Renter –
I think you and I were involved with the same homeowner/investor, and the same property manager. I moved to this area in April with no intention of buying yet. I signed a 1 year lease with a property management company (xxxxx xxxxx and friends) for a home located in the Rancho Bernardo area. The lease was to start on 6/1. During the last week in May I flew back to the east coast to help my wife get ready for the movers. 2 days after I arrived on the east coast I received a call from the property manager who informed me that an attorney for the owner of the home contacted them and advised that the house was going into foreclosure. To the credit of the property manager, they were helpful – they agreed to return my deposit, and offered to assist in finding another home. However, they mentioned that the homeowner owned 5 or 6 homes, all purchased with 100%!! financing (this has to be the same guy). I believe that they were as shocked as I was – and luckily we hadn’t moved in yet. I was able to contact our movers and delay my move for a month. Since that time, I located a different home in North County (more expensive, but nicer) on my own.
Like I said, I don’t believe the PM was aware of the situation until they were notified. I believe they contacted me on the same day the got word of the impending foreclosure(s). All that being said, I’d like to meet the idiot investor and have a few words…
