How do I go about buying the house that I am renting when it is being foreclosed on?

Asked by Angelina, Centerville, MN Thu Jan 22, 2009

We have already offered the current owners to sell and they don't want to. The foreclosure date has been pushed back to March. If it doesn't sell at the auction, do we wait for it to go to the bank? As renters in Minnesota, do we have any rights? We were told we have 6 months from the foreclosure date to leave. And that if we leave sooner, we would be in breech of contract. And do we really still have to pay rent after the foreclosure date??

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Dallas Texas, Agent, Dallas, TN
Thu Jan 22, 2009
WOW have an agent assist in approaching property owners WHY if foreclosure goes on credit record it will "trash credit scores" vs. sale property to you.

You have be approved by a lender for a mortgage however determine by agreed sales price from owner and you. Bank might consider a short sale .

Regarding other laws in your state confer with attorney . In many cases once a home is foreclosed lender will provide cash incentive for family vacate prior to eviction process.

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Cindy Schimer, Agent, Beavercreek, OH
Thu Jan 22, 2009
There are several issues here that need to be addressed. But let me start by asking a couple of questions myself. Am I reading this correctly that you are living in Minnesota? If so, state laws vary in different states so I'm not sure I can answer the questions posed. However if you are in Ohio I can help you. Please contact me by email at or by phone at 937-671-1610.
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