Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 2, 2011 at 1:20pm

Pamela -

 

I literally got an approval for this exact situation just 10 minutes ago. 

 

I believe the key to getting it done is to be upfront from the beginning that the Buyer is the Tenant.  When submitting an offer in Equator put a note in the comments "The Buyer is the current Tenant".  When I spoke with the negotiator, I told her the same thing again and again to make sure it was clear.  It is approved and will close in 45 days.  

 

This one is a HAFA Short Sale, and is approved with Relocation Assistance paid to SELLER even though he doesn't live in the property.

 

Good luck - it can be done and with complete transparency and honesty !

 

Thom Colby

Broker / Negotiator

Newport Beach and Palm Desert CA

Permalink Reply by Ray Snook on November 2, 2011 at 1:30pm

I completed a short sale earlier this year with the tenant as the buyer. The bank was Chase. Went smoothly with no issues, I represented listing side, tenant was represented by another agent.

Permalink Reply by Vickie Hunt on November 2, 2011 at 1:51pm

I have one right now that tenant is purchasing.  Did affidavit signed by all papers that tenant is the buyer and submitted.  Have received approval from FHA with approval to participate and waiting for PNC to approval.  They have told me verbally so long as tenant is not related to the seller we are OK.  GMAC holds the 2nd and they said the same thing and have approval letter from them.

 

Also, I am representing both sides.  So long as house sells for what FHA appraised for they are OK with. 

Permalink Reply by Katerina Gasset on November 2, 2011 at 6:17pm

We get tenants approved often on our short sale listings. The lenders like that there is a person living in the home and will continue to live in the home. That is also a good mark for the lenders' "community outreach" that they are expected to participate in. 

Permalink Reply by Pamela Walsh on November 3, 2011 at 5:10am

Thank you for all your replys...looks like no problem in getting this done!