topic Curious: "For Investors Only. PLEASE SEE REMARKS" MLS#S690688 in Orange County

Curious: "For Investors Only. PLEASE SEE REMARKS" MLS#S690688

pSky — Mon, 12 Mar 2012 03:48:16 GMT

Curious about this property and what is in the REMARKS

Re: Curious: "For Investors Only. PLEASE SEE REMARKS" MLS#S690688

BobPhillips-RE — Mon, 12 Mar 2012 06:22:53 GMT

The property has a long term tenancy, and the lease isn't up until 6/1/2013, so, whoever buys the place has to honor the lease.

If you're thinking of buying it as a rental, unless you intend to pay cash, most lenders require you to put at least 25% down.

What else would you like to know.

Re: Curious: "For Investors Only. PLEASE SEE REMARKS" MLS#S690688

socountybuyer — Mon, 12 Mar 2012 16:58:07 GMT

It is also a short sale and you must take the property "As Is" - Sounds like cash only on this one.

Re: Curious: "For Investors Only. PLEASE SEE REMARKS" MLS#S690688

scfan — Tue, 13 Mar 2012 15:44:21 GMT

if a lender forecloses on a home that the owner leased out before getting foreclosed on does the lender have to honor any part of the lease or can the lender kick out the tenant?

Re: Curious: "For Investors Only. PLEASE SEE REMARKS" MLS#S690688

BobPhillips-RE — Tue, 13 Mar 2012 16:25:57 GMT

The lender has to give the tenant at least 60 days notice - and it may be 90 days. Obviously the tenant, in such a case should consult an attorney or the local Fair Housing Council, to find out their options, one of which MIGHT be to stop paying rent.