What to do next after auction

2 Replies

So we are going to be bidding on a piece of property down the block from One we already hopefully I’m 2 weeks. I do believe there are tenants still in place as of last week. I have done my diligence and looked for Any back taxes or liens. Clear of both. If we are lucky enough to get the winning bid what do I do next? Do I send out a letter to tenants stating we are the new owners and as of this date payments come to us and if you do not wish to stay you have 30 days? If so how do we prove this to them?

@Chris Sukala If this is a foreclosure auction with the county you will be receiving a Certificate of Title which should be sufficient to prove you are the new owners. I would first speak to the tenants after I am sure I am the new owner and ask them if they currently have a lease agreement. If they do have one I would honor the lease agreement and if they do not then I would either give them the option of signing a new one or vacating. Hope this helps.

If it's a forelosure you may have to honor the existing lease for the remainder of its terms , some states allow for 90 notice to amend 

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