Far too many times lately I am seeing landlords being foreclosed upon and the Landlord Tenant Act has no protection for the tanant. The tenant is given 72 hours notice to move out of the home or they are evicted.  They also are losing all their deposits they gave the owner upon rental.   Make sure you deal with a reputable party when renting a home and try to use a property manager that can further assist you with knowing your rights.  JG Realty, llc checks their landlords to make sure that they are in a strong equity position before they will even take a listing for property management.

In Arizona there are approximately 55,000 homes listed in the Greater Phoenix Metropolitan area and of those 25% are vacant.  Investors are trying to sell, lease and option their homes so they can continue to pay their mortgage and not be foreclosed on the property.  When you or your clients are looking for a rental or lease make sure the landlord can pay their mortgage!  With all the adjustable rate mortgages (ARM's) they may be able to afford the payments when you rent the home but that may change shortly after you rent the home.

For more on the Arizona Landlord Tenant Act click on the picture below.

A couple of items:

• Don't let your client or anyone you know rent (lease) a home that may be behind in payments.  (do your research...ask questions.)
• Get a copy of the Landlord Tenant Act (ALTA)...Know your rights!
• Deal with a Property Management firm that knows the Landlord Tenant Act.