I closed in may of 2011 and i'm now looking forward to fixing up my new home.
She wasn't supposed to sell her own house for a profit, she didn't even have a real u &o she fabacated one, and once we closed she got fired from her job, but not before she harassed the new realtor for a finders fee, this lady was clearly tryn to get money from any and everybody, thank God I pray and believe in God cause with all of this mess stress, and bull she put me and my children through anyone could have snapped.. And my lawyer was excellent as well as patient...
What I meant about not being a tenant is that he really is a "contract Purchaser" and altho a U & O outlines everyones specific responsibilities, it isn't really a lease as was mentioned.
Just curious Saved, but who are you paying each month? Is the money going into an attorney trust to be turned over the the sellers once you close? You really really need an attorney of your own.
Let us know how this works out, not only for us to see how you make out, but because it will be a great leaning experience for us realtors who have never come across this situation before.
I had a short sale that closed and the lender agreed to hold off 6 months on filing forclosure. I managed to get the home sold and we closed on the property in October. January I received a call from the legal department at the lender. They wanted to know if the property was occupied. I told them that it was and why did they want to know. They told me that they were getting ready to start the forclosure process.I told the legal department that the property had closed and the new owners were the occupants. They checked with loss mitigation and found out that I was telling the truth but there was no internal process in place to notify them when the property had sold!
Technically Save is not a "tenant" but apparently signed a purchase contract for the home he is now occupying, while waiting to close on it as it's rightful owner.
The mere fact that he's been in the house for 5 months with the U & O in place, only to find out the seller has leins and is facing foreclosure is something a Realtor cannot and should not get involved in, and getting a Realtor at this late date to explain the "process" isn't going to help his situation.
Save, again you should get an attorney ASAP if you don't have one already to help straighten this out.
You need to get representation. You should have done a Title Search. That is what will uncover leins and other obstacles to trasfering title to you. A use and Occupancy inspection will only verify that a given property meets the minimum standards of habitability of the local municipality. Knowledge is Power. Get a good realtor to help you understand what is required and what each step in the buying process means. If you are now a tenant in the property verify that you have a valid lease and that your rent payments are on time and seek legal advise as to your status as a tenant with the bank doing the foreclosure.
Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road