Stephanie Gl…, Home Buyer in Florida

We want to rent a short sale until we have a down pmt. approx 2mos. to buy the house. Can we ok this w/bank?

Asked by Stephanie Gluski, Florida Sun Oct 26, 2008

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Edgars answer is point on. In the short sale process, the bank only agrees to release their lien, without being paid in full at closing. Other then that, the bank has no say. The seller owns the home and makes all the final decisions. If the seller gets approval and decides not to sell, there is nothing the bank can do, except foreclose. The seller has the last word. Anything you "work out," will be between you and the seller. If you are going to rent it, verify if and when the foreclosure date has been set, as you don't want to move in and get a sale notice for the next week. Good Luck
0 votes Thank Flag Link Mon Oct 27, 2008
Stephani,

A home for sale as a short sale is not owned by the bank, it is owned by the person(s) who would like to sell the home.
Besieds, banks are not property managment companys. There is no such thing renting/leasing a home from the bank, it is also a liability issue
Web Reference: http://ETSellsVegas.com
0 votes Thank Flag Link Sun Oct 26, 2008
It really depends on the bank and the home. I would be careful though-You wouldn't want to move in and have the bank foreclose on the home and then have to move out. It sounds like you might already have a home picked out. If you would like to email or call me I can do some investigating and see if this is possible.

Roxanne Moore, Realtor
Re/Max Anchor Realty
Port Charlotte, FL
941-626-3926
twomoores19@comcast.net
0 votes Thank Flag Link Sun Oct 26, 2008
Are you working with a realtor. The chances of this seem pretty slim, but I would recommend that you contact a realtor if you aren't working with one yet. There might be able to be some sort of agreement worked out. The bank is probably not going to want to take the risk on the chance you can't get the down payment together, then they have to get you out of the house. There are many risks to the bank and to you by doing this. It costs you nothing to work with a realtor--seller pays the fees. Best of luck to you--there is still 100 percent financing available. Ask a bank about rural housing funds--VA, FHA, etc.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Sun Oct 26, 2008
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