Home > Blogs > Charles Fischer > Brevard Investor, Solid Investing in an Unstable Time. Specializing in Transaction Engineering and Creative Problem Solving backed by Education and Experience

Role Reversal: Tenants checking up on Landlords!

By Charles Fischer

Real Estate Broker/Owner with Housing Market Realty

April 07, 2009 07:58 AM

I guess it's a sign of the times, this market has been unusual and I have seen many things that I never expected. One such event is tenants grilling would-be landlords about their finances. Are you making your loan payments, are you going to declare bankruptcy? Questions like these are being heard more often by veteran and newbie landlords alike.

We have all heard the stories of tenants being forced to the streets by unscrupulous landlords that were foreclosed on because they stopped paying their mortgage, but continued to collect the rent. This is not acceptable behavior.

Now tenants have another tool to check up on their landlords: RealtyTrac now offers a service (for a fee) to alert tenants when their landlord goes into default/foreclosure. See this article: http://www.floridarealtors.org/NewsAndEvents/n4-040609.cfm . Of course a quick check of the county clerk's site should also provide most of the same information for free!

As a landlord, I look forward to the day when all this craziness is behind us!

Re-Blog

Comments(6)

Comment

Show All Comments

Sort:

Elizabeth Bolton

RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA

Cambridge MA Realtor

Hi Charles ~ It makes sense that tenants would do this. It has always seemed inexplicable to me that a regular buyer inheirits the terms of any leases and yet a bank gets to kick out the tenants. Makes no sense - aside from being one more example of corporate interests being served over the public's.

Liz

Apr 07, 2009 04:47 PM

Bob & Carolin Benjamin

Benjamin Realty LLC - Gold Canyon, AZ

East Phoenix Arizona Homes

Having had recently two couples who were renting and because their landlords were not paying the mortgage they were getting kicked out -- it seems this is happening a lot. the good news is we sold the renters a new home as a result.

Apr 07, 2009 04:55 PM

Tom Boos

Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI

Providing the very best of service to Sellers and

I heard about this and think it's a great idea especially in markets where foreclosures are prevalent. I personally know of two incidents locally where tenants were evicted as a result of foreclosure.

Apr 08, 2009 03:42 AM

Robert Machado

HomePointe Property Management, CRMC - Sacramento, CA

CPM MPM - Property Manager and Property Management

You can check today, but what about tomorrow. No one can predict or guarantee that the mortgage will be paid each and every month.

Apr 09, 2009 04:55 PM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Charles, i Had recently read about that, but have not had an tenant question me yet. But we know lots of landlords that are collecting rent and pocketing it. It never makes it to the lender.

Apr 13, 2009 10:55 AM

Charles Fischer

Housing Market Realty - Merritt Island, FL

Professional Real Estate Services

Liz: yes, big business protects its own!

Bob and Carolin: Even though I am a landlord (and need tenants), I like to see people have a home of their own, provided they are financially responsible and understand the commitment!

Tom: It is not right that a tenant that pays their rent gets evicted by the lender, I understand that HUD is looking at (or has adopted) a program to allow them to stay at market rates. Have you heard of that?

Robert: you are right, you need to find an ethical landlord (and tenant!)

Sandy: I don't think the landlords should pocket those funds, but the tenants should not live for free either, deposit it with the court to go towards the deficiency or forward to the lender(if they will accept it) NO FREE RIDES LANDLORD OR TENANT!!

Apr 14, 2009 12:59 PM

Role Reversal: Tenants checking up on Landlords!

Comments(6)

Charles Fischer

Real Estate Resources

Recent Posts

Additional Information

Twitter Updates