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A house on my street was foreclosed last month. A few days later, a few men showed up and started to do some work and were clearing the property. Then they started moving things into the house. The former owner of the house has also started coming around and going inside and moving trailers and things onto the property. The house was never listed with a realtor as there is no for sale sign or any notices posted around the property that I can tell. There is a lockbox on the door however. The electricity was not turned off, there are lights on in the house on some nights. When I looked up the owner online, it is the bank. I called them and asked about the property and they said that they couldn't tell me anything as they did not have any information, but that they did not negotiate sales. I called a realtor and they have no listings of that address.
I really don't understand what is going on. I know that banks hire crews to clean up properties, but why is the former owner coming back and bringing his stuff? And why do they have keys?
I don't like to get into others' business, and really it's none of mine, but it just seems really strange.
It's possible that the bank rented the house to the former owner.
I'd bet this. ^
Because there is a lot of backlog many banks prefer the owners to stay on the property to take care of it until it goes through the legal process of clearing up the title if needed as well as maintaining the property. Winter is coming up. It makes more sense for the bank to rent it back to the owner for dirt cheap rent and keep pipes from breaking than it does to have it sit vacant. I'm seeing a lot more owner rent backs in the foreclosure world.
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