HELP! Landlord asking if we want to buy our rental as “short sale”

[Anonymous]

Dharmagirl,

Not legal advice, but I think the rule is that if your landlord sells, then the buyer has to assume the lease, (as long as they have notice). Check your lease, it may have an exception.

If the bank repossesses and forces a sale, I think the new buyer may be able to evict you after giving you notice to quit. See California Civil Code 1161a.

Right now you have significant leverage to negotiate. You might want to ask for assurances.

[dharmagirl]

Using TemeculaGuy’s cool link, I was able to parcel number and NOD record number.

I called Riverside Cty and they couldnt tell me WHICH address the NOD was for, but they confirm the landlord “made good” on the default.

I looked up the taxes on our rental and her Murrieta house (She owns at least 3 others) and the taxes coming due in April for those two places alone is about $6K. As far as I know, her only source of income is a network mktg scheme that she tried to suck me into – and I dont think that pays much.

My attorney told me that if the bank repos the house, the lease is invalidated. I will have 30 days to vacate the premises. Period. I may be able to talk the bank into letting me hang on as a renter, though.

What incentive would she have to renegotiate with me? She has a binding legal agreement until August that says I will pay her $2300/month. Why would she allow me to pay her less? I’m not sure I get that?

[dharmagirl]

Using TemeculaGuy’s cool link, I was able to parcel number and NOD record number.

I called Riverside Cty and they couldnt tell me WHICH address the NOD was for, but they confirm the landlord “made good” on the default.

I looked up the taxes on our rental and her Murrieta house (She owns at least 3 others) and the taxes coming due in April for those two places alone is about $6K. As far as I know, her only source of income is a network mktg scheme that she tried to suck me into – and I dont think that pays much.

My attorney told me that if the bank repos the house, the lease is invalidated. I will have 30 days to vacate the premises. Period. I may be able to talk the bank into letting me hang on as a renter, though.

What incentive would she have to renegotiate with me? She has a binding legal agreement until August that says I will pay her $2300/month. Why would she allow me to pay her less? I’m not sure I get that?

[dharmagirl]

Using TemeculaGuy’s cool link, I was able to parcel number and NOD record number.

I called Riverside Cty and they couldnt tell me WHICH address the NOD was for, but they confirm the landlord “made good” on the default.

I looked up the taxes on our rental and her Murrieta house (She owns at least 3 others) and the taxes coming due in April for those two places alone is about $6K. As far as I know, her only source of income is a network mktg scheme that she tried to suck me into – and I dont think that pays much.

My attorney told me that if the bank repos the house, the lease is invalidated. I will have 30 days to vacate the premises. Period. I may be able to talk the bank into letting me hang on as a renter, though.

What incentive would she have to renegotiate with me? She has a binding legal agreement until August that says I will pay her $2300/month. Why would she allow me to pay her less? I’m not sure I get that?

[dharmagirl]

Using TemeculaGuy’s cool link, I was able to parcel number and NOD record number.

I called Riverside Cty and they couldnt tell me WHICH address the NOD was for, but they confirm the landlord “made good” on the default.

I looked up the taxes on our rental and her Murrieta house (She owns at least 3 others) and the taxes coming due in April for those two places alone is about $6K. As far as I know, her only source of income is a network mktg scheme that she tried to suck me into – and I dont think that pays much.

My attorney told me that if the bank repos the house, the lease is invalidated. I will have 30 days to vacate the premises. Period. I may be able to talk the bank into letting me hang on as a renter, though.

What incentive would she have to renegotiate with me? She has a binding legal agreement until August that says I will pay her $2300/month. Why would she allow me to pay her less? I’m not sure I get that?

[dharmagirl]

Using TemeculaGuy’s cool link, I was able to parcel number and NOD record number.

I called Riverside Cty and they couldnt tell me WHICH address the NOD was for, but they confirm the landlord “made good” on the default.

I looked up the taxes on our rental and her Murrieta house (She owns at least 3 others) and the taxes coming due in April for those two places alone is about $6K. As far as I know, her only source of income is a network mktg scheme that she tried to suck me into – and I dont think that pays much.

My attorney told me that if the bank repos the house, the lease is invalidated. I will have 30 days to vacate the premises. Period. I may be able to talk the bank into letting me hang on as a renter, though.

What incentive would she have to renegotiate with me? She has a binding legal agreement until August that says I will pay her $2300/month. Why would she allow me to pay her less? I’m not sure I get that?

[Anonymous]

Sorry Dharma,

I did not mean to imply that you should renegotiate for less rent… I don’t think that’s likely. From your posts, however, you seem to be more aimed towards NOD notice. Your landlord may be willing to negotiate a simple amendment/addendum so that there is no threat to her “stable” source of income, and you can both rest a little bit easier.

You may also want to ask your attorney if a short sale is considered a voluntary or forced sale. My initial response is that your lease could not be invalidated via a short sale.

[Anonymous]

Sorry Dharma,

I did not mean to imply that you should renegotiate for less rent… I don’t think that’s likely. From your posts, however, you seem to be more aimed towards NOD notice. Your landlord may be willing to negotiate a simple amendment/addendum so that there is no threat to her “stable” source of income, and you can both rest a little bit easier.

You may also want to ask your attorney if a short sale is considered a voluntary or forced sale. My initial response is that your lease could not be invalidated via a short sale.

[Anonymous]

Sorry Dharma,

I did not mean to imply that you should renegotiate for less rent… I don’t think that’s likely. From your posts, however, you seem to be more aimed towards NOD notice. Your landlord may be willing to negotiate a simple amendment/addendum so that there is no threat to her “stable” source of income, and you can both rest a little bit easier.

You may also want to ask your attorney if a short sale is considered a voluntary or forced sale. My initial response is that your lease could not be invalidated via a short sale.

[Anonymous]

Sorry Dharma,

I did not mean to imply that you should renegotiate for less rent… I don’t think that’s likely. From your posts, however, you seem to be more aimed towards NOD notice. Your landlord may be willing to negotiate a simple amendment/addendum so that there is no threat to her “stable” source of income, and you can both rest a little bit easier.

You may also want to ask your attorney if a short sale is considered a voluntary or forced sale. My initial response is that your lease could not be invalidated via a short sale.

[Anonymous]

Sorry Dharma,

I did not mean to imply that you should renegotiate for less rent… I don’t think that’s likely. From your posts, however, you seem to be more aimed towards NOD notice. Your landlord may be willing to negotiate a simple amendment/addendum so that there is no threat to her “stable” source of income, and you can both rest a little bit easier.

You may also want to ask your attorney if a short sale is considered a voluntary or forced sale. My initial response is that your lease could not be invalidated via a short sale.

[svelte]

Yeesh, having to deal with the foreclosure on a house you’re just renting, living in constant fear that you’ll be forced to find a new abode at any time (searching for an acceptable unit, new deposit, utility hookups, change of address, packing all your breakables), not knowing if you’re landlord is going to screw you out of rent and/or deposit.

How would you be able to relax or even plan out a vacation in advance?

That would get old real quick.

[svelte]

Yeesh, having to deal with the foreclosure on a house you’re just renting, living in constant fear that you’ll be forced to find a new abode at any time (searching for an acceptable unit, new deposit, utility hookups, change of address, packing all your breakables), not knowing if you’re landlord is going to screw you out of rent and/or deposit.

How would you be able to relax or even plan out a vacation in advance?

That would get old real quick.

[svelte]

Yeesh, having to deal with the foreclosure on a house you’re just renting, living in constant fear that you’ll be forced to find a new abode at any time (searching for an acceptable unit, new deposit, utility hookups, change of address, packing all your breakables), not knowing if you’re landlord is going to screw you out of rent and/or deposit.

How would you be able to relax or even plan out a vacation in advance?

That would get old real quick.

[svelte]

Yeesh, having to deal with the foreclosure on a house you’re just renting, living in constant fear that you’ll be forced to find a new abode at any time (searching for an acceptable unit, new deposit, utility hookups, change of address, packing all your breakables), not knowing if you’re landlord is going to screw you out of rent and/or deposit.

How would you be able to relax or even plan out a vacation in advance?

That would get old real quick.

[Author]

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