Having some issues with one of my current CA's. Seller has two properties. Shes in current foreclosure on her current property. Dont know how long but its alleready in the county records. The property I helped her sell, which the one my tenants are concerned about is not in foreclosure. Would this affect the sale of this home and or will the bank take captive this proeperty if she's not in default on this home. I know I can and should set up an escrow to handle the rent payments and file a memo. Im contacting my attorney later this week, what else am I missing?

first, how would a tenant in a different property know she FC'd on a different property?
In regards to would it affect your CA tenant's property, no, it won't affect it as it's two different houses.
HAving said that, going down worse case train wreck road...the mtg company could FC and then sue her for the difference she owes and put a lien on the other property assuming it's not homesteaded, but that is so incredibly unlikely.
So..no..but the seller should provide mtg info to the t/b to assure them their house is OK.

Does anyone know of any good escrow companies? I tried googling and calling around and no one wanted to bother with it. Also, does everyone get their docs notarized when they do all the final paperwork with the t/b?

thanks,
Rosanna

Im going to file a memo and set up and escrow for the rents. Im going to advise the seller to homestead the property aslo.

Rosanna, who have you checked with so far? Title companies, attorneys, etc?
And, no, I don't bother having lease and option agreements notarized. No harm in doing so, if this would make all parties more comfortable. But it isn't required.

Thanks Michael, yes i called both title companies and attorneys. Is there a company that does this type of thing nationwide?

Might be, but I'm not aware of any. Google? Have you contacted your local REIC for info?

Rosana,
Im filing the memo becuase it makes the t/b feel better.No need to do so unless they feel unsure. The tenant has heard bad things about lease options and i assured him it wont happen to him so were filing. I have an escrow set up with a title company to handle the rents. anyone who knows realestate should be able to help you. Again Im only doing this becuase the seller is in foreclosure.