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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: You'll call your insurance company... Posted by Ward-CA- on September 29, 2001 at 4:41 PM In Reply to: WHAT HAPPENS IMMED AFTER AUCTION PURCHASE posted by donovan gekko on September 29, 2001 at 12:51 AM : what happens immediately after i purchase the home at the auction? where do i get the key to the home? what if the resident does not vacate? will i owe any taxes on the auction purchase? i live in GA, particularly Atlanta. please advise. i have to go to the auction on tuesday....... =•=•=•=•=•=•=•=•=•=•=•=•=• Donovan, whatever happens will do so because you’ve put it into motion. For example, right after you buy the property you should call your insurance service and get them to immediately issue you a binder for the hazard/liability insurance coverage on the property. Then you’ll want to get your trustee’s deed recorded as fast as you can. Get a certified copy of it at the time you do the recording too. You will owe a minor documentary transfer tax. The clerk at the recorder’s office will tell you how much. Next, find out from a landlord/tenant attorney what requirement, if any, you have to comply with to give the ex-owner or tenant in residence a legitimate notice to vacate due to foreclosure. For example, here in CA we can give a holdover owner occupant a three day notice whereas we have to give a holdover tenant a thirty day notice to vacate. Now go out and serve the notice on the occupants. If they don’t move within the time set by law then proceed with an eviction lawsuit. Hope this helps. Follow Ups: thanks so much..2 more questions donovan 5:12 PM, 09/29/01 (2) Re: Two more answers... Ward-CA- 7:16 PM, 09/29/01 (1) thanks a mil you've been a big help!!!!! donovan gekko 7:22 PM, 09/29/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : what happens immediately after i purchase the home at the auction? where do i get the key to the home? what if the resident does not vacate? will i owe any taxes on the auction purchase? i live in GA, particularly Atlanta. please advise. i have to go to the auction on tuesday....... : =•=•=•=•=•=•=•=•=•=•=•=•=• : Donovan, whatever happens will do so because you’ve put it into motion. For example, right after you buy the property you should call your insurance service and get them to immediately issue you a binder for the hazard/liability insurance coverage on the property. : Then you’ll want to get your trustee’s deed recorded as fast as you can. Get a certified copy of it at the time you do the recording too. You will owe a minor documentary transfer tax. The clerk at the recorder’s office will tell you how much. : Next, find out from a landlord/tenant attorney what requirement, if any, you have to comply with to give the ex-owner or tenant in residence a legitimate notice to vacate due to foreclosure. For example, here in CA we can give a holdover owner occupant a three day notice whereas we have to give a holdover tenant a thirty day notice to vacate. : Now go out and serve the notice on the occupants. If they don’t move within the time set by law then proceed with an eviction lawsuit. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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