Should I Stay or Should I Go?.....

By
Real Estate Agent with La Rosa Realty

A potential buyer who is currently renting a property informed me that the home that she is staying in is in the beginning process of foreclosure.  The owner is said to be behind 4 months on the mortgage.  However, when they contacted the rental company, they were told not to worry because the banks have too many properties to worry about that one and that they will probably not get around to that home for now.  That is bad advice.

There have already been two bpos (broker price option) done on this property.  The decision to stay would be up to the tenant, my only suggestion to this tenant is be prepared and do not let it comes as a surprise to her if she's ask to leave.

This is not any new cases taking place here in my service area - however it is becoming a trend.  Over and over again, we have heard it on the news about lanlords knowing that their property is going into foreclosure and yet continue to have it rented out.  To some, there might be nothing wrong with this.  But what about those poor tenants who have been paying their rent?  Who is looking out for their interest? Once they find out that a property is getting ready to go into foreclosure, should they stay or should they go?

 

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Rainer
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Cathy & Gary Elmore
Coldwell Banker Tomlinson N - Deer Park, WA

Netta,

No one is looking out for the tenants rights.  Its too bad but right now its all about money.  Not that we all don't like money, but as you know your story is not unique. 

Your post brings up many good points, think I would suggest starting packing to those tenants so they can find a place to live before the bank yanks the home out from under them.

 

April 24, 2008 06:36 PM #1
Rainer
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Sonja Thompson
Howard Hanna - Erie, PA

Netta,

That was very bad advise. The tenants should contact their local landlord/tenant association and find out what their rights are.  As Realtors we have to be careful in what advise we give people because we are not lawyers.

April 24, 2008 06:41 PM #2
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Rainer
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Netta Blackwood

REO/BPO Expert
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