Home Buying in Las Vegas>Question Details

henigest2000, Home Buyer in Las Vegas, NV

I need to do inspection on the short sale I am buying, the seller has a tenant there and the process is stalling. What are my rights?

Asked by henigest2000, Las Vegas, NV Fri Nov 16, 2012

Additionally, I put an offer on the house when it was empty and ready to move in. I discovered since that they let someone else live there and the house is a total mess now. Tenant has animals. Is this okay?

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Answers

7
The seller has put you in a difficult situation. The seller should have had specific written instructions to deal with a tenant that is short term while the short sale process is being completed. I hope you have a experienced agent . Another question you will want answered is what is it going to take to get the tenant out when you close on the property. You may have some leverage if you have the approval letter on the property'. The seller will want to close before the Debt Forgiveness Act runs out in December. The tax consequence may be a huge issue for the seller if the closing does not happen this year. I would require the property to be in the condition that it was when I made the offer or I would start looking for another property. Never settle for less and get cornered into a bad situation that you will have second thoughts about. That little voice always tells us what's right we often just don't listen to it. Good Luck and I hope you are able to reach an agreement.
Thank You
Sizie Marquardt
http://www.FastNevadaShortSales.com
1 vote Thank Flag Link Sat Nov 17, 2012
You and the seller should have signed a Short Sale addendum to the purchase agreement. which details the agreement between buyer and seller in regards to this short sale transaction. In most cases your due diligence does not begin until you have received written short sale approval from all of the banks that are required to give short sale approval. If the lien holders have not approved the short sale yet, refer to page 2 #7 of the short sale addendum to see how many days you must wait before you cancel the transaction without penalty. If you have already received written approval of the short sale, you can cancel this transaction for any reason during the due diligence period. Once again, refer to the short sale addendum to the purchase agreement to see when the due diligence period begins and refer the residential purchase agreement to see how many days long is your due diligence period. If you want to continue with the purchase of the property, you need to schedule your inspection within the due diligence period. Assuming your due diligence period does not begin until the short sale has been approved, you should hold off on doing the inspection until the short sale has been approved.
The agent representing you as the buyer will be able to help you with all of this information.
1 vote Thank Flag Link Fri Nov 16, 2012
Did you use an agent? Call your agent, that is why you need an agent to ask all the questions you want or need....
0 votes Thank Flag Link Sat Nov 17, 2012
Thank you, Matt. I did not get any information on the extension. I put an offer on a completely vacant, empty home. Now they have a tenant who is messy and turned the house into a complete mess (I went to see it the second time and they reluctantly agreed to show it to me). Should I be requiring that the tenant vacate the property before I do inspection as this is what I put my offer on originally? Thank you so much. I am new to this and this is definitely not going the way I imagined!
0 votes Thank Flag Link Fri Nov 16, 2012
You must get a signed extension to inspect home. Deadlines are the most important part of the purchase contract. Your agent should be advising you on this, if not speak with his/her broker/boss. Extend escrow till you have done physical inspection and all other inspections you want to do. Based on the condition of the home at that point, you may re-negotiate price, deduct cost to repair, ask seller to do repairs which is unlikely since it's a short sale. Or...pay tenant 25.00 to get inside. There's many ways to skin this cat. Matt 501-0973
0 votes Thank Flag Link Fri Nov 16, 2012
I received bank approval on 11/6. Today is 11/16 and I have yet to hear on when I can conduct an inspection. Yes, I am trying to schedule one, I just have not heard back on when yet.
0 votes Thank Flag Link Fri Nov 16, 2012
Yes, it is ok.

Unfortunately, this is starting to become a common theme. With Short Sales taking so long to close, and Sellers hurting for money. The owners technically still own the property and have the right to rent out the property, if the choose. And, as long as they disclose to the tenants the current situation.

Yes still have the right to inspect the property, and even check up on it. The only difference now is the tenant has the right to be given a 24 hour notice before you can see the property.

I'm currently going through the same situation with one of my buyers.

Best regards,

Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
702.592.9510 ph
Chris.Harrison@msn.com
0 votes Thank Flag Link Fri Nov 16, 2012
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