patrick.net

Katy, thanks again for your thoughtful response.

Note that Cash For Keys only happens after the Bank has taken possession.

Another wrinkle is that our lease, which is terminable upon 2 months notice, prohibits listing of the property (really!). Should I hold him to that and invite an eviction notice? I don't want to be known in town as the squatter in the deadbeat's house. It also provides that we have the right of first refusal to meet any other bona fide offer.

The only question I have about your advice is that you seem to be saying that short sales never happen. Is that what you are saying?

Tenant,

You are in a poor position to assume that the bank will give you a good price. Reading how badly you want this house, they will tear you apart in terms of price.

The short sale needs to be listed for 3 months. Whether it is really done is up to the agent. After the seller accepts your short sale, the short sale package needs to go to the bank. Your landlord needs to draft hardship letters, prove income, and etc; something I think he will not bother doing for you.

Think about it. Why will he give up your income stream? You keep saying what your landlord says this and that, and you trust him. Just remember. He also said to the bank that he will pay up. What happened now? Best of luck in getting your deposit back.

Either pay off his loan balance or move out. Do not assume you will get a good price for the property.

"The only question I have about your advice is that you seem to be saying that short sales never happen. Is that what you are saying?"

no I would never put myself in that position

I'm trying to explain that in your situation it will never happen. but you'll have to try anyways right?
I'm trying to save you the trouble using my experience with my work, and friends and family in a similar position.

you may not be able to take this advise, but please at least try to hear what I'm explaining.

tenant in foreclosed house says

Note that Cash For Keys only happens after the Bank has taken possession

you have it backwards

I have delivered CFK letters to owners and to tenents.

why would a bank give you a CFK if they all ready have possession?
that's the reason for the CFK to get possession at a said date and time and condition.

after you leave with your check I rekey the house and put a lockbox on the door. A relturd shows up soon and does a BPO (broker price opinion)
sign go's in yard it say "REO for sale"

if you're not careful the landlord will get the CFK not you.

vain says

You are in a poor position to assume that the bank will give you a good price. Reading how badly you want this house, they will tear you apart in terms of price

very true, you are chum in the shark tank. you have no position, they will eat you for lunch.

Also hard to sell a house with an uncooperative tenant,

I would ask for 10grand to break a lease and show a home for owner.

That's my fee for working with the owner and realturds
or good luck selling the house.

but your house is in forcloser not being sold by owner so since you're the tenent with a lease agreement you're the one who gets the CFK unless your landlord somehow scams you out of it.

You really should not listen to anything he says.
get mad get angry, your getting screwed here
this is not the time to play nice!

Thanks Katy and Vain for the good advice.

I meant to say that cash for keys only happens after the foreclosure is complete (not "in possession" as I had incorrectly stated).

Yes we want to stay, but our 5 yr-old will get over it if we move out. We are also kind of not looking forward to another move, but will if we have to.

We believe that prices will continue to soften, so we are not in a hurry, but we do want this over with soon enough.

**I just wish the plutocracy would have let this market correct a little faster.**

tenant in foreclosed house says

Yes we want to stay, but our 5 yr-old will get over it if we move out. We are also kind of not looking forward to another move, but will if we have to.
We believe that prices will continue to soften, so we are not in a hurry, but we do want this over with soon enough.

Ok Now you're starting to sound like you get it.

you do have all the power (except for owning the house)

yes Forcloser could be a year from now but get the CFK if you choose to ride it out.

tenant in foreclosed house says

We believe that prices will continue to soften, so we are not in a hurry, but we do want this over with soon enough.

Yes , yes yes feel the power!
good things to come.

keep asking questions, and please try to help others with your info,..,.. after this is over you will be an expert.

Things that people want to know

how long (time)?
how much? (cfk)
what did the Bank/returd/agents say and what did they do.

**I just wish the plutocracy would have let this market correct a little faster.**

Exactly!!