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Answers (7)
- Bert Pope, "bertpope"
- Contributions:66
It is fine, the lease says with the property.
It just stinks that you have to be inconvenienced by showings.
keep paying rent, dont try negotiating using your rent as a carrot.
It will only end up hurting you in the long run with late payments, etc.
Now, when the lease is up, that is when you negotiate.
Try going month to month at 1/2 rent, because he's keeping that money for himself, but he still owns the property.
You will have plenty of notice if the bank starts to step in and take the property because they will have inspectors who will come by and determine if the property is being occupied. They will put notices up and then you may start a dialog directly with them. The banks really like a place to be occupied until they are ready to take possession.
It just stinks that you have to be inconvenienced by showings.
keep paying rent, dont try negotiating using your rent as a carrot.
It will only end up hurting you in the long run with late payments, etc.
Now, when the lease is up, that is when you negotiate.
Try going month to month at 1/2 rent, because he's keeping that money for himself, but he still owns the property.
You will have plenty of notice if the bank starts to step in and take the property because they will have inspectors who will come by and determine if the property is being occupied. They will put notices up and then you may start a dialog directly with them. The banks really like a place to be occupied until they are ready to take possession.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
This happens all the time. You would have a new landlord and the lease would stay the same.
- Carolyn Liddell, "CarolynLiddell1"
- Contributions:3
Having your place sold while you are renting is certainly a surprise and an inconvenience. Pull out your lease and review it. There should be language with regards to his giving you notification to show the property, as well as putting a sign in the yard or a lockbox on the door. While this may seem unfair, the owner does have the right to sell his property. Unless there is specific language in the lease stating otherwise.
By all means, continue to pay your rent. You do not want to be in breach of the contract.
Usually the lease prevails in the sale, meaning you have the right to stay in the property to the end of the lease at the same terms and conditions. If the property is sold, your payments would then go to the new owner. The new owner could renegotiate the terms of the lease with you at the end of your lease, leave it as is, or give you termination notice in accordance with the terms of your current lease. I've heard of situations where the new owners wanted to move in the property, so they offered the tenants an incentive to break the lease early. Or they could be selling to an investor, who wants you to stay in the property.
With regards to understanding what a short-sale is, the others gave excellent explanation. The other point I would add is that short-sales take longer than a regular sale to go through. Once there is a contract on the house, it can take several months before the sale actually goes through.
Good Luck.
- Susan Blanford, "Susan Blanford"
- Contributions:55
You've received a couple of erroneous answers here. I can only answer for what occurs in my state. First, your rights in this situation should best be answered by an attorney who specializes in real estate--very important. In Ohio an owner can sell a property, but a tenant lease must be honored by the new owner.
A short sale has nothing to do with whether the owner is making payments. It simply means that the property for sale is worth less than what the owner owes. Therefore, when it is sold to the new owner for the price that is less than is owed, the owner is "short" of the funds to pay it off to satisfy their mortgage.
You do not want to stop making payments or you will be in breach of your lease. You really need to speak to an attorney to get the proper legal advice here.
There is really nothing wrong with selling a property that is leased according to what you have stated in your query.
Good luck!
- Jim Elliott, "RenoHomeListings"
- Contributions:16
If you took your car to a mechanic for repairs, but then found out that the mechanic hasn't been paying the lease on his garage, does that mean you get the service for free? Of course not.
The homeowner is still responsible for his mortgage, whether he is paying it or not. He may be hit with any number of non-payment penalties. The agreement between him and his bank is separate from the agreement between him and the tenant.
As for showings, your lease may stipulate that he has the right to show the property to potential buyers, but you are allowed to have adequate notice. He is not contractually obligated to do this, but sometimes landlords will offer a slight discount on your rent to alleviate your inconvienences during the listing period.
The homeowner is still responsible for his mortgage, whether he is paying it or not. He may be hit with any number of non-payment penalties. The agreement between him and his bank is separate from the agreement between him and the tenant.
As for showings, your lease may stipulate that he has the right to show the property to potential buyers, but you are allowed to have adequate notice. He is not contractually obligated to do this, but sometimes landlords will offer a slight discount on your rent to alleviate your inconvienences during the listing period.
- Michael Emery, "MikeEmery"
- Contributions:7297
Until the home is sold, the landlord is the legal owner. So yes, you need to continue to pay rent. In some states, the new owner of the home might be legally required to assume your lease.
The homeowner would only be in breach of contract if there was language in your lease that prevents the owner from selling their home during the duration of the lease.
As always, consult an attorney.
The homeowner would only be in breach of contract if there was language in your lease that prevents the owner from selling their home during the duration of the lease.
As always, consult an attorney.
- wetdawgs
- Contributions:26817
Living in a home that is on the market is indeed inconvenient, but usually there is nothing against selling the home with tenants in a lease. Have you checked specifically?
The short sale is between the landlord and the lender. A short sale doesn't mean that the landlord isn't paying the mortgage, but simply that the sale will be for less than owed on the mortgage. The rental agreement is between you and the landlord not you and the lender. If you chose not to pay rent, you can be evicted and lose all rights of landlord.tenant laws.
In your shoes I'd make it clear to the landlord that you expect the same notice for showings of the place as the law covers for non-emergency access for other things. In most states this is 24 h, but I didn't check for Nevada (you can pull it up on line).
Please pull up the Nevada landlord/tenant laws. There may be a contact number at that point for getting some guidance from legal aid, or consult with an attorney.
The short sale is between the landlord and the lender. A short sale doesn't mean that the landlord isn't paying the mortgage, but simply that the sale will be for less than owed on the mortgage. The rental agreement is between you and the landlord not you and the lender. If you chose not to pay rent, you can be evicted and lose all rights of landlord.tenant laws.
In your shoes I'd make it clear to the landlord that you expect the same notice for showings of the place as the law covers for non-emergency access for other things. In most states this is 24 h, but I didn't check for Nevada (you can pull it up on line).
Please pull up the Nevada landlord/tenant laws. There may be a contact number at that point for getting some guidance from legal aid, or consult with an attorney.
House for sale, but we are still renting?!
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