Is it a good idea to rent a house that's also a short sale?

Asked by Missashley1985, Norwalk, CT Thu Apr 11, 2013

I found a rental house that also happens to be a short sale. It's been on the market for a year. I'm tempted to rent it but don't want to be suddenly booted out. How long does it typically take for a bank to go from short sale to foreclosure? Would you recommend renting this property or do you think it's too high risk?

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4
Mark T. Stern, , Fairfield County, CT
Thu Apr 11, 2013
If it goes into foreclosure, the foreclosing bank will likely evict. Banks don't want tenants and don't want to be landlords.
0 votes
Phil Zimbardi, Agent, Orange, CT
Thu Apr 11, 2013
Your lease will carry to the new owner. But do you want to deal with opening up the place to buyers all the time?

There's no real 'risk' that I am aware of other than the new owner wanting you to leave..
0 votes
Mark T. Stern, , Fairfield County, CT
Thu Apr 11, 2013
Just because it is for sale as a short sale does not necessarily mean it is in foreclosure. It could be in foreclosure, but it may not be. Very simple to do a little research and figure out if it is in foreclosure and if so at what stage.

If it is in foreclosure you may still want to rent it but should be very careful about security deposit.

I have a great deal of experience in this exact scenario, you are welcome to contact me for a free consultation.
0 votes
Vidiella Lynn, Agent, Trumbull, CT
Thu Apr 11, 2013
There are no guarantees, here today gone tomorrow.
0 votes
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