I need clarity with 2 specific questions as I am concerned as to how fast I can get occupants out of the home after I purchase a property at the auction, with the least amount of damage done to the property or paying a large cash 4 keys incentive.
1.) When it comes to the actual homeowner living in the home at the time the home gets purchased by me at auction, *legally* how quick are they suppose to vacate the house provided I serve them properly? I say legally, but I don’t want the property thrashed so I will treat the homeowner as a human being and do my best to work with them if it takes “x” more days or cash 4 keys. Legally though, am I required to serve them a 3 day notice to vacate?
2.) Regarding Renters - and this is where I’m still very gray, when it comes to a “bona fide tenant” living in the property under this new “Protecting tenants act foreclosure act of 2009”. the tenant is allowed to remain for the duration of the entire lease provided EVERYTHING is bonified? After the end of the lease, I am legally required to give 90 days notice for renter to vacate? I would love to find a link that *easily* and *clearily* states what is not considered bonified?(i.e. the renter is the daughter of the homeownwer, the renter is paying substantially less than market value rent, etc…)