New ruler for buyers/renters!!
Saturday, July 25, 2009
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Where this law may come into effect is in a short sale.
Here are the biggest questions ever!!!! Please email me at if you have the answers
The renters paid deposits to the seller (or old owner) what is being done to protect the new owner's investment?
Please correct me if I am wrong, but the renter trashed the home on the way out after the lease... Do they need to be sued? Did the owner transfer the cleaning/security deposit to the new owner?
Pretty 1 sided in my opininion! Here is the new law:News From Smart Financial
A new law recently passed that is important for investors buying properties as well as renters whose homes are being foreclosed. It is called the Protecting Tenants At Foreclosure Act. Enacted by congress on May 20th, it allows renters to stay in a foreclosed home for a minimum of 90 days. In the past, renters were usually forced out within days of a trustee sale. It did not matter whether they had a signed lease or not. The new law says that renters can stay for at least 90 days after the home is sold. If the home is sold to an investor who does not intend to make it their primary residence, then the new owner must honor the lease (assuming the lease is a bona fide lease at fair market value). Here is link to the entire bill that was passed in Congress http://www.usfn.org/AM/Template.cfm?Section=Hom
e&Template=/CM/ContentDisplay.cfm&ContentID=13253
Re reading the law.... I NEVER see people living in a foreclosed home.
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