Short sale, with homeowner becoming renter?
Okay here is my situation.
Ive been working with this realtor on this short sale for about 2 months. The asking price is 70k, and I got the lender to accept it for 65k. As is value for the property is about 80k. The comps show majority of the home in this area is selling for 80k+.
But unfortunately, now the owner, who is still residing in the place, decides she is not going to go through the short sale unless I agree to rent the place back to her, thus, no lapse in time. She would just sign a rental contract with me and stay. I wouldnt even have to clean the place up.
She even said she'll show her income and so forth. The property is in excellent condition. If she were to move, all I would need is carpet cleaning and paint to re-rent it out.
Has anyone done this before? I dont want to lose the deal, but Im not sure if it is a good idea to buy and let her stay. I think there is going to be conflicts about who's REALLY owns the property. What do you guys think?