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Renting a foreclosed house

 
 
Reply Mon 23 May, 2011 12:04 pm
I am renting a house that I just found out is going up for auction on June 8th. My question is, what are my rights? can I stay here? Do I have to pay rent for June? The management company told me I could either move out now, or wait for the sale and get a cash for keys arrangement, or a 60 day period to move. Are these legitimate claims?
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Type: Question • Score: 2 • Views: 1,159 • Replies: 7
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Cycloptichorn
 
  1  
Reply Mon 23 May, 2011 12:09 pm
@Timmsterr,
Timmsterr wrote:

I am renting a house that I just found out is going up for auction on June 8th. My question is, what are my rights? can I stay here? Do I have to pay rent for June? The management company told me I could either move out now, or wait for the sale and get a cash for keys arrangement, or a 60 day period to move. Are these legitimate claims?


What state are you in? Are you on a lease?

Cycloptichorn
Timmsterr
 
  1  
Reply Mon 23 May, 2011 12:10 pm
@Cycloptichorn,
I am in california. I am on a month to month.
Cycloptichorn
 
  1  
Reply Mon 23 May, 2011 12:13 pm
@Timmsterr,
Timmsterr wrote:

I am in california. I am on a month to month.


Sadly to say, in CA, that 60-day timeline is accurate. It's actually more generous then it has to be - if you're not on an active lease, they can require you to leave in 30 days.

I just went through a similar situation, and though my landlords avoided foreclosure, it was a close thing; and there's little you can do to stop it, especially if you're not currently on a lease. I would advise looking for a new house immediately.

Cycloptichorn
Timmsterr
 
  1  
Reply Mon 23 May, 2011 12:18 pm
@Cycloptichorn,
That is what I thought. Do you know if I have to continue paying rent?
hawkeye10
 
  1  
Reply Mon 23 May, 2011 12:21 pm
@Timmsterr,
You should check with the management company for assurances that they have your deposit, and are willing to return it. What about last months rent...didn't you pay that already? Use it for JUne and pay nothing else I should think.
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Cycloptichorn
 
  1  
Reply Mon 23 May, 2011 12:23 pm
@Timmsterr,
Timmsterr wrote:

That is what I thought. Do you know if I have to continue paying rent?


Hawkeye's point about the deposit is well taken. I would forcefully seek assurances that you will receive it back, in full. Schedule a time to walk through the apartment with the manager of the property and ask the guy to bring his checkbook or a check.

Re: paying of rent, you are legally responsible for rent as long as you are in the house. You can't decide to stop paying rent just b/c they got foreclosed on; someone can come after you for that back rent. I understand the temptation, though; I contemplated the same thing, personally.

Cycloptichorn
hawkeye10
 
  1  
Reply Mon 23 May, 2011 12:33 pm
@Cycloptichorn,
Quote:
Re: paying of rent, you are legally responsible for rent as long as you are in the house.
But if he/she paid last month up front he should use that, indicate intent to vacate, and if new owners want to ask him/her stay they can. Let the management company know that you might be interested in staying on, that new owners should contact you. If new owners take on the same management company the transition could be easy. Most of the time these houses are bought for investment purposes, not for living quarters, so new owners would rather current tenants stay so long as they are paying market rates.
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