Rentals in 92592>Question Details

Wendell, Other/Just Looking in 92592

im currently renting a home that just went up to short sale,what should i do?

Asked by Wendell, 92592 Sat Feb 27, 2010

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So Cal Homes 951-821-8211’s answer
Hi Wendell,
If you stated you had a lease or the length of term left on your lease it may help.
Here again though, it may be a good idea to find a new home.
I will give you a hint and tell you that it is difficult, but not impossible, to short sell an income property.
Either way, I would have a chat with the landlord if possible.
Discussion is a good start.
Oh you might want to see if the property is in default.
Go to the county recorders office to see if there is a notice of default filed.
or ask an Real Estate Broker Realtor to do this for you.
It would be wise to speak with a Real Estate Attorney.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
CA DRE License 01312992
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
1 vote Thank Flag Link Sat Feb 27, 2010
Wendell good advice from everyone. The key is whether you have a lease or are renting month to month. If you have a lease, the new buyer will take ownership subject to the terms of your lease.
Here's an excerpt from the "Protecting Tenants at Foreclosure Act of 2009"
"Tenants must be given at least 90 days notice; tenants with leases must be permitted to remain until the end of the lease, except that a lease can be terminated with 90 days notice by a purchaser who intends to occupy the property."
You can read the complete article on my website.
Good luck!
Web Reference: http://firsttimehome.us
1 vote Thank Flag Link Sat Feb 27, 2010
Consult an eviction attorney and know your rights. Do you have a lease in place or are you month to month? You want to explain your whole situation so that you know what you are dealing with. After you are informed about what you can do, then communicate openly with the homeowner so that you can plan accordingly and make informed decisions.
0 votes Thank Flag Link Thu Oct 21, 2010
Wendell,
The lender is foreclosing and the homeowner is trying to do a short sale. Whereas you do have rights to stay in the property and the others on this blog have provided some valuable input, the fact of the matter is that the end is coming near and you should start looking for a place to relocate sooner than later. If you are financially positioned to purchase, you might consider purchasing the property - or looking at another home to buy as now is the time to buy. There are free reports on my website if you need any info to help you avoid mistakes that homeowners make when buying and selling a home. Best of luck to you!
0 votes Thank Flag Link Tue Mar 2, 2010
You will need to make sure that your rent is going to the Lender DIRECTLY, as collecting rent and not paying the Lender is FRAUD!!! You have rights that once a property is actually sold you can have up to 2 months after closing before you are legally required to move, you can contact an attorney for more info.
0 votes Thank Flag Link Sun Feb 28, 2010
Hi Wendell,
I'm sorry to hear this is happening to you. You have been given some very good advise. One other piece I would like to offer, if you decide to rent another home, do your due dilligence in making sure your not moving into a Rental in this same situation. When/If you find another home to rent, you can call your favorite Realtor, or Title Company and have them research your potential rental property. Protect yourself! It's not cheap to move; make sure your not moving into a home that is behind in payments and heading into the same Financial Trouble your landlord's going through now. And if your in the position to Buy, by all means look into it, you could be paying less for a Mortgage than you have been for this Rental.
If I can do anything to help, feel free to call.
Best Wishes.
0 votes Thank Flag Link Sat Feb 27, 2010
Put an offer in, and try to buy it. : )

Cory
0 votes Thank Flag Link Sat Feb 27, 2010
Start looking for another place to rent. Would you like help with that?
0 votes Thank Flag Link Sat Feb 27, 2010
Hi Wendell,
Here is a bit more information about tenant rights.

The Helping Families Save Their Homes Act of 2009 signed into law on Wednesday, May 20th, 2009 (Pub. L. 111–22) provides a 90-day notice requirement and additional protections for tenants in foreclosed properties.

Below you will find the major provisions outlined under Title VII, Protecting Tenants at Foreclosure Act of 2009.

- During the term of the lease, the tenant has a right to remain in the unit and cannot be evicted, except for actions that constitute good cause.

- If the lease ends in less than 90 days, the new owner may not evict the tenant without giving the tenant at a minimum 90 days notice.

- At the end of the term of the lease, the new owner may terminate the tenancy if the new owner provides a 90-day notice.

- The new owner may terminate the tenancy if the owner will occupy the unit as a primary residence, and has provided the tenant a notice to vacate at least 90 days before the effective date of such notice. This is the only exception to the rule that the tenant may not be evicted during the term of the lease.

These provisions expire on December 31, 2012.

Click here to read more provisions outlined under Title VII, Protecting Tenants at Foreclosure Act of 2009.
0 votes Thank Flag Link Sat Feb 27, 2010
Hi Wendall,

Take some time and familiarize yourself with the Protecting Tenants at Foreclosure Act of 2009. Learn more here... http://bit.ly/9A1seY. You might also want to contact http://www.FairHousing.NET and have a discussion about the particulars of your situation.

In any event, remember that Short Sales usually take a LONG Time. Use some of that time to read up on Short Sales... here's a great source of info on that topic... http://bit.ly/a2axmZ.

Good luck!!!

Richard Greenwood, Property Manager
0 votes Thank Flag Link Sat Feb 27, 2010
Hi Wendell,
This is a tough situation for all parties involved, no homeowner wants to go through the short sale process it is very difficult and timely. I sympathize with your situation unfortunately you are not alone many renter's are finding themselves in the same situation. You need to talk to your landlord to find out what is going on, you need some honest answers. Did they notify you that they were going to be short selling the home you are renting? Have you given them permission to show the property while it is listed? How many more months is your lease contract? Will you choose to stay in the home until it sells? What is the homeowner doing with your monthly rent?? Will you receive your deposit back??? I wish you luck with this Wendell.

Best Regards,

Jennifer Ricco CDPE, PSC
Keller Williams VIP Properties
25124 Springfield Court
Valencia, Ca 91355
661.290.3837
'Quality Consulting Through Continuous Improvement'
Serving The Greater Los Angeles Area & Ventura County
License 01461940
0 votes Thank Flag Link Sat Feb 27, 2010
Good communication with the owner is essential. Many times you can negotiate a rent reduction for having to show the property. So that you are not overly inconvenienced ask for showings to be on certain days at certain times. Tenants do have rights and if you need help seek assistance from an attorney who is well versed in Tenant Rights in California.

Here's a guide that may help you: http://www.dca.ca.gov/publications/landlordbook/catenant.pdf

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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sat Feb 27, 2010
Depends, what does your lease state and what is it's duration--if nearing the end, you may wish to start looking for a new place--
0 votes Thank Flag Link Sat Feb 27, 2010
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