Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

Curious about selling my home to a tenant. Was advised by a…

Curious about selling my...

Curious about selling my home to a tenant. Was advised by a friend that I am not even allowed to be renting the home currently as it is against the mortgage company policy. I was forced to rent it out due to financial difficulties.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Have not prepared paperwork but the mortgage company doesn’t even know I’m renting it. I want to do a For Sale By Owner but will the fact that she’s already renting it come into play?

Lawyer's Assistant: Where is the home located?

Rhode Island

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No thank you

Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 10 hours by:
5/4/2018
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,857
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Ask Your Own Real Estate Law Question

Good morning. Have you read your mortgage? If so, does it State a time in which the home needed to be owner occupied if it was a condition to the mortgage?

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
I would have to look it up to confirm. I already have word from my tenant that she wants to buy and she is meeting with her financial advisor next week. The other (major) issue I’m facing is that the home is on the brink of foreclosure due to additional financial difficulties I’ve run into. I received a letter on April 9th from the law firm representing the mortgage company. I was told the only thing that would stop the foreclosure process would be if I found a buyer but my tenant and I are only in the beginning stages of settling on a price to buy. Not sure what my options are with stalling the foreclosure and I’m also not sure if her renting the home would prevent the sale.

In a situation like this, you can present to the bank, a buyer. I do not think it is going to be an issue with the buyer being a tenant, as the bank just wants their money and if the buyer is qualified and can obtain a mortgage, the bank will work with you. If you can get the buyer to sign a contract and present it to your bank, they can stay the foreclosure proceedings and if the home is worth less than what is owed, may even consider a short sale. I do not think this is going to be an issue with them being a tenant but you need to move fast, if the home is close to being foreclosed on.

Ask Your Own Real Estate Law Question

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be 5 STARS! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
What kind of contract would I ask her to sign to stay the foreclosure proceedings? Would this be something that I draft on my own?
You have the buyer sign a regular purchase and sales contract like you would do with anyone buying your home. You would then present that to you bank as they suggested and just ask them to place a stay and not proceed with the foreclosure if you are able to sell
Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
Got it. Purchase and sale agreement. Thank you.
My pleasure and if you have not already I kindly just ask that you rate my help at the top at this time. Thank you.
Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
Do you think I should call them now to request that they give me some extra time while she gets her financials in order? I have until May 9th and she’s meeting with her advisor on May 7th. Cutting it close.
Customer reply replied 3 months ago
Of course... you were fabulous and I’ll be sure to rate you.
there is nothing wrong with speaking with your bank and keeping them informed so they know what is happening and can work with you. It is when they do not hear from you or know what is going on that they move forward.
Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
Understood - again, you were great and thank you so much for your help. So much anxiety over this lately. I just want to sell the house and move on. Luckily, it is worth more than it owed so hopefully she and I can work out something fair.
Customer reply replied 3 months ago
Final question (sorry) - since this is a for sale by owner and she has been renting for six months, are there rules and standards around how the rent she has paid affects the overall price or no? Obviously I’m new to all of this. What would you suggest as far as approaching the price from a tenant/landlord perspective.

No, there is not. Unless you had a lease to own agreement with them, you can offer and list the home for sale, based upon the market value and what it is worth. The rent they have paid is not relevant to the purchase of it and you do not need to deduct or reduce the price because of it, if they were just a tenant.

RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,857
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified
RealEstateAnswer and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 3 months ago
She was just a tenant - I had an agent friend do the comps on the house and he gave me the estimated value, which is what I’m prepared to start with. Thanks again for all your help. I appreciate your prompt and helpful responses.
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask RealEstateAnswer Your Own Question
RealEstateAnswer
RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 32,857
32,857 Satisfied Customers
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases

RealEstateAnswer is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
I moved into this property in 2009-2010 with the intent to
I moved into this property in 2009-2010 with the intent to buy from the owner. As of today he has abandoned this property and several others. I've paid the taxes, maintained the upkeep and purchased m… read more
Bruce Schreiber
Bruce Schreiber
Juris Doctor
848 satisfied customers
I am selling my house for sale by owner. Can I use a
I am selling my house for sale by owner. Can I use a downloaded purchase and sales agreement that states copyright Rhode Island Association of Realtors? I am not a realtor but found this online. … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Can a Florida home owner with a mortgage sell their deed to
Can a Florida home owner with a mortgage sell their deed to an investor? … read more
RealEstateAnswer
RealEstateAnswer
Lawyer
Juris Doctor
32,857 satisfied customers
I have a first-in-line (recorded 1st) mortgage on a home in
I have a first-in-line (recorded 1st) mortgage on a home in Grand Rapids, MI. The home has 8 apartments w 2 units occupied by the owner. Another mortgagee (X) has a 2nd in-line mortgage (recorded late… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
14,185 satisfied customers
After a civil seizure in RI, we are claiming exemptions
After a civil seizure in RI, we are claiming exemptions under Rhode Island Statutes.Rhode Island provides a $500,000 homestead (occupied or intended to be occupied) exemption.We owe around $900,000 on… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
Question, I live in the state of rhode island my home has
question, I live in the state of rhode island my home has been forclosed and sold at auction purchased by the bank, it was severly under water its been about 50 days since the sale, no contact yet I w… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I've a 75% interest in residential property in Ben Lomond,
I've a 75% interest in residential property in Ben Lomond, CA (Santa Cruz Mts.) that's in litigation for a court ordered sale by partition on the court calendar for 10/5. No property management docume… read more
CalAttorney2
CalAttorney2
Attorney
Doctoral Degree
8,845 satisfied customers
I own a house in Rhode Island where my mom lives, free of charge.
I own a house in Rhode Island where my mom lives, free of charge. We have no official documents covering that arrangement. She has a friend that she wants to move in with her for companionship, free o… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,365 satisfied customers
if the owner of a mobile home park sells the park to lets say
if the owner of a mobile home park sells the park to lets say a condo developer what is the law concerning the mobile home owner or their rights of compinsation in rhode island?… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
6 years ago my partner and I bought a house together. Both
6 years ago my partner and I bought a house together. Both of our names are XXXXX XXXXX mortgage, I am the primary borrower, she is the co-borrower. We seperated 3 months after we bought the house, an… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
When purchasing a short sale home, what are the ramifications
When purchasing a short sale home, what are the ramifications of allowing the former home owner to stay in the home as a renter, if a bank says that they should not do so?… read more
Alex Esquire
Alex Esquire
Managing Attorney
Doctoral Degree
153 satisfied customers
I have been a tenant in a property located in Pennsylvania
I have been a tenant in a property located in Pennsylvania for 10 years...I've paid my rent/lease option payment...I received a foreclosure notice months ago in the landlord/owner of record's name...h… read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
I loaned someone who was in trouble some money and we signed
I loaned someone who was in trouble some money and we signed a loan agreement. The loan was to be paid back from the proceeds on the sale of a second home. It is taking longer than expected to sell th… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers
I am a landlord with a rental property in Rhode Island. We
I am a landlord with a rental property in Rhode Island. We used the services of a Real Estate agency to search and screen for the tenant. This agency was paid $1200 by us, the landlords. The tenant th… read more
David L
David L
Doctoral Degree
1,604 satisfied customers
We recently signed a purchase and sale agreement for a beach
We recently signed a purchase and sale agreement for a beach home in Rhode Island. We own our current home in CT. We've recently received a mortgage approval as well. We have not yet closed on the bea… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I have been leasing my home while I was recalled to active
I have been leasing my home while I was recalled to active duty. The house has cost me about $1400 more per month than rent. I am released from active duty in January and forceably retired with a pens… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
We have tenants leasing our home with a pool in Rhode Island.
We have tenants leasing our home with a pool in Rhode Island. The lease states we the owners are responsible for pool maintenance. However, they demanded the pool be opened in April, and we responded … read more
Thomas Swartz
Thomas Swartz
Attorney
Juris Doctor
2,902 satisfied customers
How do I add my daughter to my existing residental home mortgage
How do I add my daughter to my existing residental home mortgage deed. I am terminally ill and is the sole owner of my home on the deed and mortgage. I live in Rhode Island and I am retired and receiv… read more
FLACORPLAWYER
FLACORPLAWYER
Doctoral Degree
1,750 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x