Custom Search
|
|
When A Sale Means Eviction: Making Moving Out Easier
Be Aware of the Laws In some states the previous occupant is legally allowed to occupy the foreclosed property even after a sale, especially if it is their primary residence. This means that you have to legal way to evict, at least until certain conditions are met. Delays: They Work, Sometimes A good foreclosure lawyer can instigate delays when the sale is completed. Another way an occupant can prevent eviction is to declare bankruptcy and this can extend their stay in the house for months, leaving you as the new owner in a frustrated state where you—and your lawyers — cannot touch the occupant. However, filing bankruptcy is a last resort not often advised because this puts the occupant in a precarious position. Occupant Requests Some occupants directly ask owners for extra time to get their affairs settled, move out or at least until they find somewhere else to stay. In this case, a written agreement with a set period of time can be very helpful and can prevent you from filing an eviction notice. In these cases the previous owners normally leave voluntarily. At most you may have to delay the turnover for a few days, weeks or months. Avoid being too nice, however, when they tell you their sob stories — you may end up delaying the turnover for years just because you feel sorry for them. Cash for Keys In some cases lenders or the new owners pay the previous owner a certain amount of cash to move out and leave the home in an undamaged condition. If you have bought foreclosed properties or homes before, you probably have experienced damage caused by the previous owner in a rage after a foreclosure notice arrives. Watch out for former owners who demand this option and want to make a little extra cash off of you. Owner Resentment Keep in mind that even during “willing” transactions such as short sales, the previous owner has been put in a very bad situation and may feel bitter or resentful toward you. Even if you have a good working relationship and made agreements in the past, the owner may suddenly turn tail and refuse to move once the sale is settled. The smart thing to do is to put everything in writing. Save any written correspondence, even casual emails in the event you have to take them to court. Always Consult Your Lawyer Unless you are an expert in property law, consult your lawyer before making moves to prevent any questionable actions. Right of Repossession Some states allow the owner to repossess the home after a sale has been completed if they meet certain requirements or come up with the amount owed a certain number of days before the auction. Keep these laws in mind if the owner is employing delaying tactics, as they may be doing something to legally get the property back, leaving you in the dust. Article Directory: http://www.articledashboard.com Foreclosure.com is the top web resource for finding and buying foreclosure homes. Search all foreclosure properties in your area today. |
|