Following on Adam’s remarks:
Were I you, Fredo, I would also try to get the existing landlord to give you back your deposit.
It would cost them hundreds of dollars and a couple of months to evict. That means that if you just refuse to pay until the TS, then you could have problems. I am dealing with one right now where the owner has not made a payment in 3 years (not an exaggeration). They thought it had been repo’d a couple of years ago. Now that they have calmed down, they are thinking about a short sale. That will probably postpone repossession for another year. So if its early in that process, and the landlord knows the system, he could get a new tenant and do this again if things don’t work out with you.
However, if you can work with him you could both win by him still collecting rent and you maybe getting a discount. If the bank takes it then you can get 3 months free occupancy from them.
If you take the cash for keys option (as Adam suggests) then I recommend comparing it to the 90 days free or going through the rest of the lease with the bank as the landlord. Again this assume the repo actually occurs. All of my listings are in foreclosure right now and NONE have been repo’d (2 have tenants).
Good luck and feel free to call or email.
