When do you have to leave your home when a foreclosure sale date has been set?

Answer 1

The home does not legally belong to the bank until the actual trustee's sale auction or foreclosure takes place and a deed is recorded taking possession of the house. At that point you either leave voluntarily or the new owner (or the bank if no one bought it at auction) must evict you. Eviction laws and tenants rights vary greatly from state to state and even city to city in some cases. Generally the "landlord" must allow a certain period of time for the "tenant" to vacate the property. This can be anywhere from a few days to a month, or in some cases a great deal longer. If there is a renter in the home (not the homeowner themselves but someone paying the former homeowner rent) some states require that the new owner honor the remainder of the lease agreement.

Technically:

If you do not leave the home in the allotted timeframe the owner may file an "Unlawful Detainer" suit in court and you could be liable for rent, fees and other costs the owner incurs in evicting you. Ultimately law enforcement may physically remove you from the property, and you could find yourself in serious legal and financial trouble.

In reality:

Evictions are difficult and most states have enough protections in place for tenants to make an eviction expensive and very time consuming, especially if the tenant is well versed in their rights. The new owner is probably going to want to avoid this at all costs. This is where the concept of "cash for keys" becomes beneficial to both parties.

Cash for Keys:

In a "cash for keys" deal the new owner negotiates with the former homeowner to vacate the property by a certain date in exchange for cash. The "tenant" generally agrees to care for the property until that date and leave the property without damaging it or removing fixtures. Owner's frequently request that the property be inspected before the money is paid to the prior homeowner. The amount of the "cash" will be determined by your negotiating skills but should have some basis in actual cost to you or benefit to the new owner. For example, someone in an area known for inexpensive rent (since they will likely be renting) leaving a $75,000 home should not reasonably expect $8,000 in cash. A good starting point might be first and last month's rent in the area plus moving costs. There have been examples of people negotiating more money in exchange for leaving certain things behind that benefit the new owner, such as window treatments or Home Theater components. Remember that the owner is NOT required to pay you to leave, but evictions are time consuming and costly. They have good motivation to buy you out of the property to a certain point. Be reasonable in your request; this is a business transaction and it comes down to cost/benefit for both parties.