Foreclosures are a huge part of the real estate market in Arizona. For some, foreclosures are an opportunity, for others, they are a nightmare.
Over the past several months, I have had many conversations with people about what happens to a tenant when an owner loses the home. We have all heard the horror stories of people coming home to an eviction notice and the terrible situation it can put them through.
The National Association of Realtors “supports programs to reduce the impact of foreclosure on communities.” In fact, they have talked about tenants rights quite a bit this year. From a NAR article we learn:
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:
* The new owner wants to occupy the property as a personal residence, and
* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.
Unfortunately, not all people are aware of their rights. The fact is, most people would prefer to be notified prior to a notice being served. After my friend Jeff called recently to ask me to look into a potential foreclosure situation for a friend of his, I decided to meet with the guys at LemonLandlord.com to learn more about their service. Take a look at this video.
If you have any questions… ” Just Call Nick!”
We are happy to help.