New Trend? Owners getting ready to lose their homes sometimes rent them at the last moment!

There is a new law on the books that is creating Gray hair for some agents and banks. Under the new law tenants that rent a home in good faith PRIOR to the seller losing the home can sometimes stay in the home with the current rental lease agreement for up to a year!

Wow how things have changed....let's say a tenant is looking for home in a nice area but can not afford the market rent...they see an ad on Craigslist for a nice home in great area and it seems like a STEAL...they rent the home only to find out when they get a phone call from the banks agent that they have to move out!

This scenario is happening....probably across the country since this new law went info effect.

There are many things to be aware of if you are going to rent a home....first question if the home is NOT being represented by an agent or company is "IS this home in preforeclosure or foreclosure? This you want to know...unless you like moving!! Again....

Some unscrupulous sellers getting ready to lose their homes are cutting deals and getting money up front,,,,sometimes thousands and renting their homes on the "way out"....the poor unsuspecting tenants think they are getting a great deal only to be shocked when they get the notice they have to move out!!

As always seek legal counsel if you need it!! Know your rights....