YAHOO! Outlines the 5 Things Your Landlord Won't Tell You! I Disagree!

Property Manager with Gibson Management Group, Ltd.

My list would be slightly different.

1) This Building is in Foreclosure is NOT necessarily something that a tenant needs to know IF they have a lease.  The lease will be honored by the bank, mortgagor or whoever else takes title and if the property is a multi-unit building, having TENANTS is a GOOD THING!

2) You should complain more is also NOT something I would encourage. Complaining PROPERLY is MORE effective * in writing * preferably in writing or via e-mail WITH your e-mail and phone contact information.  Answering the phone or e-mail from service personnel AND allow entry are ALSO more important IMHO.

3) I AGREE that there is MORE to negotiate than the rent * the # of occupants, PETS * what kind and how many, security deposit amount AND length of lease.
4) I AGREE that the BUILDING neighbors are NOT the landlord's responsibility; however, the residents of the landlord's building SHOULD BE their concern and responsibility.  A resident who advises me of the actions of their building neighbor is an asset in assisting me in managing my properties.....I say THANK YOU and may request that they call the police OR contact them directly (for noise complaints) and THEN advise me of the date and time of the annoyance...then I will handle as appropriate!

5) In VIRGINIA, the landlord under a common law lease has MORE RIGHTS than their tenants DEPENDING on their lease agreement.  Yahoo's! example of a SF tenant is "Pacific Heights" extreme; however, landlords NEED to know AS MUCH AS if NOT MORE than their tenants and how to "counter" would-be LEGAL diversions during the term of the tenancy....


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1 ~Judi & Don Barrett & Chassy Eastep - Integrity
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK


I agree with you and you did an excellent job of going over each area and why you feel the way that you do about these points.

Wonderfully done.


With your permission will re-blog but will wait a day or so to bring it out of draft mode.

Dec 11, 2010 10:30 AM #1
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Wallace:  I did a few posts recently where in IL there has been a rash of situations where landlords go into foreclosure & just disappear with the tenants security deposit.  Most tenants expect that paid back not used for the landlords expenses to disappear.

Also there has been a few situations where the supposed 'landlord' is not the owner just someone posing as such during a preforeclosure period.  Lots to watch out for if you are a tenant now.

Dec 11, 2010 10:35 AM #2
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

Wallace great points.  So many people have no idea.   This shold be one of the "life Skills" clases that should be taught to our kids in school

Dec 11, 2010 10:44 AM #3
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Nice post, however, I'm not sure I agree with your #1.  If I know a building is in foreclosure, I'm not sure I would be doing the right thing by suggesting they rent there...

Dec 11, 2010 10:50 AM #4
David Beckham
Realty Executives Bayou Properties - Alexandria, LA
Your Louisiana Real Estate Connection

Wallace you definitely made an excellent argument and I agree with you.

Dec 11, 2010 11:15 AM #5
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA

Rent SKIMMING is a CRIME in most states.....and there are landlords and would-be landlords who SCAM rental prospects.  I don't think Yahoo was directing these guidelines to them

Dec 11, 2010 12:31 PM #6
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Wallace bad advice is rampant on the internet.  With any luck, tenants and some landlords will come across good information such as this.

Dec 11, 2010 02:50 PM #7
Team Gale
Coldwell Banker Sea Coast Advantage - Wilmington, NC
Team Gale Keeps YOU On Course In Real Estate!

Unfortunately I have known someone who rented a property that went into foreclosure and was forced to move prior to the lease ending (my first question was why weren't they paying the mortgage with the rent and the second was I hope you got your deposit back which he did). Renting a foreclosure can be dicey depending on the individual situation. I believe renters have a right to know what the property owner is doing with the property during their lease. If the home will be foreclosed on, I feel the tenants should know in the event they are forced to move early. But I feel the same way if an owner plans to sell their property while it is tenant occupied. Common courtesy says to give the tenants a heads up.

Apr 12, 2011 09:37 AM #8
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Wallace S. Gibson, CPM

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