Property Being Foreclosed - Lease Option to Buy Still Valid??

[Chad Jarrah]

Hello BiggerPockets...was curious about a situation I ran into today. Would like any experienced input. I was scouting properties today and one of them was a foreclosed property. As I was looking around the outside of the property, the occupant came out and spoke to me. Considering the circumstances, she was very nice and said that they are the current tenants and they have a 10 year lease option to buy. She said they spoke with their lawyer and she claims the lawyer said that whoever purchases the property and becomes the new owner has to honor that lease option to buy.

Is that correct Info? Anybody ever run into this type of situation? Thanks in advance.

[Wayne Brooks]

Absolutely incorrect. Check with your own local RE attorney though.