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Foreclosed Properties
Foreclosed Properties
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Joined: 2022-02-20
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Find a real estate agent with experience helping clients buy REO properties. Your rights and responsibilities as a tenant do not change if the home you're renting is foreclosed. To learn more about your rights, read Tenant Rights and foreclosed properties: Responsibilities. Read this article to learn about being a tenant during and after a foreclosure. Other, problems that may affect your bottom line revolve around laws in your jurisdiction. You can have problems getting tenants, squatters and even the previous homeowner out of the property. In judicial foreclosure, the former owner is generally evicted as part of the court judgment but in nonjudicial foreclosure, the lender or purchaser of the home might have to get a separate Notice to Quit or file eviction proceedings. That means time, attorney's fees and possibly new property condition issues. Sometimes a buyer will propose a cash-for-keys deal, essentially paying the previous owner to leave and to do so nicely.

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