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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37340
Experience:  16 years real estate, Realtor. Landlord 26 years
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I rent the home 6 years, foreclosed, I rent it month to month

Customer Question

I rent the home 6 years, foreclosed, I rent it month to month from Fanie Mae, they gave Non-Renewal notice to sell the house, I offered, but finance fail twice, Fannie Mae take it off market, stop taking the rent, give notice to non-renewal again, will start eviction next .
Now I found a lender who appoved me to buy the house, put an offer in (the same terms and price of 4 months ago), they "not negotiating" my offer, and keep work on the eviction then sell the house . (their RE agent said) .
How can I buy the home I have been renting for 6-7 years, with my 2 kids attached to the school nearby .
Do I have any right ? or ways to postpone the eviction and "first right" or any thing to try to buy this home from Fanie Mae ? at market value .
Hue Nguyen
Tacoma, WA 98404
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Have you offered whatever price they are asking for the property?
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Or is your offer lower than their asking price?
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Is there anything in your rental contract that gives you a "right of first refusal" to purchase the property from the seller?
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thanks
Barrister
Customer: replied 2 years ago.
I offered full price - 3% of closing cost (they accepted it last time 5 months ago) but my finance fell, now (off market) I offered last week with the same price and term (full price - 3% closing cost pay to buyer)I dónt think I have "right of first refusal"
Customer: replied 2 years ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Barrister replied 2 years ago.
Ok, unfortunately, if the seller (Fannie Mae) has decided to take it off the market for sale now, then they wouldn't be under any legal obligation to sell it to anyone at this point.
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Even if it were on the market, they wouldn't be under any legal obligation to accept an offer on it.
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However, if you get a pre-approval letter from a lender and submit a new offer with the letter, that will prove to the seller that you are already approved for the loan and they may change their mind about selling.
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But if they don't, then there is not any way to force them to sell the property before they are ready if you don't have a right of first refusal to purchase it.
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If they have chosen to terminate your month to month tenancy, then they have to give you at least 60 days written notice to terminate the tenancy and then would still have to pursue a formal eviction in court, which takes about another month, before they could legally force you to move.
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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...
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thanks
Barrister
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