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Short Sale - Tenant Occupied
Short selling a home is touch enough these days, but one with a tenant posses additional challenges.
First and foremost, make sure the homeowner is communicating with the tenant regarding their plan to sell.  All to often, tenants find out the homeowner is in trouble when the trustee notice of sale has been posted on their door.  This does not give a warm and fuzzy feeling to the tenant, who is still paying rent.
The tenant should be assured of the following:
The tenant lease will be honored.  - This opens up so many questions, and the first one that comes to a tenants mind is...will I be evicted?  What happens when the property is sold?  Make sure you understand the laws in your state regarding the eviction of tenants under either a short sale or foreclosure scenario.  In Arizona, tenants are protected, even when bank owned. The tenant needs to know that their security deposit is safe and can be refunded when needed. - This is HUGE and can be the biggest hurdle to overcome.  The homeowner is behind on mortgage payments and in trouble, what are the assurances that the tenant will recieve their security deposit back? Tenant cooperation ... more

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