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bubbaboeing | Bank owned home? Can the previous owner still live in the house? |
I recently found out that a house on my street has been taken over by a financial institution. I don't know much about these scenarios, but I guess the owner owed taxes or something like that...
However, the owner continues to live there. The transfer to the bank occurred 2 months ago, and the house is still in the bank's name.
Can the owner stay there and perhaps "pay rent" to the bank? I guess I expected him to have to move out once the bank took over, but like I said, I'm not familiar with this. Can someone shed some light?
If I could get a good deal, I would be interested in the property, but it's currently not listed for sale.
Is it possible that the person living there could buy it back from the bank?
Thanks. |
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Sue
 |
The owner may have refinanced the deal, and the owner of record isn't yet posted on the source you checked. It does take some time for those records to be updated.
Usually, when the bank takes ownership, they become responsible for insurance, too. They are unlikely to let someone already proven to be irresponsible (failed to pay taxes or the mortgage itself), continue to live there. What if the owner/tenant set the place on fire? Who pays for the damage?
The case might be that it is in foreclosure proceedings, and they haven't been finalized yet. Until that absolute date, he might be living there until he gets physically evicted.
You could chat with the owner/tenant... "I've been looking at homes in the neighborhood and the style of yours is interesting to me. What can you tell me about its history?" That opens the door for him to volunteer information without it looking like you're being nosy. People will blab amazing amounts of information if you stand there and listen! |
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imsoverygood
 |
If you know what bank it is call them and ask them their procedure. Tell them you are interested in the property if it does come up for sale.
I am fairly sure it depends on the mortgage agreement they signed with the idividual property owner so they will not give you specifics but they might be able to shed some light on whats going on or where you can get more info. |
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Gatsby216
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How do you know it is bank owned? Check the county foreclosure records and property records, that way you have the 100% correct information.
Banks will not rent a property, if they foreclose, they will auction it off, or maybe take ownership and just sell it on the regular real estate market.
This is a complex process, and from your question, I will assume you are a novice, or have never owned investment property. In that case dealing with foreclosed homes is complex and has certain risks. And yes in some states the owner can pay the past due amounts and take back the property. Not likely, but could happen.
The real issue is not can you find a good deal on a property, that is easy in most markets, can you get financed and then find decent renters?
a> |
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chatsplas
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The bank may be going through the foreclosure process, and it takes time, and the home owner doesn't always move out promptly. You can look in local paper's classifed section for notices of foreclosure over last few months to find out who to contact about this house. |
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Spam
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Yes he can stay and until he gets a notice to vacate.
Check you paper listings for foreclosures, and they can sell a house and still have it occupied so I would not be bidding until it is empty |
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practicalwizard
|
i guess the bank could rent it to him. more likely, the bank hasn't delivered notice that he must vacate the property. in my state, they are required by law to give you 6 months to move out once they start foreclosure. and, if it is a tax issue, the person could buy it back if they paid the taxes. these are the types of houses that are sold at auction. when you buy a house at auction, the previous owner has 6 months after the purchase to try to buy it back by paying the back taxes. |
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Gerry R
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I believe the answer is yes to all questions.
Are you looking to perhaps buy this house or another foreclosed upon property?
The foreclosure process can take well beyond a year before a bank drops it on the market.
Good idea! |
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pageken
|
the former owner will be evicted |
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Strange Days
 |
It's called a reverse mortgage.They can still live in the house but the bank owns it. |
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