According to the Texas Association of Realtors online magazine,New law offers protections to tenants of foreclosed properties. A new federal law attempts to shed some light on the issue of how to handle a tenant occupying a property that has been foreclosed upon. The Helping Families Save Their Homes Act of 2009 (S 896) includes provisions that offer protection to tenants of foreclosed properties. These tenants will be able to stay in the home for a minimum of 90 days after foreclosure. Further, tenants with lease terms that extend beyond 90 days must be allowed to remain in the property for the duration of their lease unless the new owner plans to occupy the property as a primary residence. In any event, a tenant must be allowed to remain in the home for 90 days after foreclosure if they continue to abide by the existing lease terms (including payment of rent). "
If a good real estate agent can help grease the wheels and get your offer in front of a lender, you can get an answer more quickly, and potentially close more deals.
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