Owner knew the home was going into default 4 months ago when i told him that i was interested in buying a home.He the owner is a real estate agent and owned the home across the street from me. The renter across the street told me he had a notice of foreclosure on his door.Yet, when i confronted him about that,he said that my home was ok. that i might have to re sign a less later on when he got everything squared away with the lender.Nothing ever happened and i received a notice on my door. I just want out, and i want to buy .its time!
Real Estate Attorney
I have a number of questions: do you have a signed lease? Are you paying market rent? If a signed lease, did you use the AZ realtors standard form? The answers to these questions will help give you a firm answer to your question. Practically speaking, most buyers at foreclosures are more than happy when an existing tenant voluntarily leaves, so, if you can wait out the 3 months, you should be in good shape. Plus it may take you a month or two anyway to find and then close escrow on a home to purchase. I offer a flat fee rate to consult with tenants regarding a rental home in foreclosure. Let me know if you'd like to retain me so you can get some definitive answers to your questions and then utilize the information towards developing a strategy.
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A property going into foreclosure does not allow you to break a lease. Landlords often resolve the foreclosure and retain the property.
This is a great time for first time buyers to purchase a new home. Prices are down and interest rates are low. Buyers with a current mortgage often must find a buyer before committing to purchase another property. First time buyers don't have that trouble.
I hope this helps.
Steven A. Leahy
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
Real Estate Attorney
As mentioned above, your landlord's default does not mean that you are no longer obligated to pay rent and continue your lease. In some cases, it may be possible to negotiate with your landlord to reduce your rent or end your lease early. I recommend consulting with an attorney who can examine your lease documents and talk to you about your options.
Also, please keep an eye on the clock, so to speak. The county recorder's office will have the recorded Notice of Trustee's Sale (NOS), which might be available to view online. The NOS will tell you who the trustee is so can follow up and find out exactly what exact day the property is going to trustee's sale auction.
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