Home Buying in Rhode Island>Question Details

lucasryback, Home Buyer in 02837

I am looking at a foreclosure property that on an auction site that has a term I don't understand, "buyer assumes the responsibility of

Asked by lucasryback, 02837 Thu Sep 22, 2011

occupancy." from what I can tell looking at the mortgage history, the bank now owns this property, but there is still an occupant, who was not the previous owner living there. What does this term mean? The site goes on to state "do not disturb, it is a criminal offence to trespass on this property." Any thoughts?

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You would be responsible for the tenants currently occupying the property. If they have a lease, you would probably have to assume the lease. If they are squatters, you would be responsible for having them evicted.

And yes it would be a criminal offense to trespass on this property or any other property where you do not have permission of the owner. Often the auction companies have Open House opportunities to view the property. Otherwise there might be an agent you could contact to view the property. The owner or their agent would be responsible for contacting the tenants regarding showings.
0 votes Thank Flag Link Thu Sep 22, 2011
I have one in agreements exactly like this with one of my investors. The bank/seller is most likely looking also looking for a cash sale. If you email me the address, I can let you know exactly what they are looking for-but most likely they want the buyer to take on the responsibility of evicting the tenant after closing, and you would basically be purchasing the property "site unseen" no inspections. It may be possible that the tenant is not even aware that the home is on the market, hense "do not disturb" this was the case with my current transaction. If you would like to forward the address or if you have any further questions, you can contact me directly.

0 votes Thank Flag Link Tue Jan 17, 2012
If there is someone living there already, with out permission, they have a trespasser already. Perhaps the bank is taking legal action to remove the person. Perhaps they want to sell it and you take the problem over. At the right price it could be a deal in the works. Fooksteam.com has some answers. Ck us out.
0 votes Thank Flag Link Fri Jan 13, 2012
If you contact me at 401-269-6169 or email me at matt.patty@nemoves.com and tell me the property address, I will get you in there to take a look this weekend. I deal with a lot of buyers on foreclosure properties, have a little background in construction and would be happy to help you with this one. Hope to hear from you.
Web Reference: http://www.mattpatty.com
0 votes Thank Flag Link Sat Sep 24, 2011
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