Foreclosure in Riverside>Question Details

Annette, Other/Just Looking in 92509

trustee sale question

Asked by Annette, 92509 Tue Dec 23, 2008

we are tenants and received a notice of trustee sale schedule to go up for auction on 01/08/09. how much time do we have to move? what is the process once it sells at auction?

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3
You are not directly affected by the sale. The new owners will contact you soon enough. Make sure they have all the proper legal paperwork before you start talking with them. In other words, they have to prove to you that they are the new owners. Then, they can either rent the property out to you or ask you to move. If they want you to stay, they will have you sign a rental agreement. If they want you to move, depending on how long you have been there and whether you have a lease or not determines what happens. Usually 60 day notice is given and lease rights are honored until they expire. Dont forget to mention cash for keys and moving expenses if you decide to leave. Whatever happens, you will be contacted and you can negotiate an amicable ending I am sure. Look forward to it and dont fear it.
0 votes Thank Flag Link Fri Mar 12, 2010
Annette:

Scott's answer covered some good points. Other points that are specific to California and Riverside (and you are advised to check with an attorney, as I am not one):

1. State of California passed a law that gives Tenants in a property taken back by the bank through foreclosure a minimum 60 days notice to move. You must not be on title on the property in order to qualify as a Tenant.
2. Some banks and their real estate agents will try to pressure you into moving out sooner. Refer them to the law.
3. Definitely ask for cash for keys. This will help you with your moving expenses.
4. Here is a new BENEFIT for tenants I am hearing about. If you are renting a home (not a condo or townhome), and since you are in Riverside County where there is a high incidence of foreclosures, and assuming you can live with people walking through your home once it is listed, I am hearing of tenants negotiating to stay in the home until it sells. These people are negotiating to maintain the home, keep the yard green and trimmed, and allow property viewings during reasonable hours and in exchange they are allowed to stay in the home rent free or for very reduced rents until it sells. In California, the lender is responsible for maintaining the property, not letting it deteriorate and damage the image of the community. Negotiating to maintain the property in exchange for free or reduced rent could be a win-win for both you and the REO lender.

I am sorry to hear that your home is being sold out from underneath you. Remember, sometimes what starts out looking bad can end up turning into a good thing. Let me know if I can be of any assistance to you in your attempts at negotiating to stay in the property, or if I can help you find a property to call your own once you have to move. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Wed Dec 24, 2008
Once it sells at auction the property will be assigne dto an asset manager,. they in turn will give it to their legal department to evict you. the time frame is different in every state. here it is only 30 days where some states are 6 months. you can check with the california state site and type evictions into the search box. when you get the initail letter ask for a cash for keys agreement, they will pay you $1000 to $1500 to move out in 30 days. take it and run because if you get evicted you get zero. good luck in working things out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Dec 23, 2008
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