Bad News If You Buy Salt Lake Foreclosures:
Owners and Buyers of Salt Lake Foreclosures had some bad news built into the new housing law just signed by the President.
The law will help thousands of renters stay in their homes longer after their landlord has been foreclosed on.
In the past, renters could be asked to move immediately upon foreclosure by the bank. They were at the mercy of the lender.
Since the lender now viewed the foreclosed home as a burden instead of an asset, they wanted the house vacated, cleaned up, fixed up, and put on the market. They were generally unwilling to bend.
Until the new law was enacted there was no protection from the banks or investors.
Now the law will allow Salt Lake City tenants to remain in their foreclosed houses through the end of their lease and then an additional 90 days.
Utah renters that have no leases will have 90 days after foreclosure to vacate.
What does this mean to us?
Buying a Salt Lake Foreclosed Home?
Now your Realtor, earns their dough. Have them.....At least
Make sure the offer clearly states that you will not close until the house has been vacated.
Be sure inspections and your due diligence access is not hindered by tenants.
Determine if the tenant is a tenant at will or has a lease in place.
No lease will be signed after acceptance of the REPC.
Items that belong to the house and items that belong to the tenant are spelled out.
In other words, more than ever before, If you are buying a foreclosed home In Salt Lake City you need to be protected.
To look at all of the Foreclosed Homes for Sale in Salt Lake stop by our website SLC FORECLOSURES. You can see hundreds of Bank Owned, REOs, and Corporate owned homes listed on the MLS.
Or give us a call @ 801-567-0946 we can talk about how to handle the bad news if you buy Salt Lake Foreclosures.