Real Estate Tenants Beware
As foreclosures and shortsales have hit the country hard…one thing is certain…that tenants really should do their homework before renting a private home | apartment | condo or even commercial real estate.
Scenario: Tenant pays rent to landlord but landlord fails to pay their mortgage. At the end…home goes into foreclosure and landlord keeps the rent but the lender takes back the home. Tenant is evicted and possessions are put out on the street…not able to pack their own belongings…tenants did everything right their reward: homeless…humiliated…and moved their family in with a friend. What is wrong with this picture.
Tenants when renting from anyone…go to public records…I know each state varies but in most cases pending foreclosure information can be found. Just because you are doing everything right doesn’t necessarily mean the people around you are. Protect yourself before renting from a private owner and check periodically to make sure the property is not in foreclosure.
I know this happens as it happened to me when I first moved to Daytona ….fortunately I was served papers to give me plenty warning! If you are a tenant and in this situation…do yourself a favor…pack up and move..otherwise one day you could come home and find your life spread out in the front yard….but worse…homeless!
For years tenants have had their credit pulled…back ground check etc..etc…evaluated and scrutinized…I think its time for tenants to protect themselves and their families. Check public records and do your research on the property owner!
EDIT: Guy makes a point…I was not in a lease…and if you are…seek the advice of an attorney and read the tenant and landlord laws pertaining to your state.
« The Basics | Why Skip Them? | Home | Plain and Simple-It’s Business »
Comments
I am not sure that is the best course of action to just up and off because as tenants you are still liable for a lease.
However the precautions you have suggested are good.
You should get served notice, you need to start asking questions. Find out the time line.
If it is early filings then you could have another 6 months or more in the home.
Here is what i experienced. I am working on some short sales where the landlord is not paying. Some notices have been delivered and tenants have paniced. However some called me, others i have spoken to. We are explaining the situation as we do not want to lose tenants. We have all 16 units under contract and are waiting bank approval on the remaining few who have not sold.
Bottom line tenents, Find out what is happening. get a time frame. then if worried, seek an attorney advice before you just up and off!!
Great point Guy…I actually editing the post…afterall I had no lease. Thanks very much would not want to misinform the public.
Leave a Comment