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    pbanta's Avatar
    pbanta Posts: 2, Reputation: 1
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    #1

    Jul 29, 2010, 05:15 AM
    Can we buy the home we are renting if it's been forclosed in wa state?
    We are renting a home that went into foreclosure. We sent in an offer but never heard back from the landlord of the bank. It has now been foreclosed and they said we must move out even though we want to buy it an have been prequalified. Their rep said we must move before they can sell to us. We are in WA state. Is this true? What can we do to stay and purchase this home?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jul 29, 2010, 05:25 AM
    Whose rep? Who is "they"? I've never heard of having to move out before they can sell to you. I would question that.

    Are you sure the foreclosure has been finalized? Was an auction held? You do have 90 days to move after the foreclosure is finalized, so they can't push you out. How long ago did you submit an offer?
    pbanta's Avatar
    pbanta Posts: 2, Reputation: 1
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    #3

    Jul 29, 2010, 05:29 AM

    It was a real estate agent for the mortgage company. Yes, I'm sure it's been foreclosed. Our offer was submitted about 6 mo. Ago; it would have been a short sale. They canceled the auction twice.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Jul 29, 2010, 07:36 AM

    Ok, so the mortgage lender is now the owner. I would go back to the rep and tell them, that if you have to move, the expenses of moving will force you to rescind your offer. If they will not accept your offer, then let you know now and you will start looking for a new place and be out within the 90 days allowed.

    If he comes back and reiterates that you have to move first, ask him what rule or law requires this. Or ask to speak to his supervisor or someone who works for the lender.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Jul 29, 2010, 07:47 AM
    Quote Originally Posted by pbanta View Post
    ... Yes, I'm sure it's been foreclosed. ... it would have been a short sale. ...
    You are contradicting yourself. If it was a short sale the foreclosure wouldn't have been completed.

    Quote Originally Posted by pbanta View Post
    It was a real estate agent for the mortgage company. ...
    I'm suspecting the agent has some sort of a vested interest in selling it to someone but you. Perhaps he doesn't get a full commission if the property is sold to the current occupant.

    Copy your offer to everybody involved. And talk to them in person as well.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Jul 29, 2010, 07:56 AM
    Quote Originally Posted by AK lawyer View Post
    You are contradicting yourself. If it was a short sale the foreclosure wouldn't have been completed.
    I think you misunderstood. The way I read it, the offer made by the OP would have constituted a short sale. Not that there was a short sale.
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