Escrow or Proof first?

[zanjoker]

What is the name of your state (only U.S. law)? Michigan


My rental unit was foreclosed at a sheriff sale. What should I do first? Put the rent in escrow, or wait for correspondence from the bank that owns the property regarding my tenancy? If I need proof, what kind should I get?

[nextwife]

If you are interested in buying the place and staying put, contact the buyer immediately to see if they will sell it to you. Otherwise, start looking and prepare to move. A lender, especially a bank, needs to convert non-performing assets into performing assets, and will need to dump any real estate owned, as they do not wish to be landlords. Expect eviction in accordance with your state's landlord-tenant laws.

[FlyingRon]

Escrow is probably not required, but I'd make sure that I had that money ready to pay to the purchaser when they contact you.

As nextie says, be prepared to move. You might get some consideration from the bank if you move out in an timely and orderly fashion.