Home Buying in 56001>Question Details

Sarah Barna, Home Buyer in Mankato, MN

buying a foreclosures with renters in it

Asked by Sarah Barna, Mankato, MN Wed Apr 17, 2013

So we are interested in this house that has so called squatters in it. Squatters that upon first view of the house, didnt really pick up so you could tell they aren't motivated to move. This house is also a foreclosure and I read upon that fair housing act that allows the renters to still be there. Now I keep reading different things about the process of getting them out. As in, they would have to be gone prior to closing(which is what we would obviously want) otherwise I heard that they get a 90 day eviction notice.- What we don't want as don't have that time. Anyways, the location is in Southbend, MN where there is no rental license needed, so I'm confused. I'll be talking to it more with my realtor but want to know about your experiences with these!

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I have sold bank owned homes for several banks for about six years now. It is common to have a home that is owned by the bank and to have people living there. The process that I would do most of the time is that the bank would offer the people living there something that is called "Cash for Keys". This is where the bank gives the person living there money to leave and not trash the place. Most people take this or they just leave because they know they will get thrown out anyways. Most of the time people will move on when they know the bank is actually doing something now.

I would start by keeping an eye on the property and paying attention to anything that is posted on the property. Usually once an agent is assigned to the property they will post their information.

They key is to gather as much information about the property as you can and keep an eye on it. If you have any further questions please do not hesitate to call me or email me. I hope this made sense.
0 votes Thank Flag Link Wed Apr 17, 2013
Yes it did and that is exactly what my realtor said but it turns out the property has more of a septic/sump problem that is an immediate health threat so we are going to pass on it. Thanks for the info!
Flag Fri Apr 26, 2013
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