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if you buy a forclosed property from the bank and it has a squatter in it, do you have the right to

  • March 14 2013 - Warrensburg
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Answers (2)

An REO should be delivered to you vacant. If there is a squatter, such as the previous owner staying on or a transient that has moved into the property, it is the bank's responsibility to evict the occupants.

However, banks are notoriously unresponsive once REOs are off the books (and beforehand, too ;). As such, you may have to start the eviction process on your own, though approaching the bank first and demanding they take responsibility is a good idea.

Each state's eviction laws are different, so seeking advice from a real estate attorney is advised. That being said, your first step should be to determine whether or not the occupant is a squatter or a trespasser.

What's the difference? Squatters use vacant properties seeking shelter; this is not against the law and they will may have certain squatter's rights depending upon how long they've been using the property. In this case you will have to go through formal eviction proceedings.

Trespassers, on the other hand, break windows and force doors in order to gain access to the property, which is against the law. If this is the case, the police can simply arrest the individual(s). From there, fix the broken windows or door jambs, change the locks, and install an alarm system.
  • March 14 2013
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  • March 14 2013
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