??? on buying a house on the auction block

[AAP]

Ok, there is a business that went bankrupt and is foreclosed. The man that ran the business bought several houses (4) under the business. The business went bankrupt and all the houses are in foreclosure.

This Tuesday, everything that was once in the business name - houses, delivery vans, equipment, inventory building and inventory, etc.. are going to the auction block.

My question... I want to bid on one of the houses. It is a duplex. The owner of the business lives in one half and some lady lives in the other half (not associated with the business). If I bid on this property Tuesday and win it, how long before they have to leave?

I am getting mixed replies to this. Some say that you have to give them 30 days. Others say that when the gavel falls at the auction block, the house and all contents within are yours. (Since you are bidding on the entire contents as well) and if the person moves out after you win and takes anything it is considered theft.

 

[b0und]

I think a lawyer from your state would be the right person to ask.










b0und (all I can think of)

 

[miplank]

I can't imagine the personal belongings inside the house would be yours if you win the auction....maybe if anything you'd get the contents on owners half but the person renting the other half I wouldn't think so.


If they're good renters why not just keep them in there?

 

[mrplunkey]

I think it's going to vary by state.

 

[captainahole]

Unless the contents of the house is listed as an asset in the auction they won't go with the house. It is usually 30 days notice for the occupants to leave.
Also if you are going to have them leave do it quickly. If you wait it may cause problems to get them out in the future.

 

[GDF]

If there is a lease in place, you would have to wait until the lease ends to evict. You would assume whatever lease is in place at the time of possession....typically

 

[jnevin]

Renters have a lot of rights. Talk to an atty.

 

[shirlene29]

an attorney on this for sure...

and some states have a right of redemption clause...ie...if the former owner magically comes up with the money in x amount of time they get it back

 

[AAP]

The one that is renting is pretty secure because she does have a lease there and has not missed a payment. If one did want to get rid of her, then they would have to file through proper channels and give an eviction notice after the lease was up along with 90 days.

However for the other half, where the owner lives he has no lease and everything inside is/was bought through the business that foreclosed and went under.

What I am trying to do is avoid the scenario of where the owner leaves and takes doors, faucets, plumbing, etc... with him as well and claim it was his property when he took it.

 

[nimbus]

if they're still in the house when you win the auction they become your slaves!!