Vacating Property upon closing Short Sale

[Erik Satterthwaite]

Greetings all,

I am new to real estate investing, and already I am fully immersed in my first short sale in New Jersey.  I have gathered the necessary documents from the owner and have contacted the bank and was assigned an agent to work with.  I am now in the process of putting together the short sale packet. 

The property is a 2-family that is currently being rented, with the owner living in one unit. I understand that upon closing the bank requires that the owner vacates the property. Does the same hold true for the tenants?  My thought was that I could market the property as a turn-key investment on the resale with the current tenants that live there. I appreciate all insight in this matter.  I look forward to your replies.

Thanks.