Renting a House Which Is Being Foreclosed

Video Transcript

"Hello my name is Penny Smith, and I'm a North Carolina real estate broker. Today I'd like to talk to you on a subject about renting a house that's in the middle of foreclosure. My recommendation is don't. You don't want to be caught up in coming home one day and the bank actually closing a house and changing the locks. And all of your stuff be in it. That can happen. They do not have to give you notification. They only have to give notification to the owner of the house. And if that owner does not live in that house, and if that owner does not check their mail or doesn't receive the mail, the notification you could find yourself in that position directly. That you are locked out of that house, and you cannot get your stuff out of it. You will have to go to court and you will have to get a judge which will cost you a lot more money to give you your belongings out of that house. Or if the house is already sold and your belongings are gone, which does happen, you'll have to sue the landlord for the value of your belongings in which case you'll have to provide proof of what was in their, which most people can't and what it's worth. Which most people can't. So it really is not a good idea to move into a house that is in and under foreclosure. Thank you and I hope you have a good day."