Patrick's answer is good.

Let's break down your questions one by one:

Should I ask for a new lease that states the house is in short sale?
ANSWER: No. You have a valid lease. And even if you got a new lease, what would it matter if the house is being offered as a short sale?

Can I inform them that I want a rent reduction for the issues that I will have to deal with?
ANSWER: Yes, but don't expect an affirmative response. You have a valid lease. A short sale scenario doesn't in any way mean you should get a rent reduction. And what are the issues you'd have to deal with?

I have only been renting this house for one month and saw it on line as a short sale, and this is how I found out.
ANSWER: OK.

One other point: If someone purchases the home from the current owner (short sale or no short sale...doesn't matter) before your lease is up, the new owner is bound by the terms and conditions of the lease. That means the new owner can't kick you out, or raise your rent, or anything like that. As a practical matter, your presence in the property is a deterrent to the house selling. So you might want to talk to the owner about modifying the lease to include some sort of benefit to you in the event of early termination of the lease. That's something you should discuss with an attorney.

Bottom line, though, is that you have a valid lease. Both you and the owner are bound by the terms and conditions of the lease. The fact that he's attempting to sell the property--regardless of whether it's a short sale or not--doesn't affect your lease.

Renterw,

A short sale could take a year or more in todays market. Pay your rent and talk to your landlord about your concerns. You have new rights!


New Renters’ Rights in Foreclosure

According to Consumer Action, renters must now be allowed to remain in their homes for the duration of their lease – even if the home is being foreclosed on. President Obama signed the Protecting Tenants at Foreclosure Act 2009 (S.896) into law on May 20.

The new law provides renters with a minimum of 90 days notice before a tenant must vacate a property. If a buyer plans to use the property as his primary home, or the tenant’s lease is month to month, or there is no lease at all, the tenant is entitled to at least 90 days notice.

If there is a lease, tenants will be allowed to stay for the duration of the lease before evictions can proceed. If a state offers greater protections to renters, the law allows the stronger protections to apply. These new renters’ rights also apply to Section 8 tenants.

The new tenant protections are effective immediately and expire December 31, 2012.

Enjoy the weather

Phil Moody
904-982-3373

You have a lease agreement with the seller. You are bound by the terns spelled out in that agreement. There should be a paragraph in the lease addressing the issue of if the property is sold.

FYI just because it's a short sale doesn't mean that the seller isn't paying the mortgage anymore. If the seller wasn't paying the mortgage then the house would be going into foreclosure.

Go ahead and talk to the landlord and let them know you found out about the short sale. See what they have to say.