All Forum Posts by: Rodney Dawkins

Okay, as of date of acceptance of offer I was told that this was a short sale that the bank and seller were in agreement with my offer, this was in late Sept. My lender stated that after the seller negotiating some issues with creditors and the bank we could close by 2nd week in January at the latest. Three days ago I'm told basically that the bottom fell out and the bank wants to call the loan, it turns out that the property was in preforeclosure status the entire time and there was no official statement of this given to me, and the bank stating that the file went to fha and they were no longer satisfied with the contract amount, and they would sell at auction. The bank also stated that due to additional fees to make the deal work the new number would be an additional 10k to cover what the seller owed outstanding on the loan and additional fees. Sounds a bit convoluted and I'm not willing to up my contract price by 10k and figure that at auction I may get a better deal. Just assuming that I'm not being strung along byany of the involved entities, and yes in NC I do need to bring 5% of bid amount to auction, although I'm not sure how this works out with my need to use conventional financing to close the deal.

Thanks, to give more detail the state is North Carolina and my lender had stated that we could close by the end of the second week in January. The loan would be a standard 30 year fixed. Apparently the bank has already foreclosed and are saying that they are going to sell the property at court auction. Does it make sense to bid at auction since I'm looking to fund the deal with a conventional loan, and would this mean starting the loan process all over again.

Had a property under contract which was in preforeclosure, 2 weeks before closing the property landed in foreclosure with the bank stating that the property would be sold on the court house steps. The only way to salvage the deal is to implement a new contract for 10k more than our original contract or purchase at court house steps. As I've never done auctions before would anyone share any insights as to the auction process, and what pitfalls I should be aware of.

Thanks Ralph, you reiterated a point that I had long since forgotten, that any state that I intend to LL in I need to know with some fluency what the LL/Tenant Acts state. Although with SC, when I search on the net, it seems as if I'm not getting much that actually pertains my current situation.

Mark, I don't have any parental guarantees in the lease, I probably should have with the tenant wanting me to call her mother and previously the mother wanting to meet me and discuss the rental. If I understand you correctly even though they are breaking the lease and going I can still take them to magistrates court and get a judgement on the lost rent from there leaving early. For Ryan it does state in my lease that they get their security deposit back at the end of their lease and with a 30 day notice of decision not to renew.

No Bryan, they call me for everything from small ( smoke detectors beeping), to larger( toilet leak). Had a meeting with them, and let them know chang the batteries in the smoke detector, might be advisable to loose the mini frig in one of their rooms as it uses as much current if not more than the regular size one in their kitchen, i.e. (this is after they complained that something must be wrong with the systems at the house because there utility bill was high in the winter. One moved out and the other one said that she could not afford the rent alone and could not find another roommate. Whereby both broke the lease.

Hi Brian, the lease states that the tenancy is from 8/11/2009 - 8/11/2010. States that security deposit will be returned at the end of the lease term, and tenants need to give a 30 day notice of vacating or forfeit their deposit.

I have some college students that have informed me that they are moving out, there lease is not up until the beginning of August and they are leavig next week. They have been verbally informed that they do nto get there security deposit back. Yet they want to debate the issue. My question, can I legally withold the deposit for breaking the lease?

Great post Justin!

Thanks for the insight Jaremy, the post wasn't long, but was very informational. Definitely something to utilize successfully...