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Additional Details
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Meg C | Our House Is Being Put Up For Auction? |
We were not the owners of the house. We're the renters. The house is scheduled for auction on 12/17/07.
We rented this house out from my father's friend who then sold it to a man who also tried to sell it, but there were no buyers. The house was built in 1979 and was added onto in 2004.
The asking price is over $380,000 and the market is so bad I doubt anyone would want to take this house on. It's 6 bds and 3 baths, but its in terrible shape.
I'm not sure if we'll have to move or what since I believe we have have squatters rights. What rights do we have as tenants?
Additional Details
I live in Sacramento, Ca.
So there is no way that we'd be able to talk to the new owner's so we could stay? |
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stevexnelson
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Go to the library or a good bookstore and get some self-help legal books on this topic. Nolo Press is the number one legal self-help publisher in the country. There website is Nolo.com. Also Nolo publishes a book called "Tenant's Rights" and also has a book called "California Tenant's Rights." (A librarian at any public library will be able to help you. This is a common question that comes up all the time.)
Look at your rental agreement. Does it specify that the landlord has to give you notice to terminate the lease agreement. Also, it really depends on where you live. Some states are very friendly to tenants and other states are more friendly to landlords.
I do not believe that you have any rights as squatters. It is very difficult to take possession of property as a squatter.
If the property is sold there is a good chance the new owner woud be happy if you and your family continued renting.
I wish you and your family the best of luck. |
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Landlord
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If it does not sell the bank takes it back. At that point you have to move. The bank will not (legally can not) rent the house out to you. You will need to move elsewhere.
If someone buys it, which may happen as that is a pretty good price for Sacramento, then they have the right to live in it. You have 30 days to move out. They may rent it out to you, but I would not count on it. The odds of you actually talking to them are pretty slim. Their name is not public record until after the sale has closed. |
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Bibs
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Do you have a lease? |
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Deliah
 |
Of course you can always talk to the new owners but do you really want to wait until the very last minute to find out who that owner is and then have 30 days to move? Unless, and you seem to avoid the question, you have a lease that is NOT just month to month.
You say it is up for auction is the 380K the minimum bid acceptable? Or is it an open auction highest bidder takes all.
If it does not sell then you are status quo but depending on where in Ca. that might be such a bargain that investors will stream in at the chance to get it. Ill repair or not.
Good luck but if you are not going to do anything to seek other housing you should at least have some really good ideas in mind when you are/should you be given 30 days to vacate. |
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Billy
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Have you been given any notice to move or do you have any type of a lease or anything? |
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Plondaranera
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I bid $500 |
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acermill
 |
When a property is sold at public auction (foreclosure or similar), any existing rental agreements do not transfer forward to the new owner, including leases. In all probability, you will be asked to leave the premises as soon as the new owner takes possession. Don't panic over the holidays. Odds are that the new owner will have a modicum of pity and allow you to stay at least past Christmas. Even if he has NO pity, he would have to evict you, and that would not happen until after Christmas.
You could ASK the new owner for a rent agreement, but it is doubtful that he would comply, since it sounds like the property is a single family residence. Such properties are purchased for owner occupancy or renovation and resale.
Meanwhile, start looking for new living accommodations. |
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Classy Granny
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A house that size if it sells the buyer is probably going to want to live in it. Squatters don't have any rights and without a up to date lease you can be given a 30 day notice to leave. You can stand by and hope that a buyer is looking for an investment property and will continue to rent to you or if you can try buying it yourself. You should be able to mortgage it for the same payment your paying rent for. |
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Jen Jen
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Why is it being auctioned? If it's a foreclosure call the mtg company and try to buy it from them they will usually sell it for principal owed and may even finance it for you. If its not in forclosure then your rights should be based on your lease agreement, if there isn't a lease, then Im pretty sure you have to get out when it's auctioned, unless you buy it at auction. Sorry |
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reenzz
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There is no such thing as "squatters rights" in this country. If the property sells...you can talk to the new owner...maybe he wants a renter, or maybe he wants if for his residence...either way, he needs to give you some type of notice. If it does not sell...the bank will take possession and you will no longer have any rights to the property and will be considered a tresspasser. Depending on the bank...some will give you 2 to 3 days to move, others will give up to 30 days. |
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Joey m
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It all depends upon what country you live in. I take it America. No "Squatters Rights" in America. But you do have some recourses to delay your physical eviction.
BTW, it sounds like the house will still sell, but far below $380,000. Better start looking for another living situation fast. |
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financing_loans
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Sorry,
You dont have any. Other then going to auction and buying it. At sell somebody will buy it, and you will be asked to leave. Your lease no longer matters. You can sue the former owner of the property. But you will be kicked you. If its being sold, start packing.
You have no rights, its not your house. The person that buys it at sell you dont have a lease with. ie. you leave.
*** UPDATE ****
Im sorry, I think you think you can stay. The point is that its not your house. It will probably sell at auction, but you dont know who will buy it. You cant negotiate this. If the bank buys it back itself they will kick you out. If the home goes to sell you are leaving. Unless you buy it yourself. It sucks im a former bank manager and I know how it works. You are gone as soon as the house is bought by anybody or the bank.
**** update 2 *****
WTF landlord. I was a bank manager, what do you mean legally the bank cant rent the property. If its true, we broke the law all the time. We did it all the time. Dont quote law without a reference. We had our loan officers take the renters and try and get them a loan. What the hell do you mean a bank cant legally rent a property. Check your facts on that. |
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