Rentals in 92336>Question Details

Tram, Home Buyer in Fontana, CA

I'm renting my sister's house and the house is on short sale. Can I still rent the house after closing legally in CA ? Thank you.

Asked by Tram, Fontana, CA Wed Jun 13, 2012

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my shop rent not ragulary for latter
0 votes Thank Flag Link Tue Jul 16, 2013
Legal advise it is best to receive from a real estate attorney ,also hard to give advise on such a delicate matter without knowing all the details of the buyer ,Please seek proper advise ..
I am a short sale specialist ,I would not think ,it would be appropriate to give advise in this case scenario need all the details on the table from each perspective person involved.HENA BROKER
0 votes Thank Flag Link Fri Mar 22, 2013
It depends. Is the new buyer buying the property to live in personally or as an investment? As long as you are not on title, you could negotiate with the new buyer to rent the property back. Talk to the buyer and the buyer's agent.
0 votes Thank Flag Link Thu Jan 10, 2013
Tram,

If the new owner is wants to rent to you, of course you can stay.

But, you are taking a chance, if the new owner wants to live in the home you will be asked to vacate. If you do not vacte in the time the allow you, you will be subject to eviction process.


Best of luc to you,
Kawain Payne, Realtor
0 votes Thank Flag Link Tue Jan 1, 2013
Hello Tram, You may be able to continue renting if the buyer is an Investor but who knows? You may qualify for CHF Access half percent down payment program with a minimum 580 fico score to qualify and it can also contribute towards your closing costs as well., I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I only need to ask a few dozen questions to pre-qualify you? How much are you currently paying? Here is what you can buy up to 150k which is maximum $1,098 PITI and only $750 down with minimum 580 fico score? These start at 89k which is only $450 down and $651PITI and up to the $750 down and $1,098PITI maximum. Let me know if you would consider condo and townhomes as well or what you think rental vs purchase?
Click the following URL to see the Listings purchase Fontana up to 150k:

http://www.mrmlsmatrix.com/DE.asp?ID=17630623238

Here is a flyer and a needs list to gather for loan processing your approval. Here are rentals in Fontana up to $1,100 too.
Click the following URL to see the Listings rentals Fontana sfr up to $1,100:

http://www.mrmlsmatrix.com/DE.asp?ID=17630643582

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
CHF Access income limits http://tinyurl.com/8lzf8he

http://www.Under640FicoScoreLoans.com
http://www.FrankandSheryl.com

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sun Oct 28, 2012
Hi Tram. It will be up to the negotiations of the seller (sister) and buyer if you will be able to still rent the house. If the buyer does not want a tenant in the property when they close escrow then it might essentially make the deal go south and your sister will be at risk of not being able to conssumate a short sale and possibly face foreclosure. Have you thought of possibly trying to qualify for a home loan and buy a home. There are great FHA programs out there where the loan approval is not so FICO (Credit Score) driven and very little down payment. Let me know if you need assistance in finding another rental home or buying a home. Thanks...
0 votes Thank Flag Link Tue Jun 19, 2012
second question : bas on the info that my sister got from her lender. they said my sister is not allowed to rent the house. I was wondering is this for good that she would not allow to rent or purchase her house back ? or it just applies to some short period of time ?

Thank you very much for all your help
I really appreciate your time.
0 votes Thank Flag Link Fri Jun 15, 2012
It would depend upon whether you were month-to-month or had a Lease:
If you signed a years lease now; the new owners would have to honor it.
I would presume that you would have to create the lease before an offer was made, so that the Buyers would be aware of the conditions.
However; you would be making it harder for your sister to show and sell the house; which, to my mind would be prevading: I can't imagine that you would want to hurt your sister's chances to get out from under the house.
If you just keep it simple, you be able to stay until 30 days after foreclosure or until the date of close of escrow on a shortsale.

Good luck and may God bless
0 votes Thank Flag Link Wed Jun 13, 2012
That's up to the person who buys the house! If the new owner wants a renter in it, you can negotiate a deal. If however, they are buying because they want to live in it, you would have to move. Right now, your rental depends upon your sister owning the home. That will change when a sale closes.
0 votes Thank Flag Link Wed Jun 13, 2012
That will be up to the new owner. My guess is the buyer will not close the transaction while the property is tenant occupied.
Good luck,
0 votes Thank Flag Link Wed Jun 13, 2012
The new owner may rent the house to you, however you may not purchase the home as this is not an arms length relationship
0 votes Thank Flag Link Wed Jun 13, 2012
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