All Forum Posts by: Cheryl C.

William, yes cloud the title by having tenant record lease. Too involved for me. I'll just adjust any offer based on 6 months lost rent and tenant occupancy until the 12 months expires. Now the owner - can you say 5 DAY NOTICE TO QUIT?

Steve,

Ok. I get where you are going. This was an reo that went back to the lender at the Trustee Sale. Lender is now auctioning it on-line. I read the proposed contract and it disclaims any responsibility for a tenant or possession, etc.

So, does tenant protection law become a lender problem upon taking the property at Trustee sale? And, can lender then "off-load" this issue (via contract) to a subsequent purchaser?

I'd guess the answer is yes. IF I were to sign the contract containing all those disclosures and assumption of risk, then I've "bought" the problem.

I still don't know that I would have to acknowledge the pre-paid rent.

This type of stuff has been happening to tenants for a long time - well before the recent reo situation. I guess I will have to read the tenant protection law to see if advanced rent and deposits are addressed. I know that a bonafide lease is protected. I agree that she needs to look to her LL for damages/fraud/false pretense, whatever.

Absolute crook. He was in foreclosure at time of lease - probably why he wanted the money upfront. She told me that he said the house situation was fine and that it was taken care of in Bankruptcy Court. This tells me that foreclosure proceedings were probably started over a year ago. He filed to get a stay and it generally takes the bank 6+ months to get the house removed from the BK and then the lender has to start the foreclosure all over again.

Will, it's not a scam. I saw her lease and spoke with her and her college age daughter for 20 or 30 minutes. The LL required that rent be paid up-front. This may have been due to credit but I don't think so. The owner (who was foreclosed on) lives in another part of the house with his family. He was at work.

She thought something was up and googled the property. She saw the auction and confronted him. He told her a bunch of lies. Said no foreclosure and that the auction site was a scam.

Anyway, if she can prove up the rent payments would a purchaser be SOL? Or is she SOL? I was just wondering if anyone has run into this situation. I told her that the deposit was probably gone.

I know (or believe) that there are laws in place to protect a tenant's lease in the event of foreclosure. I looked at a property today that is being auctioned online. The tenant told me that she paid her landlord 6 months in advance per LL's requirement and her lease.

What happens if I buy this property? Does she have to pay me rent? Is she protected by the prepay?

Wow! Nice place! Enjoy!

I read some past comments and wanted to see if anyone has more recent experience with this service. I am considering doing the trial membership but don't want to waste my time if the information is inadequate or outdated. In my region Title companies don't maintain or provide this info. and scanning Trustee's notices is tedious.

Benjamin,

Since some decent $$$ is involved, I wouldn't do anything without having an attorney look over your lease. Often there is an extended time period (ex. 6 months) during which a commission would be owed.

There may be options to consider; such as drafting a new lease when the current one expires and waiting out any time period before entering into any contract with your tenants. Without having a qualified individual review the exact wording it would be very hard for you to know your options (if any).

This is a good heads-up for any new landlords. Strike that nonsense!

Yes, needing one vs already having one (by way of the lease agreement) are two different animals.

In the past, I have always stricken that ridiculous commission on sale to tenant nonsense. I didn't hire them to sell my house, only rent it. The agent can take it or leave it.

I'd make an agent come after me if I signed such a lease.