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3 years ago
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If I have a lease, can the owner go in to short sale while I am still living in the house and do i have to leave?>

I have a 2 year lease on a rental home and after 1 year in to the lease, the owner said she has financial problems and has to sell the house. I still have another year on my lease, can they force me to leave? I have never been late with my rent and have never had any problems with the landlord as of yet? I also have almost $4000 in security that I am afraid that we are not going to get back. The lease states that it is being held in an interest bearing account at Wachovia Bank.
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3 years ago
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She has the right to sell the house, though most landlords give the renter first option to buy. You may ask her about it. Also, the new owners may let you stay. Before you fret and move out in the middle of the night you should check into these things. Don't forget that her decision has got nothing against you I am sure. You may talk to her and ask her to add a stipulation that you are allowed to transfer your lease to the new owner to the sales contract. If that option is not available in this situation she is required to give you your deposit back because she would be the one breach the contract.
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3 years ago
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Check into what your tenants rights are. If the owner is having financial difficulty she has the right to short sale her home if her mortgage holder allows it but you may have specific rights as a renter, it varies state to state. Google tenants rights for your state. Many banks are offering "cash for keys" to the occupant of the property whether tenant or owner when the property sales or go to foreclosure.
Nuncita Cherry
Real Estate Professional
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