Updated about 10 years ago on . Most recent reply
Occupied Foreclosure
I am looking at a occupied foreclosure in Massachusetts in a couple of days. In fact the current tenants are letting me in to see the property. If I have a chance to ask them questions, what are some of the questions I should ask them? I am a newbie so any help would be appreciated. Thank you.
Most Popular Reply
Has the foreclosure taken place and are you buying it from the Bank? If you are buying it from the bank after the foreclosure be sure to ask the bank lots of questions although I am sure they will not be bale to answer most or will deny any knowledge.
Do ask them questions about them, especially if you plan to keep them as tenants. Like how long they have been there, do they have a lease, what maintenance did the former owner do, what have they done, do they want to stay, what are they paying for rent, did they give the owner a security deposit or lat months rent.
They may have plenty of questions for you and you may want to be vague about how you answer.
It is rare that you get to speak to the current tenants and even see the property before foreclosure You may end up being held responsible for any security deposit they will claim to have given to the former landlord.
If you do purchase be sure to advise them immediately and end any tenancy, get them a new application so you know exactly who you are dealing with etc. I have done several evictions of tenants for new multi unit owners.