Can Short-Sale Properties Be Rented?
Short-sale properties tend to stay on the market for a long time, in part because of the lengthy process needed to approve any short-sale offer, and in part because they represent a declining market where interest in buying properties is low in the first place. However, homeowners do not have to sit on their short sales and wait for them to sell. Short-sale properties can be involved in rental agreements, and a number of different renting possibilities may be allowed depending on input from the other parties.
Short Sales
A short sale is an alternative to a foreclosure in which a borrower agrees to put the house up for sale on the market and sell it on behalf of the lender. The lender actually makes all key decisions for the short sale, including approving or countering offers. When the home sells, the proceeds go to paying off the mortgage, and any remaining amount is either forgiven or still owed. Fortunately, throughout this process homeowners retain their traditional ownership of the property, which means they have the right to rent it out.
Renting Time Frames
In most short sales, homeowners have two renting options. The first is a long-term option, which occurs when a homeowner bought the property as an investment and rented it out prior to falling behind on the mortgage. When a short sale is used to avoid foreclosure and the home is listed, tenants can stay in the house and continue renting as long as the lease lasts. In the second circumstance, the borrower may be able move out and rent the home while waiting for it to sell, a more short-term arrangement.
Buyer Notification
The lease involved in renting a short sale can become very important when an interested buyer makes an offer. Because of lease laws created by the federal government and most states, tenants have the right to stay in the property for as long as the lease allows. This means that the buyer takes on the lease when buying the property, something few buyers may be willing to do. It is important that the seller lets the borrower know if there is an ongoing lease that will effect the property.
Tenant Agreements
If homeowners want to sell their houses as quickly as possible but also want to rent them out, they should attempt to work out deals with tenants that allow for more flexible arrangements. For instance, homeowners could secure an agreement to have the tenant move out before closing if the house is ever sold. This will make it much more likely that the buyer will consider moving ahead and purchasing the property.
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