Foreclosure in 01001>Question Details

Ray, Other/Just Looking in Massachusetts

How do I offer to pay rent after my house is auctioned due to foreclosure?

Asked by Ray, Massachusetts Wed Oct 1, 2008

Who do i let know i may be interested in renting after my house is auctioned? Also does it help to let the bank know that the taxes and insurance are current and the property has been well maintained?

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Ray, I am so sorry to hear that this is happening to you. First of all, do you want to give up the house? You can speak with a bankruptcy Attorney who can help you stop the auction by filing for bankruptcy. You can then buy yourself time to get current with the lender, modify your mortgage, or include some of the debt to get back on schedule. If you do not want to keep trying to afford the home because it is too expensive, then you are in a tough situation. Normally the person purchasing the home is buyin it to live in or flip so renting is not an option. There is a small chance that that would even be an option. I would work to make alternate plans so your not left getting kicked out of the home without another place to go. I wish you all the best. Again I'm very sorry for you.
0 votes Thank Flag Link Tue Sep 22, 2009
Dear Ray,

You will want to show up to the auction. Your options will be pretty clear at the closing bid. As my colleague below answered, if the purchaser is the bank good luck. It’s not common for a bank to allow people to stay in the residence. I have often wondered why especially in cooler months where an empty house can develop freezing and theft problems overnight.

You might want to contact a rental agent to have something lined up. Even if you do negotiate to stay at least you may have some bargaining power in that now you don't HAVE to stay and don't HAVE to pay whatever rent amount the new owner could pull out of the air.

We do handle rental properties, feel free to contact our office any time if we can be of any help.

Sincerely,
Karissa Moore, Realtor - Hogan Real Estate, Inc. 978/410-5248
http://www.KarissaMooreRealtor@yahoo.com
0 votes Thank Flag Link Thu Oct 2, 2008
Hi Ray,
It depends on who buys it at auction and if they are willing to rent it or not. Many times the bank will not get what they want at auction and buy the property back to sell on the open market. If this is the case they would not normally rent the home. If it is a single family home then anyone buying it would more than likely be looking to live there themselves or try to flip it as an investment. Again, not likely to be rented.

The taxes are a matter of public record and being current would make the purchase at auction less of a risk and more attractive to potential bidders. At this point I woukd suggest that you keep your options open.

Best of Luck!
0 votes Thank Flag Link Wed Oct 1, 2008
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