Home Buying in Dunedin>Question Details

Diane Dove, Renter in Dunedin, FL

If I am renting and get an offer to purchase from landlord (short sale), why is this a conflict (arm's length agreement)? We have NO personal

Asked by Diane Dove, Dunedin, FL Tue Dec 11, 2012

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Diane,

Hopefully the two previous Realtors have impressed you with the importance of both sides having a professional Realtor working with them. Short Sales are anything but short and "Arms length" transactions are very serious. If your Landlord is not applying the rent you are paying him/her towards the mortgage he/she owes, you can begin to see the lender's concerns regarding your relationship. Your landlord/owner should seek professional advise from an attorney to see if he/she qualifies for a short sale and what is his/her best legal option. Florida is a Recourse State-meaning debt does NOT disappear. The owner would be wise to have someone that can help negotiate the deficit. This is one of the reasons seeking legal advice is so important!

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
0 votes Thank Flag Link Tue Dec 11, 2012
Diane,
Contact a professional.
Short sales are a very complex transaction where rules are an illusion. The outcome will depend greatly on who is assisting the seller. It would be worth your while to give a pro a call. If your landlord does not have the home listed with a real estate pro at this time, the landlord should call a pro.

Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group,
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Tue Dec 11, 2012
Hi Diane,

Although you have no presonal relationship with your landlord, many people in the past have used this as a means to work a deal with the landlord making a profit he/she was not entitled to.

In a short sale there has to be no conflict of interest.

Your landlord must have hired a real estate agent with whom they have no personal relationship. You would be best served placing an offer with a different real estate agent with whom the seller has no personal relationship. There can't be any hint that the seller "your landlord" stands to gain any payback from you or the real estate agents involved.

If you have any questions go to a local real estate attorney and ask them for help.

Good luck getting your home.
0 votes Thank Flag Link Tue Dec 11, 2012
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