Foreclosure in Rochester>Question Details

Lilbellasici…, Renter in 14624

The house I am renting has gone into foreclosure, can I buy this house from lender?

Asked by Lilbellasicilian, 14624 Wed Apr 23, 2014

I have been renting a house since 2010, in September of 2013 it has officially gone into foreclosure. The bank has gone to court and sent an inspector to the house. Is it possible that I can buy this house from the bank?

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Hi Lilbellasicilian--
Sorry to hear about that situation. Its unfortunate how often that landlords do this to their renters. You can buy it from the bank but the ways to do it are limited. If it goes into traditional foreclosure sale, they will sell it on the county steps more than likely. Check with the local county clerk for that information on when the next sale might be.
Another route that is less successful, is getting in touch with the bank foreclosing on it and explain the situation and see if you can maybe work a deal out with them as far as buying it out. I wouldn't get my hopes up on this route because it rarely works. If you do choose to go this route, I would try to get in touch with a manager or somebody in a higher position.
Lastly, legal counsel is always worth having. If you cannot manage to get the property, you will need to figure out your options. A local real estate attorney would be worth contacting and discussing your options. I would recommend sooner than later, too, so that you aren't scrambling to find out what you can do.Your area may have different laws but in Texas, there are laws protecting renters from foreclosure and giving them a few legal options over being kicked out once it transfers possession.
Hope that this helps a bit!
Good luck in your situation.
0 votes Thank Flag Link Fri Apr 25, 2014
You can buy the home when it goes to auction. You will have to find out who the bank trustee is and find out when it is set to be sold. I have seen some banks sell on auction.com, some sell on the court house steps. Where the property is sold depends on the investor/bank. Regardless, you would have to bid on the property and the highest bid wins.
0 votes Thank Flag Link Wed Apr 23, 2014
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