Legal advise it is best to receive from a real estate attorney ,also hard to give advise on such a delicate matter without knowing all the details of the buyer ,Please seek proper advise ..
I am a short sale specialist ,I would not think ,it would be appropriate to give advise in this case scenario need all the details on the table from each perspective person involved.HENA BROKER
It depends. Is the new buyer buying the property to live in personally or as an investment? As long as you are not on title, you could negotiate with the new buyer to rent the property back. Talk to the buyer and the buyer's agent.
Hi Tram. It will be up to the negotiations of the seller (sister) and buyer if you will be able to still rent the house. If the buyer does not want a tenant in the property when they close escrow then it might essentially make the deal go south and your sister will be at risk of not being able to conssumate a short sale and possibly face foreclosure. Have you thought of possibly trying to qualify for a home loan and buy a home. There are great FHA programs out there where the loan approval is not so FICO (Credit Score) driven and very little down payment. Let me know if you need assistance in finding another rental home or buying a home. Thanks...
second question : bas on the info that my sister got from her lender. they said my sister is not allowed to rent the house. I was wondering is this for good that she would not allow to rent or purchase her house back ? or it just applies to some short period of time ?
Thank you very much for all your help
I really appreciate your time.
It would depend upon whether you were month-to-month or had a Lease:
If you signed a years lease now; the new owners would have to honor it.
I would presume that you would have to create the lease before an offer was made, so that the Buyers would be aware of the conditions.
However; you would be making it harder for your sister to show and sell the house; which, to my mind would be prevading: I can't imagine that you would want to hurt your sister's chances to get out from under the house.
If you just keep it simple, you be able to stay until 30 days after foreclosure or until the date of close of escrow on a shortsale.
That's up to the person who buys the house! If the new owner wants a renter in it, you can negotiate a deal. If however, they are buying because they want to live in it, you would have to move. Right now, your rental depends upon your sister owning the home. That will change when a sale closes.