Many homeowners, during a short sale, decide to rent their property to make extra money before giving their house away. This type of rental agreements are very common between tenants and landlords but not so much by the general public. So what to do in these cases?
Homeowners are required to notify tenants the property is in short sale. However, most leases don’t disclose their rights in the case it is up for sale. Moreover, whether tenants have to move after the short sale is completed. In most states, though, tenants can be held or released from the lease by the new owner as he chooses.
Also, the short sale of a rental property usually takes some time or might not sell at all. During that period, tenants are still obligated to pay rents. Likewise, owners are still obligated to maintain the property. It’s also up to the landlords and tenants to work out the rules for showing the property to prospective buyers. Landlords should also work out how security deposits will be returned.
The Eviction Law Firm
Short sales are allowed under the law for most types of properties to rent. No matter if you are in that situation, if a tenant doesn’t want to pay rent, you have the option to evict them with the help of our firm. Even if you are trying to sell the home for less than what’s owed, you have the right to rent it and get paid. Call today at 877-573-8428