My husband & I just moved into an apartment & found out the property is up for "short sale" thru the bank. What will happen to us?

Asked by Chevygal0672, Berkeley County, SC Fri Dec 2, 2011

if sold / foreclosed The property is in Berkeley County, SC. It has been up for "short sale" since August of last year, and suddenly the landlord is moving stuff out and talking about renting the whole house out so he can afford the mortgage. He told us when we moved in that he just got his mortgage restructured, and that the for sale sign we saw was for a parcel of land he had to sell as per the terms of the restructuring. However, by accident, we found the real estate listing online for the entire property, the main house and the guest house we rent, plus all of the land. The listing was just updated at the beginning of November of this year, and the price was lowered. The landlord won't give us a straight answer, and said he is moving into a mobile home that he is building on another separate parcel of land he owns, and will be placing an ad to rent the entire main house. So far we have not seen any ads for the house for rent. He was also the owner of the land that the entire division was built.

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Chevygal0672, Renter, Berkeley County, SC
Fri Dec 2, 2011
We are looking, but we used most of our savings to move to this location. Plus, affordable rents in this area are hard to come by, and because my husband was laid off for quite sometime and I am a full time student, most apartment complexes reject our application.
We really just need to know how long we will have to vacate in the event that the foreclosure / short sale takes place before we can find a new home.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Dec 2, 2011
If you don't have a lease, you may wish to consider looking for a new home....
0 votes
Chevygal0672, Renter, Berkeley County, SC
Fri Dec 2, 2011
Ms. Brocco,

No, we do not have a lease. The landlord said he would sign one with us once we moved in, and would sit down with us and negotiate the terms. But now when we ask him about it, he keeps avoiding the subject and putting us off.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Dec 2, 2011
For any necessary legal advice, consult with an attorney who specializes in real estate; unclear do you have a lease--generally the lease needs to be honored, unless agreed otherwise...
0 votes
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