(CA) Does purchaser of an REO property owe the existing tenant the security deposit?

[Jason Conroy]

I know on a regular purchase, the new owner assumes the responsibility for the security deposit but I heard on an REO that the purchaser has no obligation to pay the tenant back. This seems unfair to the tenant so I wanted to double check here. Let's assume that no mention of security deposits was made on the escrow statement but the tenant's original lease did show one. The property is in California if that makes a difference. Thanks.