Rent his home while in Short Sale Process?

Asked by Rakesh Verma, Las Vegas, NV Fri Sep 9, 2011

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10
Yes you can, you should diclose to all parties that are doing a short sale (tentant)
0 votes Thank Flag Link Fri Sep 16, 2011
Hello,
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
702.321.9383
0 votes Thank Flag Link Mon Sep 12, 2011
Remember, that tennant is going to be the one who knows everything about your financial problems, and if they refuse to cooperate in showing the house, you will never get a buyer. Doesn't seem like the bank will let you continue selling the house and take a hit


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0 votes Thank Flag Link Fri Sep 9, 2011
Hello Rakesh,

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.
0 votes Thank Flag Link Fri Sep 9, 2011
Yes you can but you owe it to prospective tenant of your situation and I would recomend month to month lease which there are people out there looking for. If you use a real estate agent he must put this information in the listing. You "must" be honest with tenant and check with attorney as to the options that others put forth on this page about where the monies go. If you need a home to rent contact me. Matthew
Matthew D’Ercole
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
0 votes Thank Flag Link Fri Sep 9, 2011
Great question!
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,

Sincerely,
Gerry Carrillo
Social Media Manager at SD HOMES
REALTOR at SD HOMES
CA DRE#0142301
(619) 368-1992 [cell] & [text]
(619) 502-7545 [fax]
GerryTheRealtor@gmail.com [email]
http://www.about.me/gerrycarrillo [about me]
0 votes Thank Flag Link Fri Sep 9, 2011
These are all good answers but it is a very complicated process. If you have received a Notice of Default, you have to let the tenant know. This makes it extremely hard to find a tenant. Also, there are some issues about deposits and who the rent actually is payable to. I would recommend consulting with both a Property Manager and an Attorney to make sure that you do not make a mistep. Errors can be very costly and cost you any money that you might possible make. If you have any questions, please contact me and I will be happy to get you the proper information.

Jeffrey L Sklar
Broker and Property Manager
Southern Nevada Property Management
8871 West Flamingo Road Suite 202
Las Vegas, NV 89147
702.522.6764
http://www.werentvegas.com
0 votes Thank Flag Link Fri Sep 9, 2011
Yes. The bank will want to know who lives in the house. If you say a tenant, they may want the rent money. If you read your note and deed of trust it will explain that the bank is entitled to any rent money you collect while in default. However, the bank would rather have the house occupied than empty. Good luck Rakesh. Kurt
0 votes Thank Flag Link Fri Sep 9, 2011
Rakesh
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.
Thank You
Suzie Marquardt
702-234-7653
fahrnyteam@yahoo.com
0 votes Thank Flag Link Fri Sep 9, 2011
Hello Rakesh,

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: steve@reovegas.com
0 votes Thank Flag Link Fri Sep 9, 2011
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