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  • May 16, 2011 at 5:37 PM #696953
    urbanrealtor
    Participant

    You can stay until the new owner (the bank or hedge fund or SD REaltor or whomever) comes knocking.
    At that point, you will probably be offered cash for keys.
    If it is an investor, you may be able to stay on as a tenant (as my neighbor did).

    Ask an agent to look up the expected sale date or go to county records or go to the website referenced on the notices to find out when the most current expected foreclosure date is scheduled.

    The notices get amended all the time so the date on there is probably fiction.

    After the new trustee’s deed has recorded and the property has changed ownership, you can still hang out until the new owner comes knocking.

    If you come home and there is a notice from the new owner, confirm the change of ownership by dropping by 1600 Pacific Hwy near downtown.

    If it has actually changed hands (sometimes the banks accidentally boot people without actually taking ownership) then call whatever number is on the notice the new owner (or their agent or attorney) has taped on your door.

    Get an email or fax number and conduct all negotiations for possession in writing. I need to stress that point.

    If they call, ask them to email you.

    If they show up at your door, tell them to bring a cop next time and shut the door.

    If it turns out that they have taken the property and initiated eviction, and there is a sheriff at the door, then for fuck’s sake cooperate (they have guns and evictions make them super jumpy).

    Don’t let it get to that point because that often means showing up to find your belongings in the driveway or on the lawn.

    However, assuming you are still in possession (and thus in a position to negotiate) then cash equal to 2 months market rent is a good final number.

    Good luck dude

    May 16, 2011 at 8:05 PM #695785
    SD Realtor
    Participant

    Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.

    May 16, 2011 at 8:05 PM #695873
    SD Realtor
    Participant

    Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.

    May 16, 2011 at 8:05 PM #696472
    SD Realtor
    Participant

    Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.

    May 16, 2011 at 8:05 PM #696619
    SD Realtor
    Participant

    Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.

    May 16, 2011 at 8:05 PM #696973
    SD Realtor
    Participant

    Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.

    May 16, 2011 at 9:19 PM #695805
    urbanrealtor
    Participant

    [quote=SD Realtor]Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.[/quote]

    The op was asking as an owner.
    This last post is for tenants.
    Owners are not entitled to the same rights as a tenant in a foreclosure.
    So, while this recent post is accurate I think, it is not applicable to the OP’s situation as he has stated it.

    May 16, 2011 at 9:19 PM #695893
    urbanrealtor
    Participant

    [quote=SD Realtor]Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.[/quote]

    The op was asking as an owner.
    This last post is for tenants.
    Owners are not entitled to the same rights as a tenant in a foreclosure.
    So, while this recent post is accurate I think, it is not applicable to the OP’s situation as he has stated it.

    May 16, 2011 at 9:19 PM #696492
    urbanrealtor
    Participant

    [quote=SD Realtor]Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.[/quote]

    The op was asking as an owner.
    This last post is for tenants.
    Owners are not entitled to the same rights as a tenant in a foreclosure.
    So, while this recent post is accurate I think, it is not applicable to the OP’s situation as he has stated it.

    May 16, 2011 at 9:19 PM #696639
    urbanrealtor
    Participant

    [quote=SD Realtor]Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.[/quote]

    The op was asking as an owner.
    This last post is for tenants.
    Owners are not entitled to the same rights as a tenant in a foreclosure.
    So, while this recent post is accurate I think, it is not applicable to the OP’s situation as he has stated it.

    May 16, 2011 at 9:19 PM #696993
    urbanrealtor
    Participant

    [quote=SD Realtor]Actually you are in the catbirds seat IF you have a bona fide lease. Look up the terms online for it but basically the lease had to be an arms length transaction.. (you and the landlord are not pals or bros…) the monthly rent is market rate. Also the date of the lease with respect to when the notice of trustee sale was issued is important. If the lease was dated prior to the trustee sale and the conditions above are met then technically the new owner has to abide by the lease terms and as long as you CONTINUE to pay your rent and abide by the lease then you can live there…

    Also note this is all by memory as we have not purchased at the steps for awhile.

    Basically the new owners will come or send a representative to talk to you. If the conditions above are met you have leverage and can strike a nice cash for keys offer. If they are not met you still can strike a cash for keys offer though you will not have quite as much leverage…

    If you have more questions you can pm me though I cannot promise great answers.[/quote]

    The op was asking as an owner.
    This last post is for tenants.
    Owners are not entitled to the same rights as a tenant in a foreclosure.
    So, while this recent post is accurate I think, it is not applicable to the OP’s situation as he has stated it.

    May 17, 2011 at 4:34 AM #695834
    moneymaker
    Participant

    Maybe you will be lucky and an investor will buy it and you can rent it from them, that would be a win-win assuming you have the means to pay.

    May 17, 2011 at 4:34 AM #695923
    moneymaker
    Participant

    Maybe you will be lucky and an investor will buy it and you can rent it from them, that would be a win-win assuming you have the means to pay.

    May 17, 2011 at 4:34 AM #696522
    moneymaker
    Participant

    Maybe you will be lucky and an investor will buy it and you can rent it from them, that would be a win-win assuming you have the means to pay.

    May 17, 2011 at 4:34 AM #696669
    moneymaker
    Participant

    Maybe you will be lucky and an investor will buy it and you can rent it from them, that would be a win-win assuming you have the means to pay.

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