All Forum Posts by: Nemi W.

Specifically what "new laws" are you talking about? Any within the last year?

Thanks for the responses!

Charles, I'm in FL but I perused the California code you sent...thx!

Steve, I found some sites from you link that were helpful as well.

From what I've read, there is no REAL protection for tenants. The Protecting Renters at Foreclosure Act of 2009 states renters have to sign a 12 mth lease for some protection. If they do, the lender has to give 90-day notice.

The owners are going to try to short sale anyway so hopefully it doesn't come to the renters being thrown out without proper notice.

I met with a seller today who said he'd heard of a law that just came out within the last couple of weeks, that protects tenants (from being evicted) when the owner is collecting rent without paying the mortgage.

Now I know he may just be pulling my leg and could simply be an owner who is planning on breaking the law but is feeling guilty about the possiblility of a man, his wife and 3 kids being thrown out. But I want to confidently say "No", OR be able speak to a new law he may be thinking of that pertains to something similar.

If anyone knows, pls advise.

Looks like we're on the same page.

We make offers and get "executed contracts" before a title search, after some due dilligence that includes websites, agents, and what the seller tells us (by the way Financexaminer, although I would certainly ask the seller who ownes the property, I see the Property Appraisers site to be more reliable than what they tell me). We then get the title search done, ofcourse, and add sellers if needed.

Steve, I know I have to have all owners (according to the deed) sign the contract for a legit transaction, but I don't typically see the deed before making an offer to the seller and getting the home under contract. That's where I am...have yet to make an offer. If I'm face to face with a seller for the first time and they accept my offer on the spot, I'm getting the home under contract using the info I have.

Do you guys perform a title search BEFORE you and the seller meet?

Actually I wasn't looking to see the deed--she asked for my help because she's out of town.

I would make sure the individuals named on the property appraisers website sign the agreement. The deed wouldn't show anything different, would it??

I gave you a vote, Joel, because you made some great points.

But like you mentioned, none would help me as an investor. I do plan on calling her tomorrow to share options I haven't already shared.

Thx!

Jon, the seller said she needed the original or something as good. I didn't question it.

I contacted the clerk and learned that a certified copy can be obtained and that it is as good as the original.

thx!

yep, I think I've decided to leave this one alone. I will look for it as an REO, though.

thx guys!

Superman removing signs?

My mom is wondering what she might do during her retirement because she won't have anything to do. Maybe I'll recommend this! (in her city, not mine, ofcourse).