I am wondering what happens to the original owner of a house that was repossessed by a bank. What if he doesn't want to leave? Is the police called in to throw him out?
2007-07-02 10:39:02 · 7 answers · asked by Mike 4 in Business & Finance ➔ Renting & Real Estate
Often times there is a misconception or the lack of knowledge to differentiate between a foreclosure home and a "real estate owned" property (aka: bank owned property). Some of the major differences between the two is the accesibility to the property, the amount of risk involved, the purchase process, etc, etc.
Normally a property that is in the process of being foreclosed, will still have the previous owners living in the property either refusing to leave or wanting to stay until the last day possible. Once the property goes into foreclosure and it has already been auctioned off, you as the buyer are responsible for any liens not discovered before hand, you are responsible of evictions, and any major repairs.
As oppossed to REO (real estate owned), you have the benefits of purchasing a homes that has already been cleared of any tennants/sellers still wanting to stay in the property, you can have more security that there are no other liens not disclosed or discovered previously and most of the times the major repairs (sec 1) will be taken care of in advance because the lender wants to sell the property quick and not wait 4-6 months waiting.
If this property you are looking to buy is a REO, you should find that the property is vacant and you should not worry about any evictions needed.
Good luck
2007-07-02 13:54:50 · answer #1 · answered by SCCRealEstateUNCENSORED.com 3 · 2⤊ 0⤋
Yes, you are correct. If they don't leave on their own the sherriff helps them out the door. Your statement has a major flaw, the "owner of a bank repossessed house" is the bank, not an person or family.
2007-07-02 10:47:58 · answer #2 · answered by Landlord 7 · 0⤊ 0⤋
Yes, if he does not leave willingly, he will be evicted. Once the foreclosure process is completed, the person no longer owns the home, and falls under tenant/landlord law.
2007-07-02 15:55:27 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Yes, he will have to leave. If he wants to hold it up, he can go to court and speak to a judge. That will only cost him. And will only give him a very short time and still cost him Lot's of money to get a lawyer. If he looses then he probably will have to pay the defendants court cost too.
Not worth it. Just leave.
2007-07-02 11:47:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The sheriff will file an eviction and you must vacate within a certain number of days. Otherwise, you will come home to bolted doors.
2007-07-02 10:44:06 · answer #5 · answered by Mandrew 2 · 1⤊ 0⤋
Same as on a rent house when they don't pay the rent- they are evicted-by force if necessary.
2007-07-02 10:42:47 · answer #6 · answered by glenn 7 · 1⤊ 0⤋
The constable will force them out.
2007-07-02 10:52:56 · answer #7 · answered by aka_brian_1040 3 · 0⤊ 0⤋