Home Selling in 91602>Question Details

Annoyedtenant, Other/Just Looking in 91602

I am currently the tenant of a condo and signed a 12 month lease. My landlord recently decided to do a short sale on the property. Legally what are

Asked by Annoyedtenant, 91602 Thu Jan 28, 2010

my rights as a tenant? Can the landlord give us a 30 day notice to move out?

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The Coldwell Banker agent who is taking care of the short sale was the one who told me about the bank having control over the property. To my knowledge the sale has not officially gone through yet. This is what was forwarded to me via email:

"This is the brand new policy of Wells Fargo as of January 2010: to close expeditiously within 30 days of submitting an offer.

There’s nothing I can do - it’s beyond my control. It’s all in the hands of the bank: Wells Fargo.

If we don’t close on time, then the property will go to the bank and you’ll have to leave anyway.

If there’s any way I can help you find an alternative apartment, please let me know.

Your best bet will be West Side Rentals or the L.A. times on line.

Please see this email as an official 30 day notice to vacate the property above."

I spoke with my land lord yesterday and he offered my roommate and i $400 to move out in addition to our deposit. I am more than willing to move, I just feel as if 30days is way to short of notice being that i have to find a new condo, and save for move in costs.

I have been told by numerous people that there is a chance that I could negotiate relocation fees... I have yet to hear back from the attorney, but was wondering if anyone has heard of this?
0 votes Thank Flag Link Mon Feb 1, 2010
Good for you for seeking legal advice--technically the landlord is still the owner of the property, and will be until either the bank takes possession or it is sold; I wonder who said it's in the bank's hands.... good luck and all the best.
0 votes Thank Flag Link Mon Feb 1, 2010
Thank you all for your responses. I have forwarded my lease agreement and everything to my general counsel and am currently on the search for a reasonably priced Real Estate Lawyer.

I am hoping to get all relocation fees covered. But update as of last night, I was told that it is in the bank's hands now and my land lord can't do anything... seems a bit shady to me, but i am hoping for the best!
0 votes Thank Flag Link Mon Feb 1, 2010
HI Annoyed Tenant,
I feel for you.
I strongly suggest you see a real estate attorney.
Bring your lease with you.
Perhaps sending the information to the attorney so the attorney can research it would be a good idea.
Don't let the idea of an attorney hold you back. I highly doubt it will cost you all that much to find out, and you may have your attorney send a letter to your landlord.

I am not an attorney and I cannot give legal advice.
I wish you the best in your situation,

Harold Sharpe
So Cal Homes Realty
http://www.southern-california-home.com
0 votes Thank Flag Link Sat Jan 30, 2010
Best advice is to consult an attorney. Strictly for information, the following may help you:

The fact that the seller is trying to do a short sale does not mean he will be able to sell it as a short sale. For the seller to be approved to even move forward with that they will have to fill out a very extensive package for the bank which is basically a very detailed financial statement. Once the bank reviews the package they then decide if the owner and house would be eligible for a short sale. If they DO agree, the house would be listed for a price to bring in offers. If they do NOT agree, the owner can still list the house but will have to pay all the funds owed.

In addition, if the house does not sell as a short sale it will be taken back by the bank. In quite a few instances, where there is a tenant in the property, some banks are working with the tenant to remain in the property. It depends on what type of loan the seller has.

Hope this has helped a little. It is a difficult position to be placed in. Again, an attorney is probably your best route at this point.

Carol

Carol Moson
RE/MAX Greater Atlanta
678-784-4289
770-973-9700 ext 289
Web Reference: http://www.TalkToCarol.com
0 votes Thank Flag Link Thu Jan 28, 2010
It depends--what does your lease state, absent of clause to the contrary you are entitled to stay for the duration of the lease regardless who the purchaser may be --you may wish to seek the advice of an attorney specializing in real estate--most professionals do offer a free consultation--
0 votes Thank Flag Link Thu Jan 28, 2010
You should review your lease document and contact a local attorney.
0 votes Thank Flag Link Thu Jan 28, 2010
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