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short sale with Property Management Company in the middle.

Posted by Armando Arroyo on September 19, 2011 at 11:31am in Short Sale Discussions

Has any body done a short sale with a Prop. Management Co. in the middle of the transaction.

The Prop. Management lease expires on 9.23.11. Tenant Occupied. Seller motivated to Short sale.

Prop. Management has their own lease with tenants. 

 

If we do short sale, does the current short seller take over the lease for the tenants, while the short sale approval gets done?

 

I have handled short sales, where new buyer takes over and creates a new lease with tenants. 

 

However I am not sure how to approach the Prop. Management in the correct way?

 

Any suggestions?

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Replies

  • Bryant Tutas September 20, 2011 at 11:27pm
    Valid leases have to be honored by the new buyer. The management agreement itself with or should outline what happens in the event the property is sold. You need to see it.
    • Debbie Newsom > Bryant Tutas November 1, 2013 at 12:30pm

      What's a valid lease?   I have a buyer interested in a home that's is a short sale.  It looks like they just leased the home out in September 2013 and the lease isn't up until September 2014. So the homeowner leased the home out after the short sale was started.  Is that a valid lease?

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