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Buying or Selling a Home/closing on house in mount vernon ny
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Question
We have been waiting six months for bank approval to purchase a short sale.Bank finally approved sale and we set up a closing only to find out tenant were only served notice days ago and don't know when they can get out should we go ahead and close or will this cause us major expense to get then out after closing.
Hi Janneth,
Thank you for your question.
Congratulations on buying a short sale! You are probably getting a great deal. I suspect the house needs work so while you prepare for that have your real estate agent help the tenant find a new place to live. Meanwhile the tenant can pay the rent to you and make sure you get the prorated monthly prepaid rent from the seller at the closing. That is pretty sneaky, renting out a house while you are not paying the mortgage!
The seller should have notified the tenant sooner.
Short sale approvals take a very long time. I just completed one that was 2 years?!!
Anyway, speak with or have the seller meet with you and the tenants and work something out.
It is worth it!
Hans
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Hans Weber, Licensed Broker Associate
Expertise
I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?
Experience
Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.
Organizations
National Association of Realtors.
Westchester County Board of Realtors.
Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.
Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.
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