Commonly homes are marketed for rent or for sale with the owner's intention being to stop the negative cash flow. Once rented, many will stop the sale listing process and be happy to have a tenant in place. Ask if this is the case, if not the lease is the law and the new owner would have to honor the lease. A very good point was made by another agent in that you should have concerns that the owner is in good standing with their mortgage company and the property is not in any state of pre-foreclosure. I sell bank foreclosures and recently had to negotiate with a tenant to move out and this was the second time they had been in a lease and the house went to sherriff sale.
Please contact us for a complete list of rentals that fit your criteria.
Rob Hughes: Long & Foster Real Estate Inc.
(Associate Broker) (AB065650)
(Hughes Associates) (Realtor since 1987)
Office: 610-225-7400 x7438
Cell# 484-410-9765 (Preferred)
With all things being equal in those several homes you mentioned,
it's best to pick the one that's not offered for sale.
Better yet, to check if the one selling or any others are in pre-foreclosure.
While there is always a chance that any house you rent might turn into a property offered
for sale, you can and should do your due diligence here and now.
You can easily check the public records for pre-foreclosure/overall deed/real estate taxes
Make sure to read your lease carefully, before signing. Better yet, to consult an attorney - most 1st time consults are free. The lease should state your rights in case of sale of property. Normally, you should be able to finish your lease term, unless it's month to month tenancy. That is if it's not a short sale situation (above).
Tenants's right vary from state to state, but you should be able to find out even before
renting what your rights are in your state - from your agent, your attorney or tenants' rights
pamphlets - available through legal clinics/free legal services.
To give you an example, you could be able to establish in the lease how many times you'd be willing to show the property per week and if you'd need 24hr notice for showings. If the buyers don't want to wait until the end of your lease and want the house vacant prior to the closing - a deal could be worked out between sellers/buyers. There could be some compensation for inconvenience money given to tenants (could be a couple of months rent plus movers expenses).
Hope this helps,
Beachfront Realty, Inc.