alexkadams, Home Seller in Shelter Island, NY

We have inherited a house that has a small rental property on it with a tenant and has 6 months left on the lease. What is our obligation to her?

Asked by alexkadams, Shelter Island, NY Tue Feb 19, 2013

We will be trying to sell the house within the next six months as it is in a reverse mortgage situation.

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6
paul124’s answer
Hi alexkadams

I think a reverse mortgage is a financial security for your whole life.I have a reverse mortgage.Which name is reverse mortgage lenders direct.They are very helpful.

http://www.reversemortgagelendersdirect.com/new-york-reverse…
http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
0 votes Thank Flag Link Tue Oct 29, 2013
I didn’t know you could lease a home with a reverse mortgage without being in default of the terms of the mortgage.

Good luck,
Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Feb 20, 2013
If there is a lease involved much swill depend on the document; for any necessary legal information/advice consult with an attorney who specializes in real estate.
0 votes Thank Flag Link Wed Feb 20, 2013
Since we are in a community of second/ vactaion homes many properties on the market are also rental properties so this is very normal.

It is possible to sell the home with the lease in place - new owners take over lease until expiration under current terms and attorneys pro-rata payments to assign to new owner at close - alternatively you can buy tenant out of the lease.

With it only being six months I am certain this will not put any buyers off making offer on the home. You will need to check the lease and see if there is a show clause in there for the cottage and get permission to show.

If you need any other advice pricing home etc please give me a call.
0 votes Thank Flag Link Wed Feb 20, 2013
You can also, if you can afford it ask them to look for another apartment and pay them move.
0 votes Thank Flag Link Tue Feb 19, 2013
Leases transfer with the sale of a house. You can always ask the tenant if they would be willing to leave early. The timing could work though in the sale and the lease end date. Confirm the lease has a show clause.
0 votes Thank Flag Link Tue Feb 19, 2013
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