Rental Basics in Las Vegas>Question Details

Roy Morrow, Other/Just Looking in Las Vegas, Las Vegas,...

I rent a home. How long as a renter do we have if the owner does a short sell, is made?

Asked by Roy Morrow, Las Vegas, Las Vegas, NV Tue Aug 11, 2009

rental info.

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If you rent a home that is in a short sale, it is VERY important that you have a lease that is valid. That of course varies but if you have a contract that is signed by you and the owner that gives you some protection.

As Frank said, short sales can take many months. And once they are closed, the new owner can give you a new lease( once yours expires) or if the buyer is going to move in, you have UP to 90 days. I cant stress it enough, if you have a lease that is in writing by both parties, thats the only way it helps you. If not, they can give you a 3 day notice to quit.

I dont know if you have open communication with the owner or property management company, if so, I would think they would let you know about the final sale date of the home and if it is an investor or owner occupied.
0 votes Thank Flag Link Mon Mar 4, 2013
Hi,
A releif for you or not is that a short sale is everything but short, and when they finally get an approval it will take about 30 days to close. Considering you have a lease, your lease goes with the house, and the buyer buys it. The buyer buys your tenancy, and has to honor the contract, you signed it to protect you and the landlord. If you are on a month to month, they can give you a 30 day notice.
Timeline wise, The fastest short sale approval I obtained took 3 weeks, the longest 5 months.
There are a million variations, but these are the basics.
0 votes Thank Flag Link Tue Aug 11, 2009
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