Foreclosure in 89123>Question Details

Maple, Home Buyer in 89123

I'm looking at buying a foreclosure in Oregon. After I purchase it at auction, how long till I can evict, and can they buy it back?

Asked by Maple, 89123 Tue Dec 21, 2010

The tenants already signed a sale agreement with me, but now have said they won't show up at closing. I understand I could sue, but they are going to declare bankruptcy in a month or two anyways, so suing gains me nothing. The house goes into foreclosure in two months, and I likely will bid on it. I will pay for a real estate attorney to help with title issues etc. My issue, is if I buy it, I want them out ASAP, and I need to know they don't have a legal avenue to buy it back after I do repairs, etc. Thanks!

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It appears that you would like additional information about the foreclosure laws in your state. You can receive information about the foreclosure laws in any state by clicking the link below and selecting your state, http://www.worldclassmemberservices.com/ForeclosureLaws.html

As you will note from the link, Oregon does not allow the defaulted owner to redeem the property after the sale. Some states passed laws allowing a buyer to recover any equity loss by transferring or selling the property before the date fixed for sale. But there is no law which allows the prior owner to file any claim to recover the property in the State of Oregon outside of proving there was some illegality during the auction or foreclosure process. Normally, once the sale is completed the title is transferred, the defaulted owner has no right to the premises and the tenants can be evicted in 90 days if they have no lease or if the successful bidders decides to move into the home. It will benefit you more to review the federal laws that apply to tenants residing in a foreclosed home here, http://www2.state.id.us/ag/consumer/foreclosure/ProtectingTe…
0 votes Thank Flag Link Wed Dec 22, 2010
Since your are or will be working with an attorney of your own--do consult with him/her regarding any legal issues, as he/she is your best source of information/advise as it relates to your specific situation....
0 votes Thank Flag Link Wed Dec 22, 2010
Maple,

Since you are planning on working with an attorney for your closing, your best course of action may be to review the eviction process and your best course of action with him/her.

Bill
0 votes Thank Flag Link Wed Dec 22, 2010
Sorry about that, you would need to check with OR then to see if they have the right of redemption. Yes on a cash for keys they sign an agreement that they will be out in 30 days or less, leave the property free of belongings, debris and free of damage. when they areout, you do a walkthrough and if acceptable they gove you keys and you give them the check. If they dont comply, they done get paid. It is cheaper and quicker than eviction and fixing any damage they could cause.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Dec 21, 2010
Maple here again. Its in Oregon, not Nevada. But thank you. I guess you only give them cash when they move out if there isn't anything wrong with the house. It would be hard to make a contract with them, since they are about to go into bankruptcy. Thank you for your response
0 votes Thank Flag Link Tue Dec 21, 2010
The best way to get a tenant out is cash for keys, pay them to be out in 30 days and to leave the place clean and free of damage. If they refuse, you have no choice but use the legal system to file for eviction. As far as buying it back, you have to check to see if Nevada has a right of redemption, here in NH there is not. Any attorney should be able to answer it in a 1st free meeting to get you some direction.

Good luck working things out

Please see my blog for tips and advice on foreclsoures
0 votes Thank Flag Link Tue Dec 21, 2010
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