What does this mean?

[Jason Davis]

I came across a foreclosed property on zillow today that was up for auction on hubzu. At the end of the listing it said, "Buyer will be responsible for obtaining possession of the property upon closing." So, does this mean that the house is currently occupied or they lost the keys...something else?

[Erickson Sainval]

Yes, it could be occupied. It can be a big risk buying foreclosed property if you do not know what you are doing. Make sure the title is clear and if it is occupied by the owner that was foreclosed you might need to have them removed from the property. Do not be surprised if the property is a wreck. If it is foreclosed on by an investor and there is a tenant, you might have to keep them until the contract is over.