GA law and tenants in foreclosed bank-owned homes! help! (sale, renter)

[convextech]

"Where in the world do you see him having the 'duration of the lease plus 3 months'??" Because once their lease is up they have 90 days for YOU to try to get THEM out. RUN!!!

[convextech]

Here's the deal. They have taken it off the market because THEY KNOW IT WILL TAKE MONTHS TO GET THEM OUT. As long as the tenant is within their lease's period, they have every right to refuse entry to the bank. Once that lease expires, the bank then must start the proceedings to GET THEM OUT, 90 DAYS AT LEAST. Chalk it up to experience and run run run as far away as you can get from this situation. If you think a down payment is bad (not that you do), try and purchase a house with your savings, then rent a hotel, plus pay legal fees FOR MONTHS. TAKE IT FROM ME. BEEN THERE DONE THAT!!!

[twowolves]

So in reality, this guys lease is up in April. The bank has no recourse? (we don't know if he's been paying on time....maybe he is behind)
So lease is up in April, let's assume the end of April....he could potentially still be there in July (3mos later)??? Before what? What happens if he takes the full 90days after the lease is up....what then at the end of July? Can the police physically drag him out at that point??

[bellhead]

Yea he will be there until they evict him or at least I would. Reasons.

1.) He has lost his security deposit through no fault of his own.
2.) Image his side of this and the misery he has endured.
3.) Because he can.

[peachstatehomegal]

Maybe in April (which is quite a ways away) the bank will re-evaluate the situation. As long as the tenant abides by the lease, he's ok.
This must be a heck of a home for you to wait another year on. If so, just cool your heels and keep an eye on it. When it's meant to be, it'll be.

[Lacerta]

Originally Posted by twowolves

Where in the world do you see him having the 'duration of the lease plus 3 months'??
Being that the bank who owns the home now, has 'assumed' the guys lease, yes he does have until the end of the lease. But, saying he gets 3 months past that is just not making ANY sense.

And what about #1 under exception in the law that you copied/pasted? We DO want to reside in the home. So where does that put us and 'him' (tenant)?

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Followed you over from the Real Estate forum, hope you don't mind.

It isn't duration of the lease plus 3 months. It is the duration of the lease OR 3 months, whichever is longer. And it is only if he is covered, not all tenants are, see my post in the other forum on that.

You wanting to occupy the house is irrelevant at this point. That only counts if you buy the house AT the foreclosure auction, not if you buy it from the bank after the fact.

If he doesn't move at the end of his lease, that is up to whoever owns it at that point to evict him, going through the normal eviction process according to your state. In my state, you can evict a tenant, start to end, including the sheriff physically moving their stuff out, in about 3 weeks. But it costs $1500 or so. But every state is different, and I understand some sheriffs have a waiting list for evictions.

[twowolves]

Thank you all.
We really like the house and will wait and see what happens.
The listing realtor said they were taking it off the mkt, to 'deal with the renter' whatever that means.
He's obviously been giving such a hard time re: anything having to do with house showings, etc. As the person at the realty co. said they are 'documenting' everything....must be a real winner this guy.

[bellhead]

Originally Posted by twowolves

Thank you all.
We really like the house and will wait and see what happens.
The listing realtor said they were taking it off the mkt, to 'deal with the renter' whatever that means.
He's obviously been giving such a hard time re: anything having to do with house showings, etc. As the person at the realty co. said they are 'documenting' everything....must be a real winner this guy.

I take exception to the guy must be a real winner. Just because he's an inconvience to you getting something that you want is no reason to say that. Look at the other side of the story here. The guy signed a lease with a landlord who had no business being in the business, the landlord looses the property becuase he wasn't paying his bills. The tenet in the property probably didn't know anything about this until the bank sent him a letter informing him about this. The tenet who has had his world turned upside down by something out of his control now has a realtor calling him asking to take pictures of the house. H informs the realtor that he doesn't want this to happen and oh by the way he tells her I am not moving out until my lease runs out. Throw in on top of this he has lost his security deposit because of the original landlord or bum who gets off the hook. So calling the tenet out in this situation is not cool.

[rcsteiner]

Originally Posted by bellhead

I take exception to the guy must be a real winner. Just because he's an inconvience to you getting something that you want is no reason to say that. Look at the other side of the story here. The guy signed a lease with a landlord who had no business being in the business, the landlord looses the property becuase he wasn't paying his bills. The tenet in the property probably didn't know anything about this until the bank sent him a letter informing him about this. The tenet who has had his world turned upside down by something out of his control now has a realtor calling him asking to take pictures of the house. H informs the realtor that he doesn't want this to happen and oh by the way he tells her I am not moving out until my lease runs out. Throw in on top of this he has lost his security deposit because of the original landlord or bum who gets off the hook. So calling the tenet out in this situation is not cool.

I know someone who was in a somewhat similar situation ... she was renting a house, her landlord got foreclosed on, and she didn't have any idea about what was happening until one day she was simply tossed out. The landlord gave her ZERO warning. To my knowledge she had never missed a payment, and it was a huge shock because as far as she knew everything was just fine.

[twowolves]

Originally Posted by bellhead

I take exception to the guy must be a real winner. Just because he's an inconvience to you getting something that you want is no reason to say that. Look at the other side of the story here. The guy signed a lease with a landlord who had no business being in the business, the landlord looses the property becuase he wasn't paying his bills. The tenet in the property probably didn't know anything about this until the bank sent him a letter informing him about this. The tenet who has had his world turned upside down by something out of his control now has a realtor calling him asking to take pictures of the house. H informs the realtor that he doesn't want this to happen and oh by the way he tells her I am not moving out until my lease runs out. Throw in on top of this he has lost his security deposit because of the original landlord or bum who gets off the hook. So calling the tenet out in this situation is not cool.

I stand by my comment. Our realtor was very nice to this guy and even briefly shared with him the fact that we (if ended up buying the house) would be 100% willing and able to assume his lease unti it was up in April....so he would NOT be evicted by us.

No, that was not good enough for him. Fine, then. He has now put himself possibly in hot water. He has the realtor company AND the bank very unhappy with him.

IF they decide to put it back on the mkt, some future buyer (not as kind as we were) could very well proceed with eviction (someone who has the $ perhaps and wants to live in the home NOW) and he and his family are in deep doo-doo.

So, yes, I stand by what I wrote. What do they say about greed?