Tenants have rights in foreclosure

Be aware if you are taking over a house that is in foreclosure or an reo, don’t expect an empty house.Tenants have rights.

“Be aware of the Tenants at Foreclosure Act, a new federal law which provides tenants with month-to-month rental agreements the right to 90 days notice of eviction. Additionally, with limited exceptions, the law requires that new owners after foreclosure allow tenants with leases to continue occupying the property until the lease term expires. In cities with local “just cause” eviction protections, such as Los Angeles, Santa Monica, Oakland and San Francisco, most tenants are not legally required to move as a result of a foreclosure. ”

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Prices up- rents down

This is an article from Trulia. Does this sound familair? I also expressed my concern about the booming markets that don’t have great economics are are driven by hedge fund buying . I am hearing that rents are over done and the supply has gotten ahead of itself. I wonder if the hedge funds will stop their buying for while when they realize they can’t rent.

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