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BusinessTenant Foreclosure Procedures
By pharohal
Category: Business. Viewed 548 times. Created August 2014.     Disclaimer.   
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Outlines a process for managing tenants when foreclosing on a property

Does financing program allow for units occupied by tenant(s)?
Send correspondence / agreement to Tenant(s) requesting they vacate the property within 60 days. Tenant(s) agree to leave property undamaged and in "broom clean" condition and will receive 2 months rent reimbursement. Must agree to inspections and must notify Invest Atlanta of date they will vacate premises.
Invest Atlanta escrows Tenant(s) rent for the 60 day period. Invest Atlanta inspects unit at 15, 30, 45, and 60 days as needed.
Is the property in good repair and "broom clean" condition?




Property Management Company engaged to manage property. Tenant(s) notified to direct payment of rents to responsible party.
Invest Atlanta completes final inspection and issues Tenant(s) refund check from escrowed rent payment proceeds. Returns security deposit.
Invest Atlanta deducts repair and cleaning expenses from escrowed rents. Security deposit forfeited.

Invest Atlanta list property for sale.