In our current economic environment it has become common to hear of tenants who are being served foreclosure papers on homes that they are currently renting.
Before a tenant panics about being served a Lis Pendis, pertaining to the possible foreclosure of their landlord's property, it is always wise to first discuss the situation with the landlord to hear what their direction is to resolve the matter.
There are many options to foreclosure and the process of foreclosure can sometimes take years to resolve. One option a landlord may decide to take is to Short Sale the property your are renting. In some cases, this could be a great opportunity for the tenant to buy the property at an incredible value and not have to move out. A Short Sale could even give a tenant an opportunity to renegotiate their rent to accommodate the selling of the house. In many cases, buyers of Short Sales are real estate investors who will appreciate you as a good tenant in place and will want you to stay, continuing to rent the property to you after they purchase the home.
Certainly every situation is different and is prudent to seek legal counsel on legal issues. For information on Short Sales and the Options to Foreclosure, visit: www.TroyFunk.com. Troy Funk is a real estate Broker in the Sarasota, Florida area who has personally handled over 100 bank-negotiated sales in less than a year. He works with a team of professionals to facilitate Short Sales for homeowners facing foreclosure as an alternative to Foreclosure.
For information or to view Short Sale properties for sale, visit his website at www.SarasotaRealEstateGallery.com
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