I'm a tenant who pays their rent on time ,just to now find out that my landlord has begun a short sale ?

Question

I AM A TENANT THAT PAYS THEIR RENT ON TIME. I JUST FOUND OUT RIGHT AFTER THE RENT WAS PAID LAST MONDAY THAT THE LANDLORD HAS PUT THE HOUSE ,THAT MYSELF AND MY FAMILY ARE LIVING IN RIGHT NOW, IN A "SHORT-SALE" SHE'S LIED TOO US MANY OF TIMES AND WE DON'T KNOW WHAT TO THINK NOW-EVEN THOUGH SHE LISTED THE HOUSE WITH TENANTS IN THE HOME-- WHAT ARE OUR RIGHTS AS TENANTS???

Answer 1

Depending on who ultimately ends up owning the house your rights will vary.  If the house is sold to a private individual then your lease will survive  the sale and you can continue to leave in your home.  If the bank owns the house you will have to move and rather quickly.  I suggest that you start looking for another place to live with a landlord who is upfront and honest with you.

Answer 2

Your rights are spelled out in your rental agreement or lease.  If the house is sold as a short sale to a private person your lease/rental agreement will survive the change in ownership.  

If the bank takes over through a foreclosure or a deed-in-lieu of foreclosure you won't be so lucky.  

As long as the landlord technically owns the house, you need to pay them rent.  

If you are a month-to-month renter, expect to be asked to leave at some point before the sale is finalized.  If your lease expires soon, expect it to not be renewed (or don't renew it and move).  

good luck!

Answer 3

First, relax. The bank has to approve a short sale, and they just are not doing it these days. At least not very quickly.

First, the bank has to approve. Then, the place has to sell. THEN the bank has to do the paperwork for the loan, and guess what, that paperwork just isn't forthcoming. I've heard of many buyers in short sales waiting a very long time and making no progress.

You have rights as a tenant. They are determined by state and local law. Google your state + "tenant landlord law" to learn what rules govern you and your landlord.

To break a lease without losing $$$, you need to get your landlord to agree. You can persuade her if you catch her in a lie that breaks the law, or you find a flaw in the lease document, or there is something about the place that makes it uninhabitable. Learn the laws that govern you and work them to your advantage. Your local tenant rights organization can help.