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What happens to a renter of a house that the owner has posted a short sale for sale?

The home that we are renting is being put up for a short sales. I know that they are currently trying to get potential buyers the will be talking to the bank. Our Landlord says that we should be fine until March or maybe even June and was told that once the sale does go through we will be given 45 days notice. Should we start now and look for another place or just slowly look or just wait unitl the bank and owner agree to a sale and it all goes through?

Public Comments

1. Let's start with this question: Do you have a lease? If you have a lease, it is good for the full term of the lease. The buyer of the property must abide by all terms laid out in that document. The fact that this is a short sale has nothing to do with it. Foreclosures are a different matter, but that doesn't apply here. If you don't have a lease and are considered a month-to-month tenant, then I would be proactive in looking for a new place. You know you're going to have to move eventually, so I'd start sooner rather than later.
2. With the sale of a home that is currently rented, the new buyers have to homor the existing lease. In other words, your lease stands until it is up no matter if the house sells or not. The new buyers are buying the house with this understanding. Now if they are buying the house as an income property only, then they may allow you to release when your present lease is up. If they are buying it as their place of residence, then you will have to move out when your lease is up and not before.
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4. This all depends on if you have a lease. If you have a lease: You cannot be removed for a sale. Your lease goes with the property and the new owner must honor it. That 45 day notice she is planning would be illegal. You can only be given notice if you do not pay the rent or otherwise violate the lease. If you do not have a lease: She only has to give you 30 days notice and can do so at any time. You have no protection with out a lease. If it does not sell and gets foreclosed then you have some protection either way. The new foreclosure law (see below) requires that the bank let you live out your lease if you have one and give you 90 days notice if you do not. http://www.tenantstogether.org/downloads/S.896RenterProtections.pdf
5. You should check the laws in your state (the Department of Consumer Affairs for your state is a good place to start). In California, if a property that is not a foreclosure is sold, the buyer must honor the lease that the seller currently has, unless the buyer intends on occupying the property himself. If a company or investment group buys the property (not an individual), then they have to honor the lease. When the property goes into escrow, the seller can then give the tenant a 30-day notice to vacate (or give them the notice any time after that). You may try to negotiate with the buyer (through their agent) to give you more time or to draw up a new lease. But, if they are buying the property with the intent on occupying it, you're out of luck. If you're in a month-to-month situation, the same rules apply about the 30-day notice any time once escrow opens. But, there is no lease for them to honor if they don't plan on occupying it. That said, also keep in mind that a short sale can take several months to get approved by the bank. Once it's approved, someone makes an offer on it, and escrow opens, you're subject to the move out notice. But, that's not likely to happen for at least a few months yet (that's why the owner is saying as late as March or even June). I would recommend that you look for places now for some place that would be ideal. If one turns up, jump on it. If not, then keep waiting and looking for one you like. But, the later you wait, the less chance you're going to be able to take your time choosing another place to live.
6. 1) If you have a month to month lease it can be terminated with 30 day's notice. 2) If you have a lease for term (with a definite starting and ending date) the new owner must honor it. 3) A short sale can take several months to approve. 4) It might take several months for the house to sell, and then add on the time for the bank to approve the short sale. Having said that - once your lease is up, for your peace of mind start looking for somewhere else to live. Another option - you landlord might want to work with you to keep someone in the house until it sells, and might be willing to offer you a deal on the rent to stay.