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Buying A Foreclosure Property With Tenants

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.
 
 

11 Comments to Buying A Foreclosure Property With Tenants:

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Sell My House Quickly London on Friday, January 25, 2013 2:00 AM
I'm absolutely agree with you that 90 days are more than enough. Keep blogging.
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Birmingham Accountants Service on Monday, February 18, 2013 8:59 PM
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.


Kelowna home builder on Friday, February 08, 2013 12:59 AM
I really love to read this post and I am glad to find your distinguished way of writing the post. Thanks and Regards..
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LA Moving on Monday, February 18, 2013 10:38 PM
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Calgary show homes on Tuesday, February 19, 2013 9:39 PM
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custom home builders Kelowna on Monday, March 11, 2013 1:33 AM
The resource that you mentioned here is something that I have been looking from quite a time. And finally it ended with such a nice blog post. Don’t have words to thank you.
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Tools for data analysis on Friday, March 22, 2013 11:49 PM
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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entertainment memorabilia on Thursday, March 28, 2013 10:52 AM
Because of posts like this I surf the internet and when I found you, the time I felt I was wasting, just turned my thoughts around and now I am thinking I invested my time in something really interesting.
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Caloundra Accommodation on Sunday, April 07, 2013 10:11 PM
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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printed circuit board fabrication on Monday, April 08, 2013 12:28 PM
thanks for sharing information
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Public Sector Funding NYC on Monday, April 15, 2013 10:46 PM
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.
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