Hypothetical lease question

[Bryan Devitt]

This popped into my head today and I didn't know the answer, so I wanted to post it and find out. Say you buy a multi at a foreclosure auction and it is occupied. Is it possible for the previous owner to have given everyone long term leases at very low rates just as a jab to whoever bought it at auction? i.e. you find out that a month before you purchased at auction the previous owner gave everyone a 5 one sided lease for half of market rent. Would the new owner have to honor the lease or is there a loophole just for this reason that you could terminate these leases and instate new ones or evict? Thanks everyone