Title: Foreclosure Timeline: After the Sale | Nolo
Headings: Foreclosure Timeline: After the Sale
Foreclosure Timeline: After the Sale
After the foreclosure sale, when a new deed has been recorded with a new owner’s name on it, you go from homeowner to tenant.
By Stephen Elias, Attorney
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If a Third Party Buys the House
When Will the New Owner Get the Deed?
If Your Bank Ends Up With the House
Getting Paid to Move Out Voluntarily

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If you're still living in the property following the foreclosure sale, after a new deed has been recorded with a new owner's name on it, you go from homeowner to tenant. A common belief is that you aren't legally a tenant unless you've entered into a formal landlord–tenant relationship and agreed to pay rent. But, subject to a couple of exceptions, you're considered a tenant, typically termed a "tenant at will" or "tenant by sufferance." The first step the new owner will take toward evicting you is typically to send you a written notice stating that you must move out. How soon you're likely to get such a notice depends on who owns your house after the foreclosure sale: a third-party buyer or the foreclosing bank. If a Third Party Buys the House
If, at the foreclosure sale, your house is sold to a third party, that new owner will likely want possession of the property as soon as possible. You might receive a termination notice days or weeks after the auction or sale, just to get the process moving.