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Colorado Eviction Process?

Discussion in 'Rocky Mountain' started by jeff, Jul 11, 2006.

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  1. jeff

    jeff Formula 3

    Feb 19, 2001
    1,924
    North America
    #1 jeff, Jul 11, 2006
    My friend is buying a house that is in foreclosure. The current owners are still living in the house and have filed for bankruptcy. The house is supposed to close on July 20th. My friend has agreed to let the current owners stay in the house for 3 days past the 20th so they can move. My question is; what happens if the current owners refuse to move? Do they have any rights? How difficult is it to get them out of the house? How long can they stay in the house if they decide not to vacate?
    Here is some additional background. The house is a $MIL + house. My friend is paying a lot less than the true value. The current owners are real estate agents and probably know their rights. They refused to sign the sale's agreement unless they were given the 3 extra days to move out. Is this situation a nightmare ready to happen?
     
  2. camchain

    camchain Formula Junior

    Feb 12, 2004
    572
    Denver
    Full Name:
    Ron Hetherington
    #2 camchain, Jul 11, 2006
  3. hardtop

    hardtop F1 World Champ

    Jan 31, 2002
    11,294
    Colorado
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    Dave
    #3 hardtop, Jul 11, 2006
    If it's been foreclosed, the agreement should be with the bank. Is is still in the redemption period?

    Dave

    Dave
     
  4. Buffarino

    Buffarino Guest

    #4 Buffarino, Jul 11, 2006
    If your friend can afford a multi-million dollar house, he can afford a few hours of a real estate attorney's time. A couple hours of time now can save potential huge headaches down the road.
     
  5. jeff

    jeff Formula 3

    Feb 19, 2001
    1,924
    North America
    #5 jeff, Jul 11, 2006
     
  6. hardtop

    hardtop F1 World Champ

    Jan 31, 2002
    11,294
    Colorado
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    Dave
    #6 hardtop, Jul 12, 2006
     
  7. leslie-ca

    leslie-ca Karting

    Feb 11, 2006
    97
    No. Calif
    Full Name:
    Leslie
    #7 leslie-ca, Jul 24, 2006
    My guess is this is a pre-foreclosure sale. The lender started to foreclose, the owners filed BK to stop/slow the sale, and now all parties, the lender, owners and BK trustee have agreed to a sale. If all goes as planned there is no foreclosure, no redemption period etc. By the way the BK trustee "owns" the house for the time being. Yes you need an attorney, evicting a tenant in BK is complicated, I would avoid all that by insisting it be vacated before the close of escrow if possible, even if you put them up in a hotel. I have been there. Good money in that hobby. Leslie.
     

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