Landlord is losing the house?
 

We moved into this house about three months ago and love it. We pay our rent to a local realitor who works as a middle man of sorts for the actual home owner in the bay. Today the realitor called my wife to let us know that the owner of the house is losing the house allong with her three other rental properties she ownes due to her inability to pay for the mortgages any longer. We are beginning to stress a bit because we don't want to have to find another place and we don't know how much time we will be given to find another place. We still don't know for sure when the forclosure will happen. Question is, can we be forced to move even if there is still 9 months on our lease? Anyone familiar with NV rental law?

You might be able to require the new buyer to rent the house to you for the remainder of your lease, but that's just a guess. Chances are, if it gets sold and the new owners don't want to rent it, you're going to have to move.

Maybe you could work out something with the owner to buy it from them at a price close enough to pay on the mortgage what you're paying in rent?

Not likely, It will be discussed with the realitor tomorrow though. The owner paid something close to 400k when the market was high :rolleyes: , Thats what I was told anyway. You've seen the place, definantly not worth that kind of money.

I'm not suggesting you buy it at their price, I'm suggesting you buy it at the foreclosure price... that house for $230k would rock!

In Truckee, I've had the house I was renting sell out fron under me and they only gave us 30 days.

yydid you have a lease?

Yes, but I guess this was stated in the lease. We didn't think we were in any danger, but au countrere bon jour...

I don't really know if you will have a problem. The way the market is today I doubt anyone is going to swoop in to buy the house. Perhaps you can talk to the realtor and get first crack at the sale. Even if you know that you cant buy the house, perhaps that will buy you the time you need to find another place.

try to work a short sale with the bank before the home gets foreclosed on. Try to get the bank to sell the property for less. There are many professional investors that specialize in this. Assuming your interested in actually owning the house and have the credit to purchase. If there is enough differed maintenance you can use that to negotiate down the payoff price with the bank.
sorry you guys have to deal with this.

Try the local Justice of the Peace
 

They have a great phamplet at the local Justice of the Peace that explains renters rights in Nevada. You can usually get some free legal advice at the counter also.

Thanks for the help all, the realtor is a pain in the ass to get a hold of but I may try and buy depending on what we can get it for. Worst case scenerio, I will have to move in the cold ass winter and lose my deposit. Either way it's not the end of the world. The wife is the one who is really stressing.
side note.....I really need to get a new keyboard that doesn't skip every 4th consonant.

California Law allows you much more than that. I believe it is at least 90 days from the initial notice, regardless of your lease as long as the eviction is based upon a foreclosure on the property.

So......We put in a reasonable offer a few months ago, got a counter offer 20% over our offer and what is considered current market value. Well this week they countered with "So we really want to get what our original overpriced counter offer was". We of course declined and yesterday went in pursuit of the multitude of other better value properties out there currently... until my wife gets the call this morning, We have until next wednsday to be out? apparently its legal. We put in an offer on a much much better and less expensive house today and await their acceptance on friday. If they don't accept wev'e got a LOT of properties to look at in the market right now. problem is wev'e got to be out by this weekend because I'm going to be gone for 2 weeks on a business trip. I'm taking friday off and gonna try to put a 1400sqft house worth of goods into a storage unit or 2(minus our laptops,some clothes, some race equip for RFR autox, and I guesss I won't put the kids in there) and moving in with the supportive inlaws for a month or so........now I pack....and drink:~:

Super weak dude! :unamused:

I'm close to calling BS on their "it's legal" crap... I thought it was a minimum 30 days notice. Was your original lease up next wednesday?

Aww dude. That's completely crap.

Even in a foreclosure, the new owner probably has to give you 30 days notice in writing...

A realtor telling you on the phone you have to move doesn't count as far as I know.

Let me know if you need a pickup truck and trailer or help moving...

In CA it's 30 days. I've had to be one doing it after buying a place that had renters and it sucks.

:( I have heard this can happen with little-to-no notice; but would still check with someone who knows the law here.

I have a few boxes you could use, and a partial roll of plastic to wrap things like cabinet doors, drawers, etc. I'm sure others here have moving supplies to donate too.

I think they have to give you longer notice than that, but I would consult a lawyer.

Done, The lease is done, we were counting on the 30 day thing but that was no good. Thanks for the offers everyone, i really am thankfull for your help, I've gotten all bases covered at the moment though. We put in an offer at 1 of the 8 houses we looked at last night so we are hoping for the best, otherwise we are going to look at some more properties tomorrow when I can take a break from packing. I truely (sp?) am thankfull for the help from you all though, from car parts.... to situations like this I'm appreciative. You all are a good bunch:)

Good luck with all that Van. :eek:

I'm in with the inlaws now, and 96% out of our old house,the house in sparks we put an offer in on was in escrow already. We put in an offer on another house yesterday that doesn't technically list unitl tomorrow(we offered the asking price so this better fuckin be ours)....And I'm off to S.D.
I'm going to drink another beer and with I could sleep for 8 hrs.

Van, give my landlords a call- http://www.magookin.com/property/index.cfm

They only have one property that is a possible match for you right now, but they've had it forever and would probably give you a great deal since you're ready to close ASAP. Give Dave a call and tell him Kevin and Nina sent you. :)

I finally got a house:D , I still have to live with the inlaws( and my hotel room here in San Diego ) for the next month while it goes through escrow but it'll be worth it in the end. Yay!!!!11!! Big ass backyard with rv parking/room to add on to the garage, perfect entry level home. I'm so happy and relieved right now.

So our rental we tried to buy was finally listed the other day for......

less than we fucking offered for the house:mad:
That bank can eat shit and sit on the house for all I care now because......

My new house keys are in route right now! going to clean out my bigger, newer, all around awesomer new house out tonight and start moving into my house in the morning. The last couple of months have pretty much sucked but it all was worth it in the end:)