Leasing a condo that has recently been foreclosed. The Bank got the property back....what are my tenant's rights in the State of TX.?

Asked by Journey, 75052 Wed Oct 20, 2010

Bank wants to draw up a new lease, and hasn't offered cash for keys. We have several maintenance issues that includes water leak from when it rains (possible mold growth and the wall paint has bubbled, ceiling sheetrock is damaged, also we have an oven & microwave that doesn't work. Still there's so many other issues involved. Nonetheless, they won't commit to repair anything. They told me I could move since my lease did not survive the foreclosure, but that's it! What are my rights/options? I was told that I wouldn't get the security deposit returned or anything monies refunded due to some repairs made, just that I could move.

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Greg Fowler, Agent, Dallas, TX
Wed Oct 20, 2010
As the property was foreclosed, the original lease agreement that you had no longer applies.

You say that the bank wants to enter a new lease. This presents you with the opportunity to negotiate the repairs that are needed on the property. You have the option to not enter into a new lease if they will not agree to repairs, but you will then have to move,

I would be happy to assist you in locating a new rental property. Please call me to schedule a meeintg.

Good luck!!

Greg Fowler
Keller Williams Dallas City Center
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Chris Tesch, Agent, College Station, TX
Wed Oct 20, 2010
Journey, the lease was signed by the owner who has defaulted. If the owner had simply sold he lease would have been transfered however with the bank being the owner now there are no tenants rights. Unfortunately the bank is ultimate authority here. Sounds like it would be far better for you to move and get into a better situation.

Good luck!
Web Reference:  http://www.ChrisTesch.com
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Dallas Texas, Agent, Dallas, TN
Wed Oct 20, 2010
I work with many families leasing properties. Instructions would be provided from the bank.

HOWEVER property is that bad of condition do you truly want to reside there.

Deposit back if you not paid rent to the bank then consider that a return of your deposit(s). Not all lenders offer cash for keys.

Contact my office if you have an interest in wanting to lease a property.

Direct Link if you prefer search for homes for lease: http://www.lynn911.com/Web/AR287090/CustomContent/index/5041417

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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