If the home was being foreclosed on, usually the bank is required to inform both the owner and the tenants.
Without word from your LL you didn't have to let some one in. Without advance notice you don't have to let some one in. Most likely your LL is refinancing, and if they were prudent, they would give you notice, as required by your lease and to make the best impression.
He is probably refinancing, the banks do not inspect for foreclosures. That person was there to appraise the house.
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