I was renting to buy the landlord let the property go in foreclosure.

Question Details: i was renting to buy a home in Detroit Michigan when the landlord let the home go into forclosure. His reason was that he would redeem the property and have to pay less money for it. He told me that I was secure and not to worry. The home is a sheriff sale am i a loser?

Asked 8/12/2009 under Real Estate | 171 View(s) | More Legal Topics

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John Tatone / John R. Tatone & Associates, PLC Answered 2 years ago | Contributor This attorney is licensed in Michigan

If done properly, the foreclosure will remove your lease and right to buy the home.  Depending upon how the homeowner rebuys or redeems the home, i.e. in his name or another's, you may be able to salvage your right to buy.  You should record your lease with your right to buy at the register of deeds office.  If possible, you should enter into a new agreement with whoever ends up with it.  Obviously if he is buying it for lease your purchase price should be less.  Contact me if you would like to discuss in more detail at johntatone.com.

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