Sacramento Expert Short Sale Real Estate Agent

Posts Tagged ‘renters’

Well another happy seller and buyer on this one.  Buyers happy to get their new home right before the holidays. I wanted  to mention that when working short sales on the buyer or seller side how important it is to know what you are doing.  This situation could of been a problem from the beginning as there were tenants on in the property. 

 Making sure the tenants were going to be prior to closing the deal is very important to a buyer, as they will then become the landlord to these tenants after recording the sale. This could be a deal breaker to the buyers especially if they wanted to occupy the property. The lien holder on a short sale does not care about tenants on the property, they only care about closing the deal according to their acceptance of the short sale. 

I have heard from so many people that Realtors here in Sacramento do not, or are not willing to show a short sale or even list one.  Their loss was my gain on this one.  Realtors better change with the times or their business will not get any better for them.

So when your trying to sell or buy a short sale with tenants on the property make sure that the seller has given proper notice to the tenants to vacate the property, or worked out a settlement prior to closing in writing and have a back up plan in place.

Make sure the buyers are in complete understanding of what could happen in a worse case scenario which affects their ability to buy or delay moving into their new home.

In this case everything worked out great for both sides, although there were some rough area’s of concerns.  It did come down to a legal document being drawn up to get the tenants out prior to closing.  The tenants moved out 2 days prior to closing. Too close for comfort. Every Realtor needs to protect their clients best interest. Know all the facts and present this information upfront.

Terri Wisecarver

Sacramento Real Estate

twre.info@gmail.com

www.twre.info

CHECK RECORDS in your County is what I would say to any renter out there.  I have a co-worker that has just been ripped off by an owner of a property in foreclosure.  Now of course I am not saying all rental owners are doing this, but this is not the first time I have heard this happening. 

With that said, my co-worker is renting a home that he had to move to because of the last rental home he was in tried to short sale (after falling behind) but it ended up going back to the bank.  Now of course he was wondering where his money had been going on this rental for the last year. This new rental he has been paying on for 3 months has just had an NOD filed and stuck to the front door.  He was shocked to see this as he stated that he and the owner had a conversation before renting this one about his previous experience.  Now of course he called the owner (landlord) and asked him about this situation and wanted to know where his rental money had been going for 3 months, and the owner stated that he did not know what he was talking about.  After he asked me to do some investigations for him I found out that the owner was in default and was 2 months behind in his mortgage.  The renter again contacted owner and demanded an explanation, as this now has put  the renter in a bad situation of having to move again, not to mention coming up with the money and find another home.

The owner tried to tell him that he was caught up on the mortgage and the bank made a mistake.  The renter feels that this too is not true  because  now there have been other people coming by to ask the renter questions, taking photos of the home etc:  I advised my friend to seek legal advise to see about getting back the 3 months rent he just paid and the owner kept in his pocket along with the $1000.00 deposit he will not get back. It looks like he has no choice at this point but to just wait to see what happens.

How many other people are getting ripped off out there?

I also set my friend up with a company that can help him clean up his credit report and manage his finances so that we could help him buy his own home in the next year or so.  He hopes that me writing about his experience will encourage any renters out there to investigate the home with county records before signing on the dotted line.  Unfortunately in this market and the economy, there are a lot of people doing desperate things. .

Please feel free to voice your opinions

Terri Wisecarver

Your Realtor in Sacramento County