Foreclosure Eviction Techniques
So you have just successfully purchased your first foreclosure property at the local foreclosure auction and you wonder, now what? Well in some cases there will still be an occupant in the house who will now become your tenant. If the occupant is a renter, things will usually be easier, but if it's the homeowner it may get difficult. The first thing you should do is make sure that the foreclosure sale you made is actually going to go through. In New Jersey there is a 10-day redemption period where the property owner can go to the sheriff and pay off the balance in full to get the property title back. So in many cases there investors may lay back a little until they know for sure the house belongs to them.
Once the sale is final, a great way to approach the situation is to offer the occupant money to leave so they can get a new rental. An eviction can be quite costly and time consuming, so this can be a nice way of one hand washing the other.
In the case of disgruntled homeowners, you may be forced to proceed with an eviction. Just follow the normal proceedings and use a good lawyer. Let the legal process do its work, but make sure you file as soon as possible to get the ball rolling. If the occupant has children, financial issues or if it is close to the holiday season, you are likely to be delayed. Typically, an eviction takes about 3 months depending on your local area if filed correctly and on time.
By Diane Tuman
- Last edited October 12 2012
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