need help!!!

**SLICKRICK1170** · 03-22-2008, 11:39 AM

i lease a home in fla my lease ends in nov i just found out today that the house is in foreclosure land lord says he is going to take care of it what can i do to cover myself? and second if i was maybe intrested in purchasing could i get an appraisal on the house plus a home inspection due to the fact the house needs work and some changes to see if it is worth the price and get an estimate on the changes to maybe make an offer

**Codythebest** · 03-22-2008, 12:32 PM

If you are not a real estate licensee, you should sneak in the deal and find the bank. Talk to them. SHow them you can pay. Get to know the mortgage against the property. Convince them they could get the money every month, but instead from the landlord, directly from you. Convince them you could do that almost instantly if they short sale the property for 70% of the actual mortgage face value...Don't tell the landlord about this...go behind, in the dark...and get the deal....

If you are a real estate licensee, you have to disclose what you doing and you'll go nowhere...

**flatfeemls** · 03-25-2008, 09:52 PM

I would get out now. Before things get bad around there.

**Mike Taylor** · 03-26-2008, 04:58 AM

I would not continue to rent from this landlord and you will not be able to get the bank to sell the house to you out from under the current owner. There is right of redemption clause which means the owner has the right to catch up on the mortgage up to the day of foreclosure. So, even if they wanted to they cannot just sell it to you.

**carlam** · 03-27-2008, 05:26 AM

I have come across this before, my suggestion to you would be this:

You have a contract to lease this property until Nov. I would stay until my lease is date is done. The chances of it foreclosing before Nov is probably not going to happen because of the sheer number of preforeclosures and yes, the owner can fix the problem up to the day of foreclosure. You have time. Why pay to move again? Just stay and pay as agreed on contract?

**Greg** · 03-27-2008, 05:37 AM

You did not say what stage of foreclosure the house is in. Your landlord might be losing it in a couple of weeks or a couple of months. One thing is for sure. You can not buy the house until the banks takes possession and when the bank takes possession you will be evicted and any deposit money will be lost. Make plans accordingly. Banks don't sell occupied houses. Too much liability and they have the heads up their a&&e&.

If you can afford this one you can afford another one. Shop around.