How long can you stay in your house if it is sold by foreclosure?

Answer 1

The answer to this is complex and heavily dependant on location and situation. Generally anywhere from 3 days to several years.

Once a home is foreclosed the new owner must either negotiate for the occupants to vacate or must initiate eviction. Occupants who were renters may have different rights than prior owners (some states require a landlord to honor the remaining terms of an existing lease agreement).

Many occupants negotiate a cash-for-keys deal where they accept a set amount of cash (often equal to 2-3 months rent for the area) in exchange for vacating the property by a certain date with the property left in good condition.

If the occupants do not negotiate or otherwise come to an agreement, the new owner may file a Notice to Quit that gives the occupants a set time to vacate (3 days, 30 days etc.). If the property is not vacated they can file an Unlawful Detainer suit which can cause the tenants to be liable for costs, fees and rents. This would ultimately result in a forced eviction by law enforcement.

Eviction is an expensive and time consuming process, and most owners are anxious to avoid it. The cash-for-keys deal is often very beneficial for both parties.