If you are living there you have rights. You would be a formal tenant only if you have a rental agreement or lease, you are an occupant though and they will have to evict you. You would have to review CA law for time frames. Your best bet is to ask for cash for keys which will state you have to move in a specific time and they will pay you to leave and leave the home free of belongings and or any debris or garbage.... more
Crystal with bank owned homes here in NH it could be as little as 7 days if you are paying cash up to 45 days if you are getting a mortgage, the average for my sales is 30 days. If you are getting a mortgage, before you make an offer you need to ask your loan officer how ling they will need. Then put that date into your offer. The majority of bank owne dhomes have already had a title search and are clear to close as soon as the attorneys can get the deed and paperwork signed. Having a good buyer broker whi is WELL experience din bank owne dhomes will help you through the process. If you have any questions or need some assistance please feel free to contact me.
Please see my blog with tips and advice on buying a bank owned home
There are several things to be prepared for in an auction. First of all, it may not take place. If the property is listed for sale now, you may do better with a short sale than at auction. Once a property is at auction, assuming it is a bank-owned property, the lender will be looking to recover fees and costs associated with the auction. I have been at auctions where the auctioneer starts by saying that he will also be bidding for the bank. Bidding starts and once it settles out at a price the other bidders seem willing to pay, do not be surprised if the auctioneer acting on behalf of the bank, bids a whopping price and gavels it out. Needless to say this means that you may only be able to get a property at auction by overpaying. Do everything that you can to avoid the auction event. One thing that you will want to obtain is the term sheet which will include a raft of disclaimers that you will have to agree to as part of any offer or bid. It will be important to close quickly. You will want to have your legal advisor review the disclaimers. The mechanics of bidding at auction will likely include a sizable cashiers check to register to bid. That check will be cashed immediately if you are the winning bidder. So, if you really want this particular home, find a way to engage the owner before the auction, but if you do attend the auction get the input of your advisors in advance.