NEED HELP ASAP IN PROCESS OF PURCHASING FORECLOSURE

[Nolan Payne]

Hi BP Community!

I need your help! As of yesterday, I'm the winning bidder on a property on Auction.com. I drove by the property yesterday before bidding on it and it's still occupied. Looking at the register of deeds, the bank purchased the property back from the live, in-person auction early June, and then foreclosed on the property last week. There was a deed to the bank recorded June 18th, so in my mind that is when the bank officially owned the home and the previous seller is now in a home they don't own. I live in NC by the way in case that helps.

• So does the bank issue an eviction notice as of last week telling the previous owner to vacate?
• Does the previous owner have a certain time line before they have to leave?
• What happens if I close on the property in let's say 30 days and they are still there, do I proceed with an eviction? And on that note, can I do an "eviction" since that person was never my "tenant" since I was never their landlord? Or would they simply be trespassing at that point?

Any direction would be very helpful and appreciated!

[Jay Hinrichs]

those are what are called hold over owners.. they are now tenants in sufferance.. at least that's what I call them.

the bank wont do anything..  you will buy it subject to the tenants.. and then have to do cash for keys or full eviction.

and Auction . bomb usually makes it clear you cannot approach the owners or property..  I don't like that one and I follow my own compass on that.

so your risks are many..  trash the house on the way out.. long eviction times.. ( I don't know eviction laws there)

etc etc.. we generally no longer buy occupied homes unless we know we are getting a very good deal.