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October 14, 2012 at 8:18 PM in reply to: Renting a home when owner is in foreclosure, what to do? #752597
SD Realtor
ParticipantDo not panic, there are several laws that protect you and if you play your cards right you can actually do pretty well.
By law, the foreclosure can happen and the bank will effectively be your new landlord. As long as you have a copy of your executed lease, the bank must abide by the terms of the lease as long as it is a bona fide lease. That is, the lease was an arms length transaction, (you are not in any way related or doing business with the landlord) and that the rent you are paying is equivalent to market rent for similar homes in the area. Additionally the timing of when you executed the lease does carry some weight. This is something you need to do a little research about, I think that if the lease was executed prior to the notice of trustee sale, then you are fine. If the lease was executed after the notice of trustee sale, then there could be some issues. It is easy to look up when the notice of trustee was issued, if you want you can pm me the address.
So if the above was true then that lease cannot be broken and you are good to go. Now, at some point after the trustee sale, you will be contacted by the entity that owns the property or a property manager who represents them. Simply have a copy of the lease and give it to them. If you are smart, you can let them know you would okay with breaking the lease and letting them have the home, (for the right price of course, maybe a few thousand bucks and the cost of the moving expense)…
You are not gonna strike it rich… don’t think you can get more then a few thousand… but still, better then nothing. Or if you don’t wanna move simply hang out until the lease expires and then move.
SD Realtor
ParticipantNoo Obama did not… at least I doubt it. However it is his guy Eric Holder who oversaw it (it being the entire organization) … and then gave some bs story about knowing about it or not knowing about it (Fast and Furious) …
Is Obama responsible personally for the fiasco in Libya and the ensuing cover up attempt? Maybe or maybe not… but these are all his people. The fact that his administration couldn’t get the story straight, trying to pawn off a terrorist attack on a you tube video… I mean really… If your gonna stick it in my -sss at least give me a reach around.
I guess in the end if he did not personally do it he should not be held culpable in any way.
SD Realtor
ParticipantPeterb really good post. Except I have not seen any negative effects on the rental market given the lower rates. Honestly I don’t see it happening. I think the key statement you made is that the rental market (at least in San Diego) is free and is not manipulated (directly) and thus has remained robust.
SD Realtor
ParticipantCould not agree more. A career guy gets the boot in a parking lot for a fiasco that went all the way up the ladder. Meanwhile with the exception of a few fall stooges, everyone else up the ladder slithers away unscathed.
SD Realtor
ParticipantYes there are alot of sympathizers… it is pretty sad…whether many of the folks are willfully sympathetic or or sympathetic out of fear I guess does not matter. Seems like a lost cause in my book.
SD Realtor
Participantgotcha… understood… sorry thought you meant the general populace for not protesting.
SD Realtor
ParticipantHave you ever spent substantial time in Texas?
October 11, 2012 at 11:38 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752478SD Realtor
ParticipantI didn’t say there will not still be flips. My comments were made to target the experiences of purchasing homes at trustee sale in San Diego, and making money on them. My group did it and it went well. We are just regular people. There are many other small operators who are regular people just like us.
Trustee sale flips don’t involve real estate commissions, home path, other agents or any of that bs.
Programs like this take away opportunity from people like us and give it to large wall street firms.
Plain
and
Simple
I prefer San Diego over the northeast. You can have it.
SD Realtor
ParticipantLet’s see… there is this group of thugs that kills people who disagree with them….
Someone protested publicly against them, a 14 year old girl… and she was shot.
Now people who don’t show up are getting called stupid.
Did you ever stop to think that maybe they did not show up because they didn’t want to get identified?
It is easy for people who live in a civil society to not have a clue what it is like to live in a much more lawless area.
Maybe those who didn’t show up are smart, not stupid.
October 11, 2012 at 8:21 AM in reply to: Anyone charge a service fee for repairs on their rentals? #752449SD Realtor
ParticipantI don’t see anything wrong with what you are doing FLU. Everything is spelled out in the lease ahead of time. I think it makes sense and I see no problems with it at all.
As far as the OP talking about changing the terms of the lease, no that cannot happen without agreement by all parties and it is well documented.
October 11, 2012 at 8:19 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752448SD Realtor
ParticipantAs a small time guy who used to purchase at auctions this kind of stinks. To me it is simply a case of the rich getting richer. I would have been much happier if these homes would have taken the “normal path” through trustee sale. That way the public would have gotten the same shot at the homes as the large REITs. As far as the argument that getting the homes on the market fast can now happen, well, I don’t buy it. Investors that flip have crews and can actually get a flip done quicker then a large REIT depending on efficiency and focus.
SD Realtor
ParticipantHowever once a precedence is set for copyright infringement on resale it then simply becomes a matter of the original seller to identify and enforce.
Absolutely agreed with what you said about the stupidity of the textbook maker. Anyone who has ever gone to college has purchased cheaper textbooks. Hopefully our supreme court will see this as a waste of time.
SD Realtor
Participant“A lot of people on here seem to mention buying income property outside of CA. ”
Yes I am the one that says that the most.
However back to the main point… the price of gas will not affect the housing prices in San Diego. Never have and never will, plain and simple.
Similarly the San Diego housing market has consistently shown much higher valuations compared to the national real estate market. Furthermore the local market conditions in San Diego do not necessarily follow the national trends.
SD Realtor
Participantocr as much as I would like to fall into the trap that yes someone in obama admin gave a call to the bls and said pump the numbers by a tenth of a point or two, I don’t think that is the case. Conversely the other sort of behavior such as asking defense contractors not to issue pink slips does indeed trouble me. Also what I dont think is out of the realm of possibility is that various govt entities were told to hold off hiring until the late summer or early fall. Again, impossible to prove but if the gains seen by the bls stats were primarly in the govt sector, it would not surprise me at all.
Is that an outlandish presumption by me? (it may be, I am just curious if you think it is)
Sorry for being so suspicious. Just my nature.
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