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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Need advice. Rental after trustee sale. Posted by Kristine-CA on December 02, 2009 at 8:40 AM In Reply to: Need advice. Rental after trustee sale. posted by Bob (CA) on December 01, 2009 at 9:14 PM Bob: the agent that feels he was supposed to get the property via short sale will find out soon enough that he probably has no case. Short sale negotiations with lenders are confusing to a lot of people because they don't appear to be binding. Properties go to sale everyday that people think they are buying. I say let the former owner and agent figure this out on their own, with their legal counsel. As for your tenants, I suggest being sympathetic to their confusion, but be firm regarding the rental agreement.. I'd send them something in writing that states that you are aware that they are getting contradictory information but that as you are the owner and have provided proof, that they are to pay per the agreements made with you. You could also suggest to them that if they are confused, that they consult with legal counsel. And don't let them slide. If they withhold rent, file a 3-Day quit or pay. As for the lis pendens, that can happen, but I'd worry about that bridge when you come to it. I believe that the agent and former owner will get a reality check when they find that the sale won't be rescinded just because of short sale negotiations. : Ward, : I acquired a duplex at trustee sale. I informed the 2 existing tenants to make their future rent payments to my firm and provided them with MTM rent agreements at the same amount as they had been paying. : At first the tenants were fine however after a week I got a call and tenants stated the former owner is claiming to still own the property and is demanding continued rent payments. I provided tenants with copy of recorded TDUS. : I then received a call from a RE mortgage broker that stated he has an interest in the property and that the lender should not have brought the property to sale. I learned that his interest is that he was buying the property as a short sale and when he found out the lender took it to sale and I had bought it for less than he was in escrow at, he was upset. : This person states that I cannnot contact the tenants as it is harrasment, I cannot collect the rents and I cannot set foot on the property. He has threatned to put a lis pendens on the property, if I do not comply with his wishes. He states his attorney is attempting to rescind the sale based on alleged fraudulent representations made by lender. He has not provided his attorneys name or number and he is avoiding calls. He has informed the tenants not to speak to us and not to pay the rents to us. : Our intentions is to keep this property as a rental. I prefer not to evict the existing tenants as they pay market rents and the rehab costs can be mitigated. I know I can enlist an attorney however this usually slows down the process and can escalate the matter so I perfer to handle these types of nuisances myself until I have no other choice. : How would you proceed? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Bob: the agent that feels he was supposed to get the property via short sale will find out soon enough that he probably has no case. Short sale negotiations with lenders are confusing to a lot of people because they don't appear to be binding. Properties go to sale everyday that people think they are buying. I say let the former owner and agent figure this out on their own, with their legal counsel. : As for your tenants, I suggest being sympathetic to their confusion, but be firm regarding the rental agreement.. I'd send them something in writing that states that you are aware that they are getting contradictory information but that as you are the owner and have provided proof, that they are to pay per the agreements made with you. You could also suggest to them that if they are confused, that they consult with legal counsel. And don't let them slide. If they withhold rent, file a 3-Day quit or pay. : As for the lis pendens, that can happen, but I'd worry about that bridge when you come to it. I believe that the agent and former owner will get a reality check when they find that the sale won't be rescinded just because of short sale negotiations. : : : Ward, : : I acquired a duplex at trustee sale. I informed the 2 existing tenants to make their future rent payments to my firm and provided them with MTM rent agreements at the same amount as they had been paying. : : At first the tenants were fine however after a week I got a call and tenants stated the former owner is claiming to still own the property and is demanding continued rent payments. I provided tenants with copy of recorded TDUS. : : I then received a call from a RE mortgage broker that stated he has an interest in the property and that the lender should not have brought the property to sale. I learned that his interest is that he was buying the property as a short sale and when he found out the lender took it to sale and I had bought it for less than he was in escrow at, he was upset. : : This person states that I cannnot contact the tenants as it is harrasment, I cannot collect the rents and I cannot set foot on the property. He has threatned to put a lis pendens on the property, if I do not comply with his wishes. He states his attorney is attempting to rescind the sale based on alleged fraudulent representations made by lender. He has not provided his attorneys name or number and he is avoiding calls. He has informed the tenants not to speak to us and not to pay the rents to us. : : Our intentions is to keep this property as a rental. I prefer not to evict the existing tenants as they pay market rents and the rehab costs can be mitigated. I know I can enlist an attorney however this usually slows down the process and can escalate the matter so I perfer to handle these types of nuisances myself until I have no other choice. : : How would you proceed? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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