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Q4U Asked About 'Frequently Asked Questions on QueryCAT: What is a short sale?'

Tenant regarding short sale

I am currently a tenant in a home I have been renting for 2 years. The owners have just notified me that they will be doing a short sale after they refinance the home they are in. They don't want a short sale on their credit report. The owners have told me that they are not behind on their payments. I am considering buying the property. Should I continue to make my rent payments to them and should I get a pre qual. letter?

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Shardee
Shardee Answered:

You need to talk to a lawyer not post questions on this site.

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jim
jim Answered:

Shardee is correct see an ATTY

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VernaLorraine
VernaLorraine Answered:

Like the other said, you should consult a lawyer - however...

A short sale is a way to avoid foreclosure. If they aren't behind on their payments I doubt your landlord will be able to get permission for a short sale from the bank he currently finances through.

I don't see any reason to not make rent payments. All they did was give you fair heads up that they are getting ready to sell their home. Whether you choose to buy that home, and Eden Prairie home , or a home in some other area is completely up to you!

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