Property Q&A in Stockton>Question Details

K Thomason, Both Buyer and Seller in 95204

how long does a short sale take to go through? How does one know if they had the high bid.?

Asked by K Thomason, 95204 Sun Jun 14, 2009

This house and studio are both occupied by renters
when it is appropriate to give them notice? I do not think they are paying rent. How do I find out if they are paying and to whom??

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The wait time for an answer on a short sale has shortened this past year. Some banks are faster than others, but an average would be 45-60 days. An experienced listing agent will have gathered all documents prior to listing and contacted the bank to see if documents can be submitted prior to an offer. Your agent should be able to have a conversation with the listing agent to find out how the transaction will be handled and when the winning offer will be chosen. The listing agent should also provide information about the tenant, the lease and their plans for removing them prior to closing.

A short sale with a tenant can be tricky. Hopefully your agent asked about the current owners lease with the tenants. The lease will superceed the contract. What that means is if the tenants have time remaining on their lease, you the new owner cant move into your home until the lease expires and they vacate. The current owners can contact their tenants and ask if they would like to break the lease, but the tenants are in control. Since the current owners are usually not paying the mortgage perhaps they can offer sine "rent free" or "reduced rent" time as an incentive to break the lease.

If the renters are currently month to month then you will want to make sure that your short sale approval letter from the bank gives enough time for the tenants to be properly notified to vacate. If you are buying your home to occupy yourself, your bank is going to demand that you move in at the time of closing.

Your offer to purchase will have a section for renters and how they will be handled prior to closing.

1 vote Thank Flag Link Sun Jun 14, 2009
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