One of the reasons that we, as agents, so often recommend that buyers and sellers employ the use of a good agent is to provide you (as the seller) and the buyer with protection against misunderstanding and, what may now become, a very expensive legal issue. For those of us who have worked with buyers and sellers, I can never say that the deal was "basic" or went "without a hitch", but rather that all transactions have their challenges, and, as the seller without an agent, these "learning experiences" can be expensive.
At this time, if you and the buyer are endeavoring to buy the home without the help of an agent or short sale specialist, or the contracts and forms we use, the issue of the tenant may be only one of 30 or 40 different things that can and may come back to haunt you.
If you choose to sell the home without the help of a skilled real estate professional, please consult and pay the retainer of a qualified real estate attorney to assist you. If you have any questions at this juncture and your agent cannot assist you, please contact a real estate attorney for assistance. Try Alan Berger at the Law Offices of Alan Berger in San Jose, John Hanna or Dave Van Atta of Hanna & Van Atta in Palo Alto, Harry Price of the Price Law in Los Altos. Good luck!!
Grace Morioka, SRES
Area Pro Realty
P. S. It is my understanding that, regarding your specific question, the dictates of the written contract will prevail over any unmemorialized verbal agreements. If your contract is silent as to tenants, the presumption is not necessarily that they need to move at all. Again, a legal contract is best examined by a legal professional for your best opinion.
Donâ€™t you have an agent? If so, your agent has all of the paperwork that we lack and is in the best position to advise you. If you donâ€™t have an agentâ€¦wellâ€¦there is your first problem.
We donâ€™t know what you mean by â€œbasic agreementâ€. We wonder if you made an offer using the Cal RPA but subsequently signed an addendum that basically wiped it out. We wonder if the â€œbasic agreementâ€ is an approval from the lender for the short sale.
Too many loose ends to even speculate.
Often times if this is ignored I have seen several buyers have to evict tenants after the purchase which is a great risk and burden you want to avoid.
Specializing in Foreclosures and Short Sales