Bank Wants "seller" Out After Auction-in 72 Hrs! Legal?
The bank took back a house I was trying to shortsale.
The owner (or rather ex owner) is worried that the bank is going to swoop down and throw her out.
I am in MA.
They taped a letter to her door today saying she should be out in 72 hours.
I thought they had to evict.
Can anyone give me guidance?
John
She received a notice to quit - eviction will follow. Snagged the following off a website - cannot confirm the accuracy, not familiar with MA:
The process in Massachusetts is as follows:
1. When someone has taken your house at foreclosure they can send you a legal notice to leave the premises under a 72 hour notice.
2. If you fail to leave after the 72 hours has elapsed the new owner must go to court to present his case before a judge that you should be evicted.
3. At a hearing the judge will decide if you are to be evicted or not as well as how long you may stay in the house before you must go. Your willingness to pay rent will play a large role in granting more time.
4. If the judge finds against you and you are unhappy with his ruling you have 10 days to appeal his decision.
5. If you have been ordered evicted and you have not moved out on your own by the day designated by the court the new owner may obtain an execution of the eviction judgment which will give a sheriff the right to physically remove you from the premises.
6. A sheriff gives you notice of the execution and as little as 48 hours to move.
7. Anything left in the house is moved by the sheriff into storage, where you will have to pay fees to get it back, locks are changed, resistance at this point may subject you to arrest.
Q. How long does the eviction process take?
A. From the day you are given you notice until a sheriff might pack up and move your possessions out of your house you can expect a 6 week to 6 month time frame, with the average coming closer to 10 weeks.
ok,
now I get you! Yes ouf course if I was a hard money lender I sure wouldnt want to give my money to my competition. Good insight bargain76.
Thank you,
Michael
If you really want to do this find a partner with the cash, just like every one here has suggested. Also make sure you do at least 10 dry runs from start to finish before you make your first buy. By doing dry runs you learn if these deals are profitable or not, and armed with that info you can easily attract investors. However, there are many problems when buying a home in this manner, Im not going to get into it, but make sure you try to over estimate costs and underestimate profits.
A word of caution: I worked for a company that specilized in buying trustee sale homes, and they worked on as little as a 10% margin. At some auctions there will be more then one of these types of companies present. Normally they bid the homes up so high they arent worth it for the average investor like you or I. So you really have to do your research and know who you are up against.
Happy Investing,
James
Keep an eye on the house and legal papers concerning the sale.
Could it be that the sucessful bidder was a "ringer" or associate or employee of the auction or ownership company. and no sale took place after all?
[addsig]
You will never understand why a seller will accept an offer. If you try to explain or rationalize, then you will be puzzled many more times again.
Also are the lots buildable? will they be worth more improved?