Short Sale Owner becomes renter of property

[Brandon Pearsons]

Hello All,

I am just trying to get some input and suggestions.

A bank accepted a short sale offer that I submitted.

The owner still lives there and I want to see if they want to continue living there...

The part I obviously am worried about is that if they stay there during escrow and do not pay rent afterwards when escrow closes.

Anyone been in this situation?

Any suggestions or advice?

Escrow might open as soon as tomorrow

Thanks

[Mitch Kronowit]

Originally posted by B Forties:

A bank accepted a short sale offer that I submitted.

The owner still lives there and I want to see if they want to continue living there...

I was under the impression that when banks approve a short-sale, one of the conditions is the current owner may neither repurchase or lease the property back from the buyer.

Anybody else heard of such a thing?