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Yes, we had a realtor and she had a pre-qual letter. And since it is a short sale, we needed the rental income to afford the dues. And no, we weren't late with the dues. She paid them prior to them being considered late! We have always been up to date with our dues. According to statutes, the association can "demand" payment from the renter when the owner is delinquent (? - by a day?) and we must credit that money towards her rental fee. Which we did, and the served her with an eviction notice for the balance of rent due. We shall see. I'm sure it will be complicated.
Reading this thread made me wonder: Do folks who aren't making their house payments, legally allowed to rake in rent money? And if so, why? Not saying either OP is doing this, but what a deal if a home "owner" can do this. Seriously, that's about as dirty as you can get.
Owners can by law use rent money for whatever they want and no law can tell them what to pay. Tenants can use their income to pay for whatever they want. Similar scenario.
Tenants who don't pay the rent can be evicted. Owners who don't pay can be foreclosed upon.
It would be perfect if both sides pay what they should pay.
That's why the law changed a few years back that owners who rent out after falling behind on a mortgage are not allowed to signs. Lease agreement unless they disclose and that lease still will not have any value. If the lease was signed prior to the lis pendens filing than the tenant is protected and to protect tenants, property managers/ realtors can use rent payments to pay HOA's so tenants can remain use of amenities which otherwise they can be cut off from.
Btw many pre-approval letters are a scam...no credit pulled at all and therefore the poster maybe stuck with a tenant who had a bankruptcy and wasn't capable of buying in the first place.
99 out of 100 tenants who want to buy the property will not be able to do so...many tenants when they fill out an application all have the same intensions and no clue about down payments, etc. Most of them claim to get settlement money in very soon...you probably have heard it too
Btw many pre-approval letters are a scam...no credit pulled at all and therefore the poster maybe stuck with a tenant who had a bankruptcy and wasn't capable of buying in the first place.
99 out of 100 tenants who want to buy the property will not be able to do so...many tenants when they fill out an application all have the same intensions and no clue about down payments, etc. Most of them claim to get settlement money in very soon...you probably have heard it too
Yes, there was a bankruptcy and we finally found out after 3 contract extensions that she was nowhere near qualifying. And after not paying rent for 5 months, she had the nerve to say that she hadn't broken her lease and as a tenant, she was ENTITLED to 24 hr. notice for showing and wouldn't agree to a lockbox.
Yes, there was a bankruptcy and we finally found out after 3 contract extensions that she was nowhere near qualifying. And after not paying rent for 5 months, she had the nerve to say that she hadn't broken her lease and as a tenant, she was ENTITLED to 24 hr. notice for showing and wouldn't agree to a lockbox.
That's when we served eviction papers!
A good realtor will not take a pre-approval letter but nowadays they will ask for a pre-qualifying letter.
There is so much going on with mortgage brokers who are even willing to give a pre-approval letter without checking a persons SSN. We recently had a realtor who was the buyer who was shopping for a mortgage broker who tried that. One mortgage broker disclosed it to me after we were talking and I asked her something about the approval since the realtor/buyer had mentioned her name to get him approved and she stated she refused to help him since he wanted the letter without his SSN being checked and she doesn't work that way....the pre-approval letter we got from that realtor/buyer was real shady so we told him we need a pre-qualifying letter or we would inform the lawyer assigned by Wells Fargo for their side of the short sale that we didn't have a solid proof of funds/pre-qualifying and only then we were able to get more info after at least 5 times asking.
It will save you a lot of time and in the end a short sale that most likely will fall through. We learned the hard way too.
Update: Since the approved short sale fell through due to lack of financing, Wells Fargo closed our file for a 3rd time. We have now been served with foreclosure papers. We were trying to be proactive to get the short sale completed before it went to foreclosure, but had an ineligible buyer. Does anyone know if Wells Fargo is willing to accept/approve a short sale once they have already filed the Lis Pendens?
We are trying to figure out if it is even worth it to try to list the property and evict the tenant - all to get a contract on the property- but why even bother if they bank is set on the course of foreclosure?
Any advice is appreciated. Thanks.
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Seriously, that's about as dirty as you can get.
