Home Selling in Avondale>Question Details

Columbus58, Both Buyer and Seller in Avondale, AZ

short sale and currently have a tenant in my property on a m to m which is managed through an Prop. Mgmt Company..does the tenant continue to pay ?

Asked by Columbus58, Avondale, AZ Tue Aug 24, 2010

does the tenant continue to pay rent until a short sale is agreed?

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Answers

4
Columbus

One option would be to negotiate a new agreement with the tenant. Consider reducing the monthly rent in return for tenant cooperation. Tenant stays, keeps utilities on and takes care of property. Tenant cooperation will help you with showings and ultimately a better contract to present to the banks.

Better contract = higher % of success for Short Sale.

Short Sales done correctly are wonderful.

Doug McVinua
HomeSmart

http://www.McVinua.com

Doug@McVinua.com
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Tue Aug 24, 2010
Your tenant is bound to the terms of your lease agreement, as are you. Unless there is specific exemption from paying in case of short sale, they are obligated to pay. You should consult with an attorney to be aware of the legal issues in a short sale that may affect you and your tenant.
0 votes Thank Flag Link Tue Aug 24, 2010
I am not a lawyer and cannot give legal advice. I believe Tracey is correct. Make sure you do your homework. Good luck.
0 votes Thank Flag Link Tue Aug 24, 2010
If you are making the payment, then the tenant should continue to pay. However, if you are not making the payment, if isn't really fair to the tenant and in some states it is considered fraud. You need to explore tenant rights in Arizona, to make sure you are following the laws of your state. Good luck.
0 votes Thank Flag Link Tue Aug 24, 2010
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