Foreclosure & lease

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Foreclosure & lease (by elliot [RI]) Oct 11, 2017 6:10 AM

Foreclosure & lease (by razorback_tim [AR]) Oct 11, 2017 6:15 AM

Foreclosure & lease (by Barb [MO]) Oct 11, 2017 7:14 AM

Foreclosure & lease (by NC INVESTOR [NC]) Oct 11, 2017 10:04 AM

Foreclosure & lease (by Barb [MO]) Oct 11, 2017 10:44 AM

Foreclosure & lease (by elliot [RI]) Oct 11, 2017 1:59 PM

Foreclosure & lease (by Vee [OH]) Oct 12, 2017 4:37 AM

Foreclosure & lease (by elliot [RI]) Posted on: Oct 11, 2017 6:10 AM
Message:

Does anyone know if you have to honor the leases of an occupied foreclosed property?

If the answer is yes, Imagine the owner occupied multifamily, the owner write up a 3 year lease at pennies on the dollar in terms of rent amount. Offer the other tenants the same term w/ an upfront fee. --73.16.xxx.xxx

Foreclosure & lease (by razorback_tim [AR]) Posted on: Oct 11, 2017 6:15 AM
Message:

I’m pretty sure there were some federal regulations passed that said that foreclosing banks could not evict tenants who had a valid lease. Due diligence by an investor purchasing from the bank should uncover this scheme you’ve outlined in your scenario. --70.182.xx.xx

Foreclosure & lease (by Barb [MO]) Posted on: Oct 11, 2017 7:14 AM
Message:

The question is, did the "lessor" have the right to sign the leases that were offered at the time they were offered?

Before offering to purchase a multifamily, I would require any existing leases to be disclosed. --131.151.xx.xx

Foreclosure & lease (by NC INVESTOR [NC]) Posted on: Oct 11, 2017 10:04 AM
Message:

Tenant's choice. They can elect to stay until the end of their lease or if they are M2M they can have up to 90 days to move.

--75.181.xxx.xx

Foreclosure & lease (by Barb [MO]) Posted on: Oct 11, 2017 10:44 AM
Message:

So if you found this situation, you would either need to adjust your offer to reflect the rent agreements or buy out the residents --64.251.xxx.xxx

Foreclosure & lease (by elliot [RI]) Posted on: Oct 11, 2017 1:59 PM
Message:

I don't think that you are allowed to approach them before you own the property(being it under foreclosure). Just something that concerns me.. --73.16.xxx.xxx

Foreclosure & lease (by Vee [OH]) Posted on: Oct 12, 2017 4:37 AM
Message:

It must be a state-by-state thing, here everything evaporates unless an -arm's length transaction- takes place, which a foreclosure is not. --76.188.xxx.xx

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Foreclosure & lease

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