Short sale buyer wants to rent property to short sale sellers

I have a short sale that a buyer from out of the area wants to purchase. For various reasons, she is not able to move to this area until next year.  She suggested that until she moves to this area, she is willing to rent the property to the current owners.  Is there a problem with this arrangement?  The buyer and the seller does not currently know each other.

Views: 112

Reply to This

Replies to This Discussion

Jeanette. Most lenders will have a clause in the approval prohibiting this. The sellers will need to move.
This would then not be an Arm's Length Transaction as the seller would benefit from this arrangement and therefore from the sale. I agree with Bryant- move them out and find the seller's somewhere else to rent and the buyer new renters and you now have new friends and new clients. They may be buying down the road!
All of the lenders that I've worked with have prohibited this practice. The sellers will have to move.



© 2020   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************