It varies by state. Usually you can stay in the home and speak with the new owner. One of my clients had this happen to them and they continued the lease for a couple more months while I found them a house to buy. You probably do want to start looking at other living options though.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
You need to work direct with YOUR OWN buyer's agent WHO represents you obtain correct info. saves you much time and energy involved.
RULE OF THUMB: never purchase a home direct from following unless you have own agent:
Bank, builder, FSBO, listing agent, seller
If the home NOT gone thru entire process it could be months prior any paperwork completed:
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I am not sure how it works in Ohio, but in Texas we have the ability to meet with our tax department annually and contest the property tax appraisal. This lowers the appraised value of the property, thus the amount of taxes we pay.
If you have that ability, arm yourself with good area comps, as well as current pictures and required repairs of the property - anything to justify the current value. You may not get it down to the auction sale price, but you should be able to get a significant discount.... more
Normally a 3 Day Notice is sent over by an attorney's office. If an agent has been assigned to the home already, they may offer a CFK Letter (Cash For Keys) Notice asking that you move by a certain day/time, clean sweep the home (removing everything and leaving it in good condition) and they meet with you on the date agreed upon and give you the check when you turn over the keys. Not all banks do this, but most do. If you receive a 3 Day Notice and do not vacate by that time, the attorney will file eviction proceedings with the court. This can take anywhere from 2-5 weeks to get a court date for the eviction. If the court agrees with the eviction on the court date, they will normally give you an extra 6 days to get out. If you do not, a lock out will be arranged. A lockout is where a representative from the bank, the Constables/Sheriff's Dept come and a mover comes and they change the locks and move your stuff out of the home into a storage facility at your cost.
What does your realtor have to say about this for the fact they should have all the info. to advice you correctly regarding on how to place your offer for the winning bid. There are many tips and tricks on how to secure an executed offer from the bank
Without all the details difficult to make any further comments about you Mansfield foreclosure.... more