Need Help After Buying Forecloser
I just recently bought a forecloser. The
persons living in the house were trying
to buy the house before the sale. ( they
were frinds of owners). They were not able www.to.They do not want to lease from
so what are my rights, time wise what time do i have to give them to leave the
house. Not sure since this is not a true landlord / tenant deal :-?
Hi, to be honest, you probably need to give a little bit more info before we can advise you. How did you buy this property? Did you buy sub-to from owners, do you purchase it from sheriif's sale? I can say however, that if you hold the deed to the house, then you can give them a 30day notice, don't expect them to just leave though, you'll more than likely have to take them to court after they ignore your 30day notice. Some people here are advocates of the"give them money to move" idea. A good thing to do is to talk to an attorney to really see what your rights are.
Hope this helps
quinn
Were they friends of the previous owner living there rent free or do they have a month to month rental agreement or yearly lease? I think you may have to consult with a lawyer to see if you have to abid by the terms of a rental agreement, but if they have no legally signed rental paperwork, it would seem to me they would have no right to be there at all. Also, if they have a rental agreement, do they have any deposit money to be returned when they leave? I would check with a lawyer or the sherriff's office to see if you can evict them and hope they don't do any damage before they leave. Good Luck!
About the forecloser that we recently bought. The people had a written agreement with the previous owners to buy the property. The property was in bankruptcy at the time and the bank refused to accept the people's money as payment before the court dismissed the Chapter 13. They had a loan worked out and they had closing scheduled three times, but one of the other of the owners refused to show up. A Quitclaim Deed was done to put the property in their name just days before the sale, but the owner now lives in KY, so when he had his signature notarized on the deed, the notary failed to mark out the state of TN and the closing attorney for the people now in the house could not use the deed. They were at the foreclosure sale, but I had the better bid. They even approached me to see if I would not bid, but I did not know the whole story. I am afraid this is going to turn into a real stink, so now I wish I had just passed on the deal. Any additional information is greatly appreciated.
If they had a written lease, you have to abide by the terms of the lease. If it was just a month to month tenancy you need to evict them by posting a 30 day notice. You can also offer them "cash for keys". I would get an attorney for the eviction.
Has happened before. A Comedy of Errors.
Get thee hence to an attorney. Then suggest a meeting and see if some little compromise can be worked out where they pay you and they get the house. Pretty much depends I guess how much cash you invested in your bid at sale.
If you could get out with a cash profit in your hand go for it. They have been nicely done it. Not your fault but they are in possession and that always colors their thinking. Cannot believe they could not have adjusted that Quit Claim Deed. Out of State Notary? Not a problem if you know how to fly a kite.
Cheers Lucius