The life of a lease was the length of your lease term also considering options to extend your lease.

That the bank will repossess the property, most likely in a two years or longer, and that they will be able to stay for the duration of their lease even if it is sooner.

I agree with Bill Gulley, have them sign an addendum: Landlord and tenant agree to extend the term of lease originally signed XX/XX/XXXX through XX/XX/XXXX.

Okay, it's time for my first question. My wife's family has a long time tenant, finishing the third of their 5 year leases. The tenant has asked for a 6 month extension in order to stay in place until the new constr...

And to further cover the bases I make sure the borrower provides me with an extended coverage title policy so that there will be no nasty surprises if I ever do have to foreclose.

all,i think we still have to terminate today to get our 2,000 earnest money back b/ today is the end of the financing period - we've been under contract for over 5 wees, and they already extended the financing contingency twice...but yes, we could start fresh and keep trying....i think we have some time b/c I don't think a cash investor is going to offer 62 cash and no one can get a loan, and it may take awhile for the bank to lower to a 40-50k cash offer, which even that we can't compete with really (well, we could take more out of our 401k but then it shoots our monthly payment up b/c it's only a 5 year loan... and like i said, i just don't feel right getting a home equity loan/line of credit on our primary)...ok, talking in circles enjoy the live show!!

All he wants is the earnest money since I did not terminate the contract or extend it before the closing date.

It seems like keeping the duration under 4 years is a good thing to do.

The house came with some very nice features like a beautiful security gate and front door and an extended patio, irrigation system, landscaped low-maitenence yard.My real estate agent ran the comps and says we probably cant get more than $135K for the house....we owe $158K left on the mortgage.I dont expect to make a profit on this place, but I definitely dont want to sell it and owe the bank over $20K....$5K maybe, but we still have to buy a second home.My question comes down to this: How much worth do I give those comps?

Check the duration of availability of vacation rental before you book.