My landlord is selling our house with us as sitting tentants?

Question

Do you think he will sell it easy?
Shabby house.
What are our rights?

Answer 1

In this market, it is extraordinarily difficult to sell a house.

I would be very surprised if your landlord can sell it for the amount of money that I suspect that he will want for it.

The real estate market has dropped dramatically all over the United States.


What I recommend is that since your landlord wants to sell, I recommend that you make your landlord an offer to buy the house.

This is the best time for you to buy your house.

You are already living in the house, why not buy it?

I recommend that you hire an attorney who specializes in real estate law to write your offer for you and protect your interests.


DO NOT USE A REALTOR OR A REAL ESTATE AGENT.

A REALTOR or a real estate agent is not competent to protect your interests.


Next, I recommend that you hire your own real estate appraiser to give you an appraised value for the property.

I recommend that you hire an appraiser who is a Member of The Appraisal Institute. These are the most competent and well trained of all the appraisers that are out there.

This is NOT the real estate appraiser that your lender uses.

The real estate appraiser that your lender uses is there to protect the interests of the lender, not your interest.

Tell the real estate appraiser that you are hiring him to protect your interests so that you do not pay too much for the property and that you also need the appraisal to show your landlord and determine how much you will offer for the property..


The appraisal will also give your landlord a sense of reality about what the true fair market value of his property is.


THE DOSE OF REALITY THAT YOUR LANDLORD GETS FROM THE WRITTEN APPRAISAL FROM YOUR APPRAISER IS WHAT IS CRITICALLY IMPORTANT.


Most likely the true fair market value of the property is much less than your landlord thinks that it is.

Do not use an internet site like Zillow to estimate the value of the house.. The sites, such as Zillow tend to be approximately 30% too high.

With respect to lenders, I recommend that you start with a credit union if you have one.. Ask a loan officer at the credit union to give you a written preapproval for the maximum amount of money that they will loan to you for the purchase of a house.

Note: You do not have to use the entire loan amount, this is more important to show your financial strength.

The appraised value is what you use to determine your offer, not the amount of money availabe to you for financing.

If you do not have a credit uniton, the next source for you is the bank where you have your checking and savings accounts.

Again ask a loan officer at your bank to preapprove you for the maximum loan amount that you qualify for and give that to you in writing.

Remember, you are using the preapproval to prove your financial strength, not determine the amount of money that you will pay for the house.

Also remember to ask the lender to preapprove you, not merely prequalify you.

Your appraisal determines the amount that you will actually offer to pay for the house.

If your landlord will not agree to sell his house to you for the appraised value, then I suggest that you start looking for sellers who are willing to sell for fair market value.

Thereare many sellers right now who will sell their house for fair market value.

Remind your landlord that if he sells the house to you before he signs a listing contract with a real estate agent, he will also save approximately 6% in commissions that he would have paid to a real estate agent.

Also, remind your landlord that the house will not sell for more than the appraised value determined by your real estate appraiser, no matter what the real estate agent tells him.

Many real estate agents tell people that the house will sell for more just to get the listing contract. Then when the seller gets desperate because the house will not sell, then the real estate agent tells the seller to lower the price.

That is what will happen to your landlord if he lists the house with a real estate agent rather than sell to you.

Also, your landlord will have a vacant house and no rent coming in, possibly for months, because if he does not sell to you, then you will buy another house because you do not want to have to live in a house while real estate agents are showing that house for sale.

I wish you much success with the purchase of your new house.

Answer 2

It will sell easy if the price is right.

This is how it works in my area:

You have to give tenants 24 hour notice that the house is to be shown.

If you have a lease, you have the right to stay until the lease is complete or if the new owner wants you out, starts the 30 day eviction process when the house is closed. If you do not have a lease, the new owner can notify you to leave once the house is closed.

You should probably start looking around.

Answer 3

Generally, the sale of real property makes your lease null and void, unless there are terms in your lease that state otherwise. First, I would suggest you get a copy of your lease and read it to see if there is any clause or provision to allow you to remain a tenant in the event the property sells. Also, the Attorney General's Office in Texas has a service where they will answer questions from consumers and you can ask that specific question about the laws and regulations in Texas. The link is below and you can do so online. Good Luck.

Answer 4

It happened to me. The new landlord kept the same arrangement that I had with the previous one.

It could be worse. I read an article about what happens if a rent house is foreclosed on by a bank. All of the lease goes out the window in cases like that and you generally have 30 days to move out.

http://www.bankrate.com/brm/news/real-estate/20071109_foreclosure_eviction_renters_a1.asp

Answer 5

Hi Sam,
Little harder to answer this Question.Though u have asked me i wld tell u.As i am in India it has seperate rules.So it may vary in ur country.Normally in India If the tenants stay for rent for more than 5 yrs in the same House then it is there right to stay at the Home and only if they wish they can vacate.The owner of the house cannot force them to vacate.
So u act as per laws in ur country...

Urs Zaad

Answer 6

Read your lease. Normally, a lease is good until expiration. The owner can sell the house without your approval if the buyer wants you to remain in the house. If he is trying to get you out in this way, contact an attorney if you don't want to move.

Answer 7

if your in the UK, Have a look at your tenancy agreement. You need to know what type it is to find out your rights. Get along to your CAB or telephone Shelter, They will advise on your rights. Shelter does more than work for the homeless, They also look out for tenants who are having your sort of problem.

Answer 8

Look at your contract and read it all;l carefully. If you don't have a contract then he can do pretty much what he wants. Normally he will have to give you about 3 months notice. There is plenty of property for sale at the moment so buyers have plenty of choice, unless he asking a low price, he'll probably have trouble shifting it fast.

Answer 9

In the United States, if you have a written agreement with your landlord, you have residency rights outlined in that agreement until the expiration of the contract.