Negotiation points
Posted by RSI on February 27, 2008 at 09:52:27:
In Reply to: Renting and Foreclosure
Posted by South Carolina on February 26, 2008 at 13:53:49:
that should definitely be addressed in the rental contract. However, depending upon the desirability of the rental...the owner might hesitate to negotiate choosing instead to forego an offer for rental in favor of one less calculating.
Re: bankruptcy, a great many bankruptcies in the past have been structured to assist homeowners in reorganizing their debt payments. Therefore, it should not be assumed that bankruptcy will equate to the loss of a property for the owner.
re: foreclosure, because SC is primarily a judicial state so far as processing foreclosure is concerned, it might be helpful to know that a foreclosure process leading to sale of the property at auction will take approximately 6-7 months for completion. With the court systems now inundated with foreclosure activity, it is reasonable to expect for even that time to increase. This coupled with the fact that most lenders wait to allow for at least 3 missed payments prior to commencing foreclosure activity provides addition cushion so far as time.
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