House Went For Auction - No one purchased it.?

Question

i am a tenant in a home that went for public auction , and no one purchased it, it went back to the bank, what exactly does that mean? , and do i get more time in my house since no one bought it yet??? thanks

Answer 1

WRONG!!  The bank purchased it and they are now the owner.  They will evict you shortly--you can bet on it.  You will receive plenty of notice before the sheriff shows up at your door to throw you out.

Other things you should know--your deposit is gone(the former owner is responsible for it and all rental agreements are terminated by the foreclosure sale)--only the local police authority can literally throw you out(not any representative of the bank)--don't bother paying rent to the bank(they won't take it because they don't want to grant you any renter's rights) and this may be the only way to limit you financial loss.  Good luck!!

Answer 2

If you are under a active lease agreement, I would call the bank and find out what your status is.  In AZ we have "the right of quiet enjoyment" which basically means that no matter who the owner of the property is, you have the right to live there so long as your lease agreement is still active.  As with any Real Estate situation, there could be exceptions.  If you are having a hard time contacting anyone, I would call a local Real Estate attorney.

Answer 3

YOU OUT IT MADE !!

STAY AS LONG AS YOU CAN .

IT TAKES AN ACT OF CONGRESS TO GET YOU LEGALLY

RENTERS HAVE ALL THE RIGHTS!!

Answer 4

No, someone DID purchase it.  And that would be the bank, who bids at the auction with any other bidders.  The lender is now the owner of the property, and you may have about thirty days to vacate the premises.

Bear in mind that any lease you have does NOT transfer forward to a new owner in the event of an involuntary sale such as a foreclosure.  Your lease is still valid, but not on the apartment.  It's valid with the former owner for a property which he no longer owns.

Answer 5

It means the bank owns the house and you need to call them to see how long until they kick you out. Better to be prepared than for them to show up with a cop tomorrow morning telling you to vacate.

Answer 6

contact the bank in question and ask for a lease. i think it would depend on your state.

Answer 7

Banks cannot own property - unless they do business on that property.  They have to be actively trying to sell the property.

Your house was purchased by the bank.  They bidded the default amount as they have interest.  Consequentially the title went to the bank.

They will initiate eviction proceedings if they have not already been initiated.  The Sheriff, or Constable will be by to move you out.

There are no free rides.