Foreclosure Auction Sale Secret Many People Don’t Know

Q: Gerald. If I buy a property at the sheriff sale and there are people living in the property, is the bank responsible for removing the residents? Dawn, Boston, MA

A: Dawn, if a bidder purchases a home at a sheriff sale auction, he is responsible for evicting residents, not the lender because the lender never became the owner of the home. The new owner must go to court and use formal eviction proceedings to remove occupants of the foreclosed home. The lender is also not responsible for any damages the occupants inflict to the home while the new owner is trying to evict. There are many risks involved in buying foreclosed property at a sheriff sale that you should be aware of before you bid or buy.

Thanks for your question, Dawn, good luck.

For more real estate tips and information, visit my blog at geraldlucas.com.

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