- This topic has 102 replies, 13 voices, and was last updated 16 years, 11 months ago by
sakina96.
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July 29, 2007 at 4:24 PM #68640July 29, 2007 at 5:04 PM #68577
SD Realtor
ParticipantHLS –
Generally with short sales I have found that
a – The property has to be on the market at least 3 months before the lender will even look at a short sale offer
b – The purchase offer on a short sale has to be accompanied by the required documentation package that the sellers must need to fill out. (Financial statement, proof of hardship, tax returns, w2 etc…)
c – The lenders I have worked with respond within 6 weeks, to a short sale offer.
Section c usually is the driving reasons why buyers agents hate to submit offers for short sales.
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Most lenders servicing loans for distressed homeowners I have worked with, seem to give a somewhat random answer as to when the notice of default will be recorded. There seems to be this sort of ether that occurs from when the loan is actually passed to the loss mitigation group for notice of default recordings as well as the initiation of foreclosure proceedings. More of less it appears to me that the timeframe is approximately 3 consecutive missed payments. Although it could be more… which would seem obvious if the loss mitigation groups are flooded with work.
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Sakina99 make no mistake about it, you will have to move someday. Your landlord of course will want you to stay and rent up to the day they close escrow with the buyer, or the day they hand the keys over to the bank because you are essentially making his payment for him. If you keep the home clean and showable then all the better for him. You are essentially doing him a favor. If your landlord has not missed payments then you are in good shape. However if they have missed 3 payments then I would start looking. Most people do not miss 3 payments then start paying again. Once they stop, they have a new strategy and will move forward with it because it is essentially throwing more money away and prolonging the inevitable. So that is what you really need to find out, are they missing payments. Once a notice of default is recorded you have a little over 3 months, (closer to 4) unless your seller cures the default.
As a renter who has had to move 3 times in 2.5 years, twice due to landlord decisions, I would advise any tenant to be wary once the landlord puts a home on the market. Especially if they are behind in payments. I don’t like doing any favors for landlords selling their homes and I don’t like to subject my family to agents showing the home I am living in so the second I was told they were selling I left. I am especially happy to see the home I left in February is still on the market today. That landlord begged us to stay.
Sakina99 I am not saying something is imminent… but I would be willing to bet that within 9 months the home will have a different owner.
July 29, 2007 at 5:04 PM #68646ParticipantHLS –
Generally with short sales I have found that
a – The property has to be on the market at least 3 months before the lender will even look at a short sale offer
b – The purchase offer on a short sale has to be accompanied by the required documentation package that the sellers must need to fill out. (Financial statement, proof of hardship, tax returns, w2 etc…)
c – The lenders I have worked with respond within 6 weeks, to a short sale offer.
Section c usually is the driving reasons why buyers agents hate to submit offers for short sales.
******
Most lenders servicing loans for distressed homeowners I have worked with, seem to give a somewhat random answer as to when the notice of default will be recorded. There seems to be this sort of ether that occurs from when the loan is actually passed to the loss mitigation group for notice of default recordings as well as the initiation of foreclosure proceedings. More of less it appears to me that the timeframe is approximately 3 consecutive missed payments. Although it could be more… which would seem obvious if the loss mitigation groups are flooded with work.
******
Sakina99 make no mistake about it, you will have to move someday. Your landlord of course will want you to stay and rent up to the day they close escrow with the buyer, or the day they hand the keys over to the bank because you are essentially making his payment for him. If you keep the home clean and showable then all the better for him. You are essentially doing him a favor. If your landlord has not missed payments then you are in good shape. However if they have missed 3 payments then I would start looking. Most people do not miss 3 payments then start paying again. Once they stop, they have a new strategy and will move forward with it because it is essentially throwing more money away and prolonging the inevitable. So that is what you really need to find out, are they missing payments. Once a notice of default is recorded you have a little over 3 months, (closer to 4) unless your seller cures the default.
As a renter who has had to move 3 times in 2.5 years, twice due to landlord decisions, I would advise any tenant to be wary once the landlord puts a home on the market. Especially if they are behind in payments. I don’t like doing any favors for landlords selling their homes and I don’t like to subject my family to agents showing the home I am living in so the second I was told they were selling I left. I am especially happy to see the home I left in February is still on the market today. That landlord begged us to stay.
Sakina99 I am not saying something is imminent… but I would be willing to bet that within 9 months the home will have a different owner.
July 29, 2007 at 5:25 PM #68581HLS
ParticipantSD..
I am aware and agree with everything that you say except there is zero evidence (at this point) that this is a hardship for the owner, in which Sakina doesn’t have to go anywhere, and the LL will be happy to have her stay.May sellers seem to have no idea about b) and c) above, which I already mentioned earlier.
July 29, 2007 at 5:25 PM #68650ParticipantSD..
I am aware and agree with everything that you say except there is zero evidence (at this point) that this is a hardship for the owner, in which Sakina doesn’t have to go anywhere, and the LL will be happy to have her stay.May sellers seem to have no idea about b) and c) above, which I already mentioned earlier.
July 29, 2007 at 8:52 PM #68601ParticipantAgreed HLS.
As someone who is renting, I have found that whenever there has been an intent to sell, from any of my LLs, I never stuck around to see the results and I felt it was an intrusion on the life of my family. Thus I bailed regardless of the financial situation of the landlord, or now nice they were… I am simply more distrusting of people by nature then most I guess… (Yes I am a landlord as well!)
In fact not only are there no signs of distress, but if there is not a disclosure of a short sale on the MLS, it may be that indeed they will come in with cash on the shortfall.
July 29, 2007 at 8:52 PM #68670ParticipantAgreed HLS.
As someone who is renting, I have found that whenever there has been an intent to sell, from any of my LLs, I never stuck around to see the results and I felt it was an intrusion on the life of my family. Thus I bailed regardless of the financial situation of the landlord, or now nice they were… I am simply more distrusting of people by nature then most I guess… (Yes I am a landlord as well!)
In fact not only are there no signs of distress, but if there is not a disclosure of a short sale on the MLS, it may be that indeed they will come in with cash on the shortfall.
July 30, 2007 at 10:00 AM #68653WaitingToExhale
ParticipantI have to agree with SD Realtor on leaving if possible. In the last house we were renting we were told the house was going on the market a month after we renewed the lease, after having been told when we first moved in the year before that the owners planned on holding it for their return, at least 5 years later. We dealt with almost a year of agents coming in at random times, calling with no warning (for example, from the curb in fron of the house), etc, before we were able to bail when the lease was up. We certainly had the impression that we were being blamed for the house not selling by the end even though we tried to be quite accomodating and always tried to keep the house in good condition. Of course, they ended up selling for 60K less than they started out asking.
I’m still annoyed at the “coincidental” timing of the decision to sell vs. our lease renewal and I’m concerned about the same thing happening where I’m renting now.
July 30, 2007 at 10:00 AM #68722ParticipantI have to agree with SD Realtor on leaving if possible. In the last house we were renting we were told the house was going on the market a month after we renewed the lease, after having been told when we first moved in the year before that the owners planned on holding it for their return, at least 5 years later. We dealt with almost a year of agents coming in at random times, calling with no warning (for example, from the curb in fron of the house), etc, before we were able to bail when the lease was up. We certainly had the impression that we were being blamed for the house not selling by the end even though we tried to be quite accomodating and always tried to keep the house in good condition. Of course, they ended up selling for 60K less than they started out asking.
I’m still annoyed at the “coincidental” timing of the decision to sell vs. our lease renewal and I’m concerned about the same thing happening where I’m renting now.
July 30, 2007 at 12:20 PM #68708ParticipantThere are many excellent tenants that have power these days.
People forget that many things are negotiable.Some landlords today would love to have a multi-year tenant with a lease. It gives them some security that they will have income. Their loan increase isn’t your direct problem.
If I were going to rent today, I would ONLY agree to being compensated for having the property shown AND a set fee if property was sold during my tenure.
Another option is just reduced rent, but I’d rather have cash to move. I would offer that to a tenant if I was considering selling.Leases are written to protect the landlord in most cases. State laws can supercede them. A lease is a contract and negotiable before you sign. There is always room to write in additional terms 😉
You can ask for a multi-year lease with compensation too.
It never hurts to ask.It can be harder to get rid of a tenant than an employee.
July 30, 2007 at 12:20 PM #68778ParticipantThere are many excellent tenants that have power these days.
People forget that many things are negotiable.Some landlords today would love to have a multi-year tenant with a lease. It gives them some security that they will have income. Their loan increase isn’t your direct problem.
If I were going to rent today, I would ONLY agree to being compensated for having the property shown AND a set fee if property was sold during my tenure.
Another option is just reduced rent, but I’d rather have cash to move. I would offer that to a tenant if I was considering selling.Leases are written to protect the landlord in most cases. State laws can supercede them. A lease is a contract and negotiable before you sign. There is always room to write in additional terms 😉
You can ask for a multi-year lease with compensation too.
It never hurts to ask.It can be harder to get rid of a tenant than an employee.
July 30, 2007 at 5:49 PM #68775Wickedheart
ParticipantThey actually called you from the curb and you let them in? You have got to be kidding me!
California Law
Special rules apply if the purpose of the entry is to show the rental to a purchaser. In that case, the landlord or the landlord’s agent may give the tenant notice orally, either in person or by telephone. The law considers 24 hours’ notice to be reasonable in most situations. However, before oral notice can be given, the landlord or agent must first have notified the tenant in writing that the rental is for sale and that the landlord or agent may contact the tenant orally to arrange to show it. This written notice must be given to the tenant within 120 days of the oral notice. The oral notice must state the date, approximate time and purpose of entry. 110 The landlord or agent may enter only during normal business hours, unless the tenant consents to entry at a different time 111 When the landlord or agent enters the rental, he or she must leave a business card or other written evidence of entry 112
The landlord cannot abuse the right of access allowed by these rules, or use this right of access to harass (repeatedly disturb) the tenant. Also, the law prohibits a landlord from significantly and intentionally violating these access rules to attempt to influence the tenant to move from the rental unit.113
If your landlord violates these access rules, talk to the landlord about your concerns. If that is not successful in stopping the landlord’s misconduct, send the landlord a formal letter asking the landlord to strictly observe the access rules stated above. If the landlord continues to violate these rules, you can talk to an attorney or a legal aid organization, or file suit in small claims court to recover damages that you have suffered due to the landlord’s misconduct. If the landlord’s violation of these rules was significant and intentional, and the landlord’s purpose was to influence you to move from the rental unit, you can sue the landlord in small claims court for a civil penalty of up to $2,000 for each violation.114
July 30, 2007 at 5:49 PM #68844ParticipantThey actually called you from the curb and you let them in? You have got to be kidding me!
California Law
Special rules apply if the purpose of the entry is to show the rental to a purchaser. In that case, the landlord or the landlord’s agent may give the tenant notice orally, either in person or by telephone. The law considers 24 hours’ notice to be reasonable in most situations. However, before oral notice can be given, the landlord or agent must first have notified the tenant in writing that the rental is for sale and that the landlord or agent may contact the tenant orally to arrange to show it. This written notice must be given to the tenant within 120 days of the oral notice. The oral notice must state the date, approximate time and purpose of entry. 110 The landlord or agent may enter only during normal business hours, unless the tenant consents to entry at a different time 111 When the landlord or agent enters the rental, he or she must leave a business card or other written evidence of entry 112
The landlord cannot abuse the right of access allowed by these rules, or use this right of access to harass (repeatedly disturb) the tenant. Also, the law prohibits a landlord from significantly and intentionally violating these access rules to attempt to influence the tenant to move from the rental unit.113
If your landlord violates these access rules, talk to the landlord about your concerns. If that is not successful in stopping the landlord’s misconduct, send the landlord a formal letter asking the landlord to strictly observe the access rules stated above. If the landlord continues to violate these rules, you can talk to an attorney or a legal aid organization, or file suit in small claims court to recover damages that you have suffered due to the landlord’s misconduct. If the landlord’s violation of these rules was significant and intentional, and the landlord’s purpose was to influence you to move from the rental unit, you can sue the landlord in small claims court for a civil penalty of up to $2,000 for each violation.114
July 30, 2007 at 6:20 PM #68779NotCranky
ParticipantWickedehart,
Did your reference address the topic of the landlord giving notice to the tenant to vacate in accordance with the terms of the rental/lease agreement. That 120 days written notice could be super problematic if the renter wants to cause trouble. Are you sure that applies to SFR and not bigger buildings?This is the excerpt in question:
“However, before oral notice can be given, the landlord or agent must first have notified the tenant in writing that the rental is for sale and that the landlord or agent may contact the tenant orally to arrange to show it. This written notice must be given to the tenant within 120 days of the oral notice.”
ThanksJuly 30, 2007 at 6:20 PM #68848ParticipantWickedehart,
Did your reference address the topic of the landlord giving notice to the tenant to vacate in accordance with the terms of the rental/lease agreement. That 120 days written notice could be super problematic if the renter wants to cause trouble. Are you sure that applies to SFR and not bigger buildings?This is the excerpt in question:
“However, before oral notice can be given, the landlord or agent must first have notified the tenant in writing that the rental is for sale and that the landlord or agent may contact the tenant orally to arrange to show it. This written notice must be given to the tenant within 120 days of the oral notice.”
Thanks -
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