This weekend, I showed numerous homes in Vista and Carlsbad. It was a very nice day and I am very happy work with these new clients from Arizona. One house we saw was a short sale listing in Carlsbad. The listing said vacant, but when we showed up there were people there. Luckily, the occupants answered the door and let us in after having a brief conversation with the listing agent. These occupants were new "tenants".
So, here I pose a question to you. . . is there an ethical issue here or not? The owner is selling his home as a short sale which means they are asking the lender to agree to accept less than what is owed for the home. Generally, this means the owner has stopped paying their mortgage due to financial hardship, etc. With some exceptions the lenders don't typically agree to short sales unless the owners are delinquent and in a financial hardship position.
So, let's assume the owner is not paying their mortgage. Yet, they are collecting rent from tenants. . . I think you get the point. Do you think the bank should be aware of this? If so, should they demand the rent money that is being collected? Is the owner just making a prudent business decision? Or maybe, is this ok because the owner is obviously desparate and doing whatever they can to bring in some money? I find these situations very thought provoking. What are your thoughts?
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