What to do if your landlord goes belly up
Inman Community brief
By Inman News, Wednesday, October 22, 2008.With foreclosure becoming a growing trend across the country, you can imagine that some of those foreclosed homeowners are landlords. What is happening to the tenants? How can real estate professionals help their clients who find themselves in this unfortunate predicament, and what can be done to protect them?
Members of the Inman Community have gathered to address these exact questions in the group topic: "Saving Private Ryan: What If He's a Renter or Tenant."
What insight and advice can you offer?
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Submitted by Bill Fooks on October 23, 2008 - 3:23am.
Bill FooksTFT realty Marketing ServiceWarwick, RI Fooksteam.com When a landlord goes broke of lets the property go back to the bank, we have several optons. Talking to the tenants to see if they could buy, or seeing if we can fill one of our empty spaces. With this communication you usually get good leads, or are a helper to those in need.Often times it is the tenant that has caused the problem. They have not paid. You can determine this fairly soon after your arrival at the property. The agent handling this property for the bank is not usually perceived as a helper to the tenant. Also, you may be able to get another investor to make an offer on the property and leave the tenants in the property. This is a opportunity for your investor. Have to keep an open mind and keep going forward with the tools we have at hand. There is always someone looking to do something in real estate, and not in the business of buying paper(Stocks).
Submitted by Devaki Dharano on October 23, 2008 - 5:28am.
We have a situation where the home has gone back to the bank. The tenant wants to stay and has CASH to purchase the home. Instead, the agent who was asigned the listing is pushing for eviction! Our attempts to contact the bank's REO agent have been futile. Any suggestions?