Buying a house from Foreclosure Company

[FireRob50]

What is the name of your state? Ohio

My wife and I fell in love with a house and property in our town. we found out that the property was being forclosed on and the deed was being held by a trustee and the house and property was up for sale for the pay off amount. On June 7th, 2005 we signed a buyers contract. In the same effort, the trustee wanted another arm of her company to buy my condo for relocation investment. We agreed to a price on the condo that was $10,000 over what we owed, about a $13,000 loss but in the turn the assessed price of the house with property was $245,000 and we were going to pay $161,000. Closing is Monday. All mortgage items are in place, things are ready, but occupancy. Apparently the trustee had a "gentleman's" agreement with the former home owner that she could live there and pay rent while the house underwent the selling process. My wife and I are ready to move in on Tuesday if we can but the trustee told the occupant that she could stay until August 15th. I was told this at 5:15 yesterday so no lawyer is available to call me back till Monday, we close @ 9AM. Do I understand that once closed on, the property is ours and we must agree to any extended occupancy for the home? Or am I kind of stuck until the 15th of August?

[HomeGuru]

Originally Posted by FireRob50

What is the name of your state? Ohio

My wife and I fell in love with a house and property in our town. we found out that the property was being forclosed on and the deed was being held by a trustee and the house and property was up for sale for the pay off amount. On June 7th, 2005 we signed a buyers contract. In the same effort, the trustee wanted another arm of her company to buy my condo for relocation investment. We agreed to a price on the condo that was $10,000 over what we owed, about a $13,000 loss but in the turn the assessed price of the house with property was $245,000 and we were going to pay $161,000. Closing is Monday. All mortgage items are in place, things are ready, but occupancy. Apparently the trustee had a "gentleman's" agreement with the former home owner that she could live there and pay rent while the house underwent the selling process. My wife and I are ready to move in on Tuesday if we can but the trustee told the occupant that she could stay until August 15th. I was told this at 5:15 yesterday so no lawyer is available to call me back till Monday, we close @ 9AM. Do I understand that once closed on, the property is ours and we must agree to any extended occupancy for the home? Or am I kind of stuck until the 15th of August?

**A: since you have nothing in writing, at a minimum, the occupants are m/m tenants. Read the L/T law to see how much notice you need to give to terminate their lease.

[nextwife]

What did your offer provide as to occupancy? Will your buyer give YOU extended occupancy until the tenants are out, at comparable per diam to your cost on the new place?

[FireRob50]

Originally Posted by nextwife

What did your offer provide as to occupancy? Will your buyer give YOU extended occupancy until the tenants are out, at comparable per diam to your cost on the new place?

Well, since the sale of the house has been going on since June 7th, and the person being forclosed on knew it was in the final process, we were under the impression that we were able to get into the house day of closing. There is work that needs to be done in order to live in it. The daughter was a bit destructive. Spray paint and such. She was told on June 22, 2005 that the sale was going to happen and she needed to move out. Apparently according to the trustee she is very difficult to deal with and they prefer to avoid her.
Having a Police background, I have no problem telling her to get out.

[HomeGuru]

Originally Posted by FireRob50

Well, since the sale of the house has been going on since June 7th, and the person being forclosed on knew it was in the final process, we were under the impression that we were able to get into the house day of closing. There is work that needs to be done in order to live in it. The daughter was a bit destructive. Spray paint and such. She was told on June 22, 2005 that the sale was going to happen and she needed to move out. Apparently according to the trustee she is very difficult to deal with and they prefer to avoid her.
Having a Police background, I have no problem telling her to get out.

**A: my post stands.