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House was sold in auction. We are going to offer to rent the…

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House was sold in auction...
House was sold in auction. We are going to offer to rent the house for 6 months. Will the law allow us to buy it from the winner of the auction. Lets say we offered to buy it right now, would it break the law? Six months from now?
Submitted: 6 years ago.Category: Real Estate Law
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9/1/2011
Real Estate Lawyer: KimberlyLaw, Attorney and Real Estate Broker replied 6 years ago
KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4,230
Experience: 13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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Hello, I am happy to assist you today.

Yes, you can certainly legally rent the home from the new owner. There is no law against that.

You can also offer to purchase the property from the new owner. There is no limitation on you from making a contract with the new owner the re purchase the home. The only problem is that he will probably want to charge you too much, and you will need to pay in cash or get another mortgage, which could be tough if you have bad credit now after the foreclosure.

Take care,
Kimberly
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Customer reply replied 6 years ago

How about renting to buy. How does that work?

Real Estate Lawyer: KimberlyLaw, Attorney and Real Estate Broker replied 6 years ago
Hmmm, well that is not an arrangement that I usually recommend, and you would still need financing, unless the owner is willing to finance it for you.

The way it works is you usually give a large deposit, then make monthly payments and then each payment has a percentage that goes towards the down payment. You basically get an option to buy at the end of one or two years and have all that money apply to the down payment. Again, you will still need financing from a bank or individual.

I don't recommend it because you could lose your money. You are better off just renting and saving up your money to buy the property.
KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4,230
Experience: 13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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Category: Real Estate Law
Satisfied Customers: 4,230
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Experience: 13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.

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