All Forum Posts by: Mike Hemmer

nbnjbnb

Yeah I was under the impression all properties on Auction.com have been completely foreclosed on and are owned outright by the bank. 

I see there was a thread on this but it is several years old. I have purchased several properties from auction.com, this is the first one that is occupied. From the "stalking" I have done, it looks like the actual owners of the property are living there and not tenants. 

We are supposed to close in about two weeks, and my lawyer calls me today to discuss the clause that basically says the sale is pursuant to the rights of the occupants (in other words if they signed a year lease or what not I would have to honor that.) That, however, isn;t what concerns me. He said I could buy the house, go to evict the occupants,  and potentially be screwed if in court they argued the eviction was unlawful or that somehow they should not have been foreclosed on. He said that if this happens, the tenants could retain occupancy and ownership, and I would be out the entire amount of money I spent buying the house. 

He said this is rare, but he needed to inform me about it. Now I'm getting nervous-  seems like too bug a risk to take. 

Anyone have any experience with this?

Thank you