Gaining Access to Occupied REO After Closing

[Chris S.]

I have seen many posts about evicting occupants after closing on an REO, but I am wondering about gaining access to the property during the eviction process, which can be very lengthy. If I purchase a property, can I give the former owners, who are still occupying the home, 24 hours notice that I will be entering? I imagine I'm probably out of luck until the eviction goes through, but any information would be greatly appreciated!

[Jon Holdman]

Wait a second here before we start talking about evictions. That might be a quick course of action if you buy a property at a sheriff sale. But not really for a REO. With a REO you're buying from the bank. If they have a tenant in there, that tenant has some sort of lease. As the buyer, you're obligated to honor that lease. You should be provided with a copy by the seller, as well as any partial month rent and the security deposit.

If the former owners are still there after the bank takes possession of the REO after the sale, then the bank should get them out before they sell the house. Same if squatters move in. Insist the seller hands over the property empty unless you're receiving a discount for dealing with the occupants.