[phishin4dmb]

Tenants in a Short Sale trying to buy

We are the Tenants of a unit that is up for a Short Sale. We put an all cash bid down. We need help with the Terms of the continued occupancy during the sale process.

1) Our lease ends on 6/10/09
2) The Trustee owes $378k
3) Notice of foreclosure was set for 5/5/09, she got it extend the day of to 6/19/09.
4) She applied our deposit to the last month of or rent
5) She owes us a total of $400 deposit for our dog and keys
6) She is offering to give us the last month's rent when the unit goes into escrow
7) We pay $1395 a month
8) The unit is currently listed at $204k
9) We put an all cash bid of $175k

A) Should we ask for a reduction of rent? Say down to $1000?

B) What if the unit does go into foreclosure? We won't get that last month's rent free that she is offering us. We live in CA so we understand that in the event of a foreclosure we get a 60 days' notice to vacate the property upon recipe of a written notice. What kind of concessions/guarantee should we ask from our trustee/owner?

C) Since we put down a all cash deposit, how willing and cooperative should we be in letting her show it to other people. I understand that we DON'T have to let anyone in to see the place. What would benefit the process of our sale

D) Why would the banks only give a 44 day extension? Would they likely extend it again?

E) Anything else we need to consider?

[excon]

Anything else we need to consider?

Hello phishin:

This forum is really good for genera legal questions... You, however, need specific advice that we're not set up for...

If I was you, I'd hire a good real estate lawyer to handle this transaction for you.

excon

[ForeclosureHelp]

Was the short sale approved yet for the $175k offer?

We work with organizations that process short sales and the time frame takes 90+ days for an approval... some banks take longer!

[ScottGem]

A) You can renegotiate the rental after the lease expires. She doesn't have to agree though.

B) A new federal law went into effect in May that requires 90 days for the tenant to vacate.
Concessions and guarantees in terms of what?

C) Where do you get the idea you don't have to allow the property to be shown. Until your bid is accepted the owner has the right to try and sell the property. You are required to allow the property to be shown with reasonable notice.

D) Ask the bank

E) You should be seeing if you can talk to a rep of the bank and try to get them to work with you and the owner.