[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

As tenants you are in a very favorable position. Read up on legislation passed by Obama in May of 09. In summary, present your lease to the new owner of the home. Mostly you can work out a deal. As long as you pay your rent to the new owner then they have to abide by the lease. I forgot if they have to abide by it for the duration of the lease or not, check with an attorney. If you stop paying they can go through the formal eviction process. If the home does foreclose you will get people coming by to scope the home out the day before the sale. Let them know you are the tenants. If I were you I would try to score some money out of it by asking them for cash in exchange for keys.

Get the best of both worlds and make some money out of your landlords misfortune. In all likelihood the foreclosure will get postponed.

Now as to whether you should continue to pay the current landlord rent in the event of a postponement… well that is your issue to deal with.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Yes it is overpriced however in this market at this time it will get bought. We are in need of a catalyst to break the current cycle. I agree that given time you will see stonebridge and other like areas dip again but you need to set your timeframe out quite awhile.

[SD Realtor]

Yes it is overpriced however in this market at this time it will get bought. We are in need of a catalyst to break the current cycle. I agree that given time you will see stonebridge and other like areas dip again but you need to set your timeframe out quite awhile.

[SD Realtor]

Yes it is overpriced however in this market at this time it will get bought. We are in need of a catalyst to break the current cycle. I agree that given time you will see stonebridge and other like areas dip again but you need to set your timeframe out quite awhile.

[SD Realtor]

Yes it is overpriced however in this market at this time it will get bought. We are in need of a catalyst to break the current cycle. I agree that given time you will see stonebridge and other like areas dip again but you need to set your timeframe out quite awhile.

[SD Realtor]

Yes it is overpriced however in this market at this time it will get bought. We are in need of a catalyst to break the current cycle. I agree that given time you will see stonebridge and other like areas dip again but you need to set your timeframe out quite awhile.

[SD Realtor]

James Wenn that is my point exactly, that it is all relative.

John Alt I agree with you but I think maybe it is a case of a differing perspective of what we read. Both you and I read the same words sdrealtor wrote but I don’t interpret them as claiming some sort immunity for the coast. I think sdrealtor has never said that and in fact pointed out losses in the coastal areas. To me the information was more anecdotal in the sense that it made an attempt to point out the demand for the area being present in light of the higher cost of living there. That this particular portion of San Diego used to be a relatively cheaper place to live but that now it is no longer that way and will most likely NOT return to being that way. Not that it will not depreciate, but that what it was 10-15 years ago (a cheaper alternative) will no longer ever be.

Anyways maybe I read it wrong.

[Author]

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