New Policy for Renters in REO Properties

Anyone looking to manage rental properties in today's market must be sure they are educated in the landlord tenant laws of their state.  There can be heavy penalties imposed for failure to follow the law and lack of knowledge is no defense!  Education is the key.  Check out the National Association of Residential Property Managers (NARPM.org).  There are local chapters across the country.  You will find that NARPM member (just like here in ActiveRain) are very willing to share information, tips and tricks of the trade. 

I like the idea of property managers getting involved in helping with the REO crises.  Anyone got an idea how to tap into it?

I'd start by contacting asset managers and banks which handle disposition of their own properties.  Each and every REO department also has an evictions department they work with so I would approach them directly to learn about their methodology.

Thank you for sharing this information in the Property Management Group!

"Refinement" is an understatement. Most of the areas where foreclosures are have onerous, often tenant-friendly rules and regulations which only local property managers and landlords are familiar with.  A real estate broker attempting to sell the property who does not follow the state/local landlord-tenant rules with regard to showing notice, etc. will get a rude awakening.

I suspect Fannie and Freddie may try to use real estate brokers to cut costs and tenants will have a field-day making them jump through hoops.