Rentals in Arlington>Question Details

Confusedrent…, Renter in Arlington, MA

What does it mean if the house i rent from was up for auction?

Asked by Confusedrenter, Arlington, MA Mon Nov 15, 2010

The place I live went up for auction on Saturday, Oct. 19th/2010, but I was told it was taken off of auction and it was put off until December 7th. I was wondering how to find out for sure that it was up for auction on that date and the date that it was postponed to is actually set for the next one? What does it mean that it was up for auction and taken off again?

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It likely means you will have a new owner/landlord. Most auctions are bank authorized after the loan has been defalted. If you have a lease, the new owners should honor it, if you are a tenant at will, they have to give you at least 30 days notice, you may need to seek legal assistance.
1 vote Thank Flag Link Mon Nov 15, 2010
It appears that the owner of the property may be trying to work with their lender which could account for the on again/ off again auction action. I would think about approaching the owner directly and asking him/her for the details of what is happening as it affects you and your living situation and if you don't get a response seek some legal counsel.Hope this advice is somewhat helpful to you.
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0 votes Thank Flag Link Tue Nov 16, 2010
It means at some point you will have to move. I would start looking at options sooner than later!
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Mon Nov 15, 2010
Was the auction a foreclosure auction, or was the owner trying to sell via auction? There are numerous possibilities with this, and I would recommend contacting the county you live in to see if the home is being sold at a foreclosure auction if you feel this may be what it is, or contacting your landlord should get you some answers as well. Postponements frequently happen when it is a foreclosure auction, but contact both the county and your landlord to be sure and informed of what is happening.
0 votes Thank Flag Link Mon Nov 15, 2010
It means the owner is being foreclosed on. You may want to start exploring new rental properties. After the bank takes title or sells the home at auction they may start the eviction process.
0 votes Thank Flag Link Mon Nov 15, 2010
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