I recommend using your own agent because your own agent represents your own interests, not the interests of the owner, whose is greater. Lenders allow real estate agents to sell their foreclosure properties. There are agents who specialize in foreclosures, however, any agent can do it. For more information about the process please visit my site for an explanation. I educated a lot of home buyers about the process at RealtyTrac.... more
Absolutely not, your lease is with the owner who lost the home, if that loan was for a residential Mortgage, the owner was renting out of the outlines of the loan and you can be removed far sooner than 90 days and the bank does not have to recognize your rental as even being legal. Come on agents think!... more
The consequences of your unit going to foreclosure auction vary. Regardless if it's bought by an investor or it goes back to the bank, your lease will no longer be valid. If it's bought by an investor, he/she may allow you to stay in the unit as a renter, or they could evict you with ample notice (usually 30 days). If the property goes back to the bank, then you will be evicted with usually a 30 day notice.
You may be able to work with the owner's lender to allow you to assume the loan, if the loan is assumable. If not, and if you want to buy the unit, you may have to qualify for a loan & then buy it, assuming the owner will allow a sale.
I advise you to consult with a REALTOR and/or a real estate lawyer who can help you with this unfortunate situation. A REALTOR may be able to broker a deal between you, the seller & the bank, and the REALTOR may be able to do this without charging you any money.
If you want my assistance, I will give you the information you need to make good decisions.
HomeSmart Real Estate... more