Diana Perez, B.S., Realtor®

A prospective tenant calls me today telling me that she found me on my blog at ActiveRain. Of couse, I always get delighted when consumers find me through my blogs. She tells me that she is a tenant living in a foreclosed home and needed my advice on 'something'.

Eager to listen to her story, I curiously asked her which blog she was calling me on. "One of the ones that you wrote about foreclosures", she said. "Oh great! How may I help you? Yes!

So here is the scenario: Ms. Tenant received a foreclosure package from the bank, hand delivered, of course, that the house that she is living in is in foreclosure. That was back in November of '08. Apparently, the owner stopped paying for their mortgage back in March '08. Once Ms. Tenant received the foreclosure package, she then decided to stop paying rent. Why pay, the owner is in default with the bank, right?

Right and wrong! Just because the owner/landlord is in default with their mortgage does not mean that tenant stops paying rent. Whether the tenant chooses to stay in the property after being notified that the property is in the process of being foreclosed on, here are some steps that the tenant might want to take:

It is true that you don't have to pay one more dime of rent, at least not to the owner. In fact, there are many conflicting stories on this debate and it varies from state to state, county to county, and city to city, and day to day news and laws that are ever changing. I have heard many horror stories of tenants being evicted by the Sheriff's department and there is nothing that tenant/s can do once you get BSO knocking on your door telling you "You must vacate the premises immediately".

This may be due to the landlord a) has filed an eviction notice on you because you decided to stop paying rent (after all, it is still considered their property), or b) the property is at that time, a bank owned property which means, get out, for once! Bank owns the propety, not the 'previous owner' or your 'previous landlord'. Banks have every right to change the locks without being concerned about you. Harsh, but true.

Now, to avoid conflicts with your landlord, and to stay in the home in the meantime the property is in foreclosure process, you can:

Tell the owner that you want to continue paying the rent if it's absolutely necessary, (you might just have a few long months to stay in the property in the meantime you get ready to look for another place to live), but you will make the payments directly to the bank, or do yourself a favor, give yourself some peace of mind, don't stress out of the situation and find yourself a temporary place to stay or find yourself another place to live.

For many families, moving out of a foreclosure/bank owned property can be a very devasting event, it's happening in everywhere, you are not alone, you won't be the first and you won't be the last. In Ms. Tenants case, if you have the resources to move then JUST DO IT!

Ms. Tenant was confused but I assured her that by leaving the premises and avoiding confrontations from a landlord that is threatening to change the locks and putting her stuff on the street without properly and legally processing the eviction is not only illegal from the owner but why argue the point? It is what it is.

We are going out to see some properties tomorrow - Ms. Tenant could not find better relief in my comforting words when I told her not to stress herself out, it is just not worth it! It's also not fair to go through these situations but sometimes confronting the situation is better than fighting it properly!

Owner/tenant scenarios like these vary and are unique in each and every case. I am not a lawyer but can guide you in finding a better situation by finding you another home. Have a similar story?

Foreclosed Rental Program Falls Short ~FAR News & Events February 11, 2009

Protection For Renters ~NYT Editorial March 17, 2009

"Don't wait, the time will never be just right". ~Napoleon Hill

And in today's real estate market, Napolean Hill's quote fits just right. While it is true that home values are dropping, if you wait too long for prices to drop, you might just catch yourself by surprise in a seller's market again! Don't let the real estate market fool you by outsmarting today's real estate market. There are plenty of great deals out there!

An experienced Realtor who has knowledge of real estate market trends and conditions is a perfect way to start searching for your next home and real estate investment. As a real estate professional, it is understandable that home searching, or trying to find the best value of your home to place in the market can be a daunting and overwhelming experience, just ask a professional real estate agent.

As professional real estate agents, we are trained and skilled to do all of the real estate leg work for you so all you have to do is rest assure that someone is working on your behalf and working for you!

Real estate analysts predict that while home values in the Southeast Florida region (and even on a national level) are expected to drop another 20%, there are short sale/foreclosured/bank owned properties available in the market, inclusively at auctions that banks have in excess inventory waiting for buyers and Realtors help them rid of and eliminate from their list.

Diana Perez
Majestic Properties - Hollywood, FL
www.perezgrouprealestate.com
Perez Group Real Estate and
Property Management

Hollywood, FL Homes/Condos For Sale
Hollywood, FL Property Management

After everything that has been said and done about the real estate foreclosure crisis, even though the end is not over, you can't say it is over till it is actually over. But, do you think that we will learn from our mistakes or do you think that history will perpetually repeat itself?

We will, and most likely, have learned our lesson about the real estate market...at least for a little while. Statistics do not have to show or prove to us what is happening in the market, we all see it. Street block after street block with homes lined up with for sale signs from the for sale by owner to the real estate professional, trying to sell a pre-foreclosed home, or bank owned property and better yet, home auctions directly to the public.

But is real estate a Necessity or a Luxury? Having a roof over our head is a basic and essential human need just as food is and clothing. We eat because not only do we get hungry but we need to feed our bodies and brains for energy fuel. For most of us, we eat to survive - some people eat to live (basic, essential human necessity) and some people live to eat (luxury). Yes, even food is a luxury to some people.

When it comes to shelter, a home or even just a roof over our head is a basic human necessity. How many people were buying homes when in reality they could not afford it? I just hope that some people have learned the difference between Necessities vs. Luxuries. Sometimes it is wiser to satisfy a Necessity than a Luxury.

Scarcity (recession) challenges us in obtaining goods such as a new wardrobe, perhaps a dream vacation, a newer car, a bigger home, and everyday things that we want and not necessarily need but would love to obtain (such as shopping at the mall) which limits the satisfaction to actually satisfy them.

But I also hope that real estate consumers learn how to play the game of buying and selling. Buy low, sell high and consider location, comparables, homes sold in the past 6 months, consider their credit to put 0 down and obtain a low interest rate, but most important, that they can afford the home that they are purchasing After all, we do need a home to live but by human nature want to satisfy our want and needs and obtain the American Dream. It's all about strategy.

©2009 Diana Pѐrez

Visit www.comfortzonespa.com for more details.

Comfort Zone Studio and Spa
2028 Harrison Street
Hollywood, FL 33020
(954) 923-2030

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Beginning January 7th, 2009, Downtown Hollywood is offering its local residents with Resident Reward Wednesday's from 4 p.m. till closing as a way of the saying thank you and an initiation for Hollywood residents to shop local.

Hollywood resident's will receive 15% off their total bill excluding tips, gratuities and taxes. Residents must register with participating retailers and restaurants to benefit from these great savings.

Thank you Hollywood! I am sure that local Hollywood resident's will appreciate that too.

For more information visit Downtown Hollywood's website for more details.

Participating Restaurants:

La Barraca Tapas Bar & Cafe - Spanish Cuisine - 115 S. 20th Avenue (954) 925-0050

La Piazza Pasta Cafe - Italian, Cafe & Bistro - 1885 Hollywood Boulevard (954) 921-0088

Lola's on Harrison - American - 2032 Harrison Street (954) 927-9851

Luce - Italian, Cafe & Bistro - 1906 Harrison Street - (954) 920-2500

Mickey Byrne's Irish Pub & Restaurant - 1921 Hollywood Boulevard (954) 921-2317

Mix Ultra Lounge - Pub - 1903 Hollywood Boulevard - (954) 925-2555

Sushi Blues Cafe - Asian Nightlife-Jazz/Blues - 2009 Harrison Street (954) 929-9560 (one of my personal favorites!)

Enjoy!

Blog Hollywood:

History of Hollywood Florida

Hollywood on Localism.com

Source: downtownhollywood.com