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Replies (4)
- carmen25
- Contributions:128
anyone?
- Vicki Lloyd, "OCRealtor"
- Contributions:32
Every lender is different and there is no standard way of operating. Many of them will lose the file for 6 months before even checking to see if the property is occupied. Some will send someone out the next day.
A new law went into effect recently that allows tenants to stay for the remaining term of their lease. (It can't be the prior owners, or anyone related to them.)
Probably the best thing you can do is to call the lender and ask which local brokerage they use to market properties. If they will give you that name & number, you should be able to call them and get on their list to be called when they get it listed.
Good Luck!
A new law went into effect recently that allows tenants to stay for the remaining term of their lease. (It can't be the prior owners, or anyone related to them.)
Probably the best thing you can do is to call the lender and ask which local brokerage they use to market properties. If they will give you that name & number, you should be able to call them and get on their list to be called when they get it listed.
Good Luck!
- Michael Emery, "MikeEmery"
- Contributions:7296
California's right of redemption ranges from 90 days to 365 days. Chances are your redemption period will be 90 days. There may be remedies to seize a property after 75 days but it's unlikely the bank will effect it because it would mean another trip to court.
Essentially once the sheriffs sale has occurred, you have a minimum of 90 days to pay off the mortgage (including fees) and get the house back. Once the 90 day period has lapsed the lender will send someone out to see if the house is occupied. If it's not occupied they will change the locks. If it's occupied they will start eviction proceedings.
California foreclosure law is complicated and this is too small a format to explain it all. To best understand it, contact a local attorney familiar with foreclosure law. (I am not a lawyer, don't take this is as legal advice).
http://www.foreclosure.com/statelaw_CA.html
Essentially once the sheriffs sale has occurred, you have a minimum of 90 days to pay off the mortgage (including fees) and get the house back. Once the 90 day period has lapsed the lender will send someone out to see if the house is occupied. If it's not occupied they will change the locks. If it's occupied they will start eviction proceedings.
California foreclosure law is complicated and this is too small a format to explain it all. To best understand it, contact a local attorney familiar with foreclosure law. (I am not a lawyer, don't take this is as legal advice).
http://www.foreclosure.com/statelaw_CA.html
- Lauri Beamish, SFR, "LauriBeamish"
- Contributions:22
If the people in the house are tenants, in California they have 90 days to get out. If they have a lease and the bank doesn't have an immediate buyer for the property ready to move in, the beneficiary has to honor the lease. If they are owners, they only have the until the sale and then usually eviction proceedings are started. There are a few "stall" tactics that either renter or homeowner can use that may make the process longer.
As far as when you could put an offer in, if the beneficiary isn't accepting offers until the property is listed, depending on the bank it could be hard to get around that. They are dealing with so many foreclosures and no one wants to step outside the usual proceedure. Wells Fargo lists the houses they take back as soon as they get them in most cases. Have you looked here on Zillow to see if it's listed already?
As far as when you could put an offer in, if the beneficiary isn't accepting offers until the property is listed, depending on the bank it could be hard to get around that. They are dealing with so many foreclosures and no one wants to step outside the usual proceedure. Wells Fargo lists the houses they take back as soon as they get them in most cases. Have you looked here on Zillow to see if it's listed already?
Foreclosure process in California: What happens after the home has been sold to the benefciary?...
In California, after a home has been sold back to the bank at a courthouse auction, what happens next?
How many days do the occupants have til evicted?
I have heard 90 days and 120 days.
For example, let's say 90 days. So the bank cannot do anything until AFTER 90 days? Even if the occupants let's say left at 75 days?
Do the occupants give some kind of notice to the bank when they leave?
How will the bank know they left?
What if the house has a gate, how will the bank get in without a code??
I heard the bank changes the locks.
So after the home is vacant, what happans next?
Does the bank send someone to inspect the house?
How long after the house goes vacant does the bank put the home on the market? 30 days? Does it vary by banks?
Thank you for any input. If you are wondering, yes I am trying to see when a certain house wll hit the market. It has been 2 months since it wet to auction and the people are still living in the house. The beneficiary bank said I can't put an offer or anything on it until it gets listed. ( I didn't want to have to compete)
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