Ann and Terry have done an excellent job of answering you, as best they could.
You probably want to talk to your Attorney before you go any further.
Good luck and may God bless
If you are the owner and it is vacant and you want someone to rent it from you be very, very careful. Sometimes the tenant makes it next to impossible to be shown which results in the short sale not working out which of course results in foreclosure.
Morally, is this unethical? In today's market there appears to be a huge divide among folks and agents who agree and disagree. Just 24 months ago majority considered it unethical, illegal and potentially defrauding a bank. Morally, I would not advise a person/renter to support a home owner who may be taking advantage of a system for personal gain by which tax payers may eventually be responsible to foot the bill in the end. Good luck to you!
If you are the owner of the home that's about to become a short sale, my guess is that you are not allowed to rent it out. However, since this is a legal question then I recommend seeking professional advice from a real estate attorney.
Whatever you decide to do I wish you the best of luck.
Nicole Marks Mason, Realtor
Good luck to you,
Unwavering Commitment to Service, Unsurpassed Results
If you are the landlord be open and honest with the possible tenants. Disclose the fact that the home is in a short sale process. Expect to get paid less than market rent and be prepared for showing difficulties.
Either way, I wish you
but only to be considered in light of some unique advantage that remains
after carefull weighing out of the liabilities possibly invoved. I can see
both legal and practical issues, many of which would not be apparent
to the"Layman "
One always has to keep in view the logic of walking into an ustable
and unpredictable environment as a back-drop to a lease agreement.
There has to be "compelling compensating factors" involved! Making
such an assessment without professional assistance is unwise! Get both
legal and practical imput before moving on such cicumstances!
Best of Luck!
BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
I would not recommend it. If you love the home and can move quickly and easily if it sells then maybe you would consider it. As previously stated, you would be showing it all the time (and strange things happen when strangers come into your home). Let me know if I can help there are many homes for rent in the Wellington area.
Best, Diana Nardy, Forbes Realty of South Florida, West Palm Beach