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Buying A Foreclosure Property With Tenants

Posted on June 20, 2011 at 9:33 PM
So, you've bought a home in a trustee's sale on the courthouse steps and you've just found out that the prior owners are not living there, but tenants of the prior owners are.  What does that mean?  According to the "Tenants in Foreclosure Act of 2009", that means that you have to give them 90 days' notice before filing an eviction complaint with the court.  Yes, 90 days.  The notice also has to have a special cover sheet entitled "Notice to Renters" which has specific language with regard to where the tenants can receive legal aid or legal help, and encouraging them to do so. 
 
Also, if you bought the property as an investment and you don't intend to live in it yourself, and the tenant has a bona fide lease, which could have another year or more left on it, you have to honor the lease and collect the rent.  You're also responsible for the security deposit if you did not obtain it from the prior owner.
 
 

Categories: Eviction Blog

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11 Comments

Reply Sell My House Quickly London
9:00 AM on January 25, 2013 
I'm absolutely agree with you that 90 days are more than enough. Keep blogging.
Reply Kelowna home builder
7:59 AM on February 8, 2013 
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Reply Birmingham Accountants Service
3:59 AM on February 19, 2013 
Sell My House Quickly London says...
I'm absolutely agree with you that 90 days are more than enough. Keep blogging.

I must say the blog post is just useful for everyone who are dealing in the properties. I like the post! Excellent job! Keep sharing such valuable information through your blogs.
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8:33 AM on March 11, 2013 
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6:49 AM on March 23, 2013 
I read your post and the points you shared for buying a foreclosure property with tenants are really awesome and I glad to found your post. I must say you have done fab job. I will definitely share this post with my friends and relatives.
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5:52 PM on March 28, 2013 
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Reply Caloundra Accommodation
5:11 AM on April 8, 2013 
All the efforts you put in the blog post is appreciable. Entire blog is informative for me,at this time I am planning to buy a new property for me and Your info really very helpful for me Thanks a lot
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7:28 PM on April 8, 2013 
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Reply Public Sector Funding NYC
5:46 AM on April 16, 2013 
Good coordination between the Tenants and the owner is so much important and very nicely you kept this point in your blog.Thanks for sharing such a nice information.