Foreclosure in Mesa>Question Details

Brandie, Other/Just Looking in Mesa, AZ

Is it poss. to rent out a house that is listed as a short sale in mesa az

Asked by Brandie, Mesa, AZ Sun Jan 11, 2009

I have a appt. with the owner of a property that is currently listed as a short sale here in mesa az. The home is vacant currently and I am curious to see if this is possible, I haven't heard of this before, if it is possible what would I need to do?

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Hi Brandie!

I concur with Paul in emphasizing the importance of being VERY careful. Is the property in pre-foreclosure status? Has a Notice of Trustee's Sale been filed? What are the owner's plans and intentions? etc., etc. If the house is listed in MLS, I would probably also talk to the Listing Agent and see what s/he knows about the situation. It's risky business!

Good luck!!

0 votes Thank Flag Link Sun Jan 11, 2009
Hi Brandie,

Yes, you can rent a home while it's listed as a short sale. But be careful! Your deposit may not be safe and when the property transfers owners, either back to the bank or sold at auction, you will be eventually evicted. Be careful. You also want to make certain that the person renting the house to you is the actual owner or has the legal right to rent the house. A lot of renters are being taken advantage of. So, don't become another statistic.

What you need to do is to have a licensed REALTOR assist you, to make certain that your deposit is safe and that the person renting the house to you is either the legal owner or has the right to rent it. But yes, it is possible to rent a short sale.

Buyer's Agent REALTOR
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0 votes Thank Flag Link Sun Jan 11, 2009
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