Help in renting apartment

[oquefaco]

I found out the apartment that i am renting, the owner also has it advertised that she is selling the place as a "pre-foreclosure", does anyone knows what that means and how it affects me if i decide to rent the place.

Many thanks

[chpxiii]

A quick definition I found:

Pre-foreclosure sale -- allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.

Sometimes the borrower can sell it less than what's owed, which is a short sale.

How this affects you depends on where you live and the laws of your state. If you sign written rental agreement, the new owners may be obligated to honor it. But bear in mind that they may not renew the lease.

How it affects you is that there is the possibility you may need to find a new place to live as the new owners may not want to lease out the property. If new owners are looking to buy the property as a rental, you may be able to stay provided the new owners renew your lease.

[oquefaco]

Thank you for the explanation. I was going to rent this place but decided to keep looking. I don't want to run the risk of getting kicked out by new owner if the place gets sold

Thanks again