Foreclosure in Fairfield>Question Details

Cm_Olin, Home Buyer in Fairfield, CA

Our home was sold at auction yesterday how much time do we have?

Asked by Cm_Olin, Fairfield, CA Sat Feb 22, 2014

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If you are the former owner and are asking how much time you are likely to be able to stay in the house, then that depends on who acquired your home at the auction. In some instances a third party, either investor or someone who actually wants to live in the house, acquires the property. More often than not, however, the bank takes the property back. Of the 3 foreclosures in Fairfield yesterday, 2 were sold to a 3rd party and one was taken back by the bank. New buyers and investors tend to move more quickly on getting you out than the banks.

If the sale was done yesterday and you are the previous owner, you now no longer own the home, so I think that technically by law you are trespassing on the new owner's property. You are fortunate because, back before this housing crisis and all the new laws to protect home owners who stopped making their mortgage payments and were foreclosed upon by their bank, the new owner would just come out on the day they acquired the property and change the locks. Someone should be contacting you soon and negotiating with you to move out. If you are the prior owner they will serve you with a 3-Day Notice. If you are a tenant then you might be able to stay for the rest of your lease term or 90 days, whichever is greater. This is not legal advice. I recommend that you speak with an attorney familiar with this area of law and find out your rights.

It is always difficult when you lose your home. Hopefully, the new owner will be willing to work with you while you find a new place to live. Good Luck.

Shel-lee Davis BRE #01817412
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1 vote Thank Flag Link Sat Feb 22, 2014
Typically, you will be contacted within the next few days by either the new owner, or by a Realtor® hired by the bank. They will either want to get vacate soon, or might be willing to let you rent it... Be polite to them, they don't need to work with you; they could evict -
0 votes Thank Flag Link Sat Feb 22, 2014
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