As Michele stated, you, as a tenant, now have many rights and possible options. From being alloted a feasible amount of time to vacate, to incentives, to renting from the new owner. The new owner may provide you with the option to stay and continue to rent, or the possibility of an incentive to vacate, not guaranteed but always a possibility as it has become typical in this market.
In addtion, Assembly Bill 2610 modifies existing state law which was to expire 1/1/2013. Existing law requires a tenant of a property posted with a Notice of Sale (NOS) to be given a notice that the new owner after the foreclosure sale date may enter into a new lease or rental agreement or must be given a minimum 60 day notice to terminate.
Effective 3/13/2013, the new owner is required to give a tenant in a foreclosed property a minimum 90 day notice after the sale to terminate. The effective date of the new law may need to be extended as it cannot be earlier than 60 days after the California Department of Consumer Affairs posts the notice requirements on their website. The 90 day notice requirement is consistent with the existing federal law which is scheduled to expire 12 /31/2014. This new law shall remain in effect until 12/31/2019.
Hope that helps.
Keisha Mathews, REALTORÂ®
CDPEÂ®, HRCÂ®, HAFAÂ® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
Sorry to hereof your situation. There are a few options but they will depend on your Rental Agreement. Are you in a lease or are you Month-to-Month, have you had any conversations with the owner regarding your Security Deposit?
The new owner may want to have you as a tenant so, when someone comes to you and indicates they are the new owner or course ask for and verify they are the new owner. Ask what their intentions are, do they want you as tenants, are they moving into the property etc. This will help determine the course of action you may have. You will have at least 90 days to move if they want the property for personal use. Maybe cash for keys will be an option it just depends on the new owner and their intentions.
All the best, if you would t a more information you are more than welcome to us. It will be our pleasure to assist in any way possible.
Bob Thomas, RMP, CRS, GRI
KTB Property Management
8880 Cal Center Dr Suite 400
Sacramento, Ca. 95826
Please visit us at http://www.ktbpropertymgmt.com for more information.
You can e-mail me your address and I will be happy to check into the foreclosure status for you. You can just contact me through Trulia. Good luck to you.
Don't move out until requested.
Their could be financial incentive to get you to move
and if you have a valid and current lease..you may be able to live their through the end of your lease at the same rates.