Interesting article from Realty Times on renters in REO properties.

I think the policy still needs refinement - especially for the prospective buyers. I imagine it wouldn't feel good to close escrow on a tenant occupied property, especially when the new owner has no security deposit.

However I think this is the right policy to prevent neighborhood blight. Empty houses do not help anyone and they lead to deterioration of neighborhoods. By allowing tenants to stay in properties and employing local property management companies to manage these properties, Fannie is helping the recovery.  It also enables local property management companies to increase business.

This presents a great opportunity for those of you who have started providing property management services.

 

PS: Our property management software makes it easy for property management companies to grow their business, and it is super cool.

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7 Comments on New Policy for Renters in REO Properties

MAR
11
2009

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. 
5:51pm • #1
MAR
12
2009
249,448 Points 1 Featured Post Outside Blog

I like the idea of property managers getting involved in helping with the REO crises.  Anyone got an idea how to tap into it?
12:17am • #2
MAR
13
2009

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.
9:45pm • #3
MAR
15
2009
224,763 Points 7 Featured Posts Localism Sponsor Attended Rain Camp

Thank you for sharing this information in the Property Management Group!
8:06am • #4
MAR
16
2009

Hi Betty - All the more reason to hire a property manager! I definitely agree, education is the key. Thanks for stopping by!

Hi Robert - I think Todd beat me to the punch. Another suggestion might be to get connected with agents who deal with REOs (as they typically already have a relationship with the bank) and then work your way from there.

Hi Todd - thanks for sharing your knowledge!

Hi Diane - I'm happy to share!
1:53am • #5
1,021,027 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

"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. 

 
9:09am • #6

Hi Wallace - thanks for stopping by!

I agree with you, I think banks are going to cut costs and it will end up costing them in the long run. That's why I think it's important for them to work closely with local property management companies - it's in their best interest, as well as the buyers.
2:09pm • #7


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