October 20th, 2010:

I am renting and just got served by a bank that is foreclosing the house. Is my lease enforceable?

Oct 20th, 2010
by edsmith.
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According to S. 896, (enacted as Public Law 111-22) passed and signed into law on May 20, 2009, your lease may be valid if it was executed before the owner received a notice of default from the lender. Otherwise, you may be given a 90 day eviction notice. Most lenders will offer you cash-for-keys, meaning that they will pay you to move out and leave the property in broomswept condition.

If I am buying a house and the appraisal comes in $50,000 low, does the seller have to sell it to me at that price?

Oct 20th, 2010
by edsmith.
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Typically, the seller would have the option of selling at the appraised value, allowing the transaction to proceed as otherwise planned. However, the obligations and rights of both buyer and seller are dictated by the terms of the sales agreement. Review your specific contract language as pertains to appraisal contingencies with your Realtor or attorney to determine what options are available.