I am the leasee/purchaser of a short sale-preapproved, papers in, when can I stop paying rent

Submitted by Cynthia Garcia from FL - 06/28/2011 - 4:58pm

I have been leasing this home for 3+ years. Owner is opting to short sale. I prequalified, and have all paperwork in. Bank countered the original offier, just waiting for final approval on the sale. My lease was up in March, am doing a month to month. Am I still obligated to pay the rent awaiting the final approval on the sale or am I just giving this person free money? My next rent is due 7/1/11 - I don't want anything to go bad at this point, but as I said, don't really want to pay him any longer. What should I do?

You are not watching this post, click to start watching

Comments

Submitted by Michelle - 06/29/2011 - 9:42am

Hi Cynthia,
Provided that you are still receiving the benefit of residency and are not yet the owner then the rent is still due. The rent continues to be due regardless of the loan status of the landlord (delinquent or in foreclosure). If you stop paying rent they could serve you with a 3 day notice and then proceed with an eviction. Many renters that stop paying rent believe that the landlord will not evict them if they are losing the house. A landlord can pursue an eviction right up until the date of the trustee sale. Not to mention this could kill your short sale.

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

More information about formatting options

Before You Post

All comments should be relevant to the topic of the post and are subject to the terms found in our User Agreement.

Asking a Question

If you'd like to ask a new question, please start a new topic.

Please no SPAM.

We nofollow all links and promptly remove unsolicited advertisements - spamming here is a complete waste of your time, so don't bother. Vendors who actually answer questions and provide value to our forums may include links to their company or service as part of their signature.