Renter & Homeowner rights after the home is sold at auction

Foreclosure Investing
1

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…)

2

Hi Jack,
You are legally required to serve a 3 day notice to the former owner and then start the eviction process. In CA a contested eviction will take approximately 59 days or longer. If the owner happens to file bankruptcy that could also delay the eviction.
When it comes to tenants with a lease you are obligated to honor the terms of the lease. If they are a month to month tenant then you must give them 90 days notice. Even someone paying substantially less than market rent is still considered a renter. The laws are really on the side of the occupant in most cases which is why you would really want to try to negotiate the best possible deal with them. A mistake in evicting a tenant could cause numerous delays. If the property is located in a rent control area proceed with extreme caution.