Home Buying in Atlanta>Question Details

gregory.h.ew…, Renter in Atlanta, GA

As the property owner when do I have to be out of the foreclosure home after the forclosure auction date?

Asked by gregory.h.ewing, Atlanta, GA Thu Jan 31, 2013

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I am sorry for your loss. I would wait till you are approached by the bank or their asset management company. In most instances you can get what is called Cash for Keys. If you promise to leave by a specific date and do no damage to the home they will actually give you a check upon moving out.

Marc D’Angelo
Mortgage Banker
404.925.8291 Cell
678.985.6834 Fax
mdangelo@brandmortgage.com
apply online: mdangelo.brandmortgage.com
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Gregory,

The reality here is you need to move and I would do that sooner rather than later. The last thing you need is an eviction on your credit as well as the foreclosure that is now there.

Best of luck to you,

Barbara Grandolfo
0 votes Thank Flag Link Sat Feb 2, 2013
I would be prepared, by finding a new place to live, and have all of my belongings packed up and read to go. It is just hard to determine how much time you have, as it will depend on the circumstances surrounding the foreclosure. Also I would not count on "cash for keys", it could not be the situation in your case.
0 votes Thank Flag Link Sat Feb 2, 2013
Make sure you read my blog entitled "When banks walk from foreclosures, borrowers don’t always get the memo". And for heaven's sake read all your mail from the bank. So sorry that you didn't short sale the property, while it isn't a perfect answer, it would at least have affected your credit for 12 to 24 months instead of the 7 years a foreclosure will do.

Regardless, read the article. you may still be financially responsible for the property after foreclosure. Check it out.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Thu Jan 31, 2013
Someone could knock at your door the next day, and dont count on cash-for-keys, they could just as well evict you without offering a penny.

Most importantly, you are no longer the "Property Owner" after the foreclosure!!
0 votes Thank Flag Link Thu Jan 31, 2013
Ron is right. But there are instance if the property was foreclosed and bought at courthouse steps, the investor who purchased the property may not give you that much time and your "cash for key" may be minimum. At this stage, you may be better just wait until someone knock on your door.

Ming Richardson
Solid Source Realty GA, LLC
770-616-4901
0 votes Thank Flag Link Thu Jan 31, 2013
I would not assume someone will come by and offer you money to move, I would not assume that at all. The new owner will notify you in some manor since you will now be in their property. I have heard that it takes weeks and I have heard it takes less and I have heard a uniformed man will knock on the door. What I would do is start planning to find a new place to live and be ready to go when the notice arrives. Good luck.
0 votes Thank Flag Link Thu Jan 31, 2013
The norm is that, after the Trustee Sale, the Bank will enlist a Realtor to LIST the property, this will take 2-4 weeks. Then that Realtor should come by your house, offer you cash-for-keys, which gives you some moving money in return for your promise to be out within 30 days without trashing the place or taking any fixtures. You will get the money after you have moved.
Be patient, again; you will be contacted, and it shouldn't be by a Sheriff.
0 votes Thank Flag Link Thu Jan 31, 2013
This is more the norm in California which have laws in some areas (especially Bay Area and SoCal) that make it difficult to evict squatters. In other states (like Georgia) there is much less need to do "cash for keys"....most investors simply notifiy and allow a day or two before enlisting the sheriff's dept to process an eviction. Hence the numbe of comments on this board from agents/investors in GA where "cash for keys" is less common. Given that this question came from somone in GA (where I live and invest in propeties) it is important that the context be considered when offering advice that could differ from state to state.
Flag Sun Feb 3, 2013
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