Home Buying in 80128>Question Details

As, Home Buyer in 80128

Can I rent the short sale home I am buying? We have all contracts in place just waiting for the bank!

Asked by As, 80128 Mon Jul 30, 2012

HELP!!! We are trying to buy a short sale and had a closing date of 7/30/12. We were told on 7/28/12 that the bank needed an additional 60 days to get their paperwork done. We are willing to wait but now our lease is up 8/15/12 and we need a place to live! Can we rent the home we are trying to buy from the seller or the bank? We have plenty of cash to rent and are buying the home with cash but we dont want to enter into a new lease contract or move several times while we are waiting for our short sale. Oh and did I mention I am 7 months pregnant???? Help we need some advice!

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Robert McGuire’s answer
80218,

No, you won't be allowed to rent the home. You will need to make other arrangements until the bank gets all of their paperwork done. Your best bet is an extension on your current lease. If not you will need to put your possessions in storage and find a temporary rental for a couple of months. This is not an ideal situation; but not unusual. There are places like the Breakers, that are cozy and comfortable and geared for your situation. Their are other nice motels and hotels that have good temporary accomodations. This especially tough for you being pregnant. But the banks have no concern for your personal wellbeing, it is all about the money with them. Good success with your purchase from here.


Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Dec 29, 2012
No, there are rules about this you can not rent a house in short sale.
0 votes Thank Flag Link Tue Apr 1, 2014
Hi AS, I would love to know what you decided and what happened here. I am also 7 months pregnant and we have been waiting for a short sale to close but have no idea if it will happen before my due date, and we are currently living in my parents' garage! Housing stock is almost nonexistent here (including rentals) so we are desperate to find a place to live. We were going to propose renting from the short sale owner. It sounds like that could jeopardize the sale? Any advice, having been through this? Thanks!
0 votes Thank Flag Link Mon Mar 10, 2014
I will not recommend to rent the home you are trying to buy with a short sale status. We have seen some lien holder's rejecting offers when there is a relation between the seller and the buyer. A rental agreement can be that relation that will spoil the transaction. Some negotiators may delcine the file for this sole reason and some others will just not look at this. This Is a risk for the transaction and the property can be foreclosed.
0 votes Thank Flag Link Tue Nov 13, 2012
Sean is giving you good advise. There are so many things that could go south on your Short Sale. It appears the bank is having issues getting answers from the investors and the last thing you want to see happen is you move into this home as a rental and at delivery time, the bank forecloses instead of approving the Short Sale!

Wish you the very best with your pregnancy and in locking in housing!!!

Joyce Sedam
CHERRY CREEK PROPERTIES, LLC
720-934-7085
jsedam@gmail.com
0 votes Thank Flag Link Thu Oct 25, 2012
Careful there - so many short sale deals fall apart for no reason.
I hear ALL THE TIME "But they just crashed the deal for on reason....."
0 votes Thank Flag Link Sat Aug 25, 2012
Hi As,

If the seller is willing to move and rent the house to you, you can certainly do that. You would rent from the seller, not the bank. However, there is NO guarantee the seller's lender(s) is going to approve the short sale so if they don't, you will need to move again if the seller decides to move back into the house or the lender(s) forecloses.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Jul 30, 2012
Thanks Shanna!
The seller went through a divorce and has already moved out. The home is vacant and all utilities are still on! Is there any reason she would not want to rent it or are there any legal reasons she couldnt?
Flag Mon Jul 30, 2012
If I were in your shoes I love Sean's answer.

If you don't want to talk to a lawyer. Can you get your lease extended? If you have been good tenants the landlord will probably let you. Do this tomorrow before he has it rented out. If this didn't work offer more rent money and make your lease month to month.
0 votes Thank Flag Link Mon Jul 30, 2012
I wish we could extend our lease but he already has new renters ready to move in. Our landlord is trying to work with the new tenents to change their move in date but they have already signed a contract. Had we known the bank needed more time earlier we would have kept the place but they waited until 2 days before the closing date! Any other suggestions?
Flag Mon Jul 30, 2012
You should probably ask an attorney for the answer to this question, that's someone who can help protect you from any potential unintended consequenses.
0 votes Thank Flag Link Mon Jul 30, 2012
do you recommend any local attorneys?
Flag Mon Jul 30, 2012
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