A short sale is the same as any other property. I am sure that you got a good deal in the price, because of the short sale situation.
Best of Luck,
Getting higher rents here too!
"NEAL KNOWS LOS ANGELES AREA REAL ESTATE"
Real Estate and Financing
10940 Wilshire Blvd. Suite 1600,
LA, CA 90024 | Office:
Short sales can take a while to consummate, so I would advise that you start looking for another place to live, be careful, however, because the Lease also binds you to the term.
It all depends upon what type of property you are living in and in what city. In the City of Los Angeles, Santa Monica and West Hollywood, there is rent control.
If you are in a condo unit, you may be subject to the rent control laws. If you are in a single family house, you may not be subject to the rent control laws.
You do however, need to continue paying rent under your rental agreement. If you do not, you may be evicted. Also, there is a termination clause in your rental agreement which will state how many days the landlord needs to give you to vacate the property, 30, 60 or 90 days.
Refer to your rental agreement and also the rent stabilization ordinance, if there is one in your area.
All the best,
Kat Becker, Realtor
Prudential California Realty
So long as the tenant had been taking care of the property very very well & had otherwise been paying on time, I always suggest to the homeowner to offer a reduced rental rate so the tenant allows home showings, continues to care for the home & when the time comes, to allow the buyer to perform home inspection, allow appraisers in & what not. In exchange for this, the owner agrees to write a glowing letter of reference for the tenant when they move to another rental.
Another reason for the reduced rental rate is no one is able to let the tenant know exactly when the move out date would be, could be 90 days, 120 days, 60 days, or depending on the experience of the listing agent or bank(s) that are being dealt with it may take another 5-7mos+.
I don't look back on this same Trulia posting for answers after mine. Shoot me an email directly if you would like to talk about this further.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
100% short sale success ratio
& I can Prove it.
1. Continue making your rent payments according to your rental contract and save receipts, or
2. If you're in L.A. City, get advise from http://www.lafla.org/index.php or http://lahd.lacity.org/lahdinternet/ , or
3. make a purchase offer and become the new owner !
Have a blessed day.