Tenants Victimized By Foreclosures... I have been having this conversation a lot lately. It gives me chest pains because people usually call in a panic about the Sheriff showing up and informing them they have to vacate the premises.
I don't do rentals anymore. The drama is not conducive to my peace of mind and emotions run very high when there are babies at stake. Sometimes it is very hard being a buyer's broker and having to explain your business model to someone who wants or has to move now. It's not like I have a prepared speech or anything. I talk to individual people on an individual basis. Every situation is unique and the foreclosure stories are horrifying.
Sometimes I think I need a shrink to deal with other people's problems. Anger management would be nice as well. Landlords who collect rent and piss away the mortgage payments stranding innocent families piss me off. I don't think I can ever find the words to tell you how hellacious that kind of feeling really is.
Moments like these make me want to get the hell out of real estate... Seriously...You'd think the bank would make some sort of specialized unit to notify tenants when a home is foreclosed upon so they can stop paying landlords who don't own the friggin' building anymore. Yeah, crap like that happens up here, among other things...
What about the sellers? How about the homeowners who never did anything wrong, paid their mortgages and can't get a fair market bid on their homes because they are surrounded by people in pre-foreclosure short selling away as if it's the new stock option instead of giving the open market a shot of recovering. Why are agents so damn quick to do a short sale with a property barely 30 days on the market? Why can't more of them try to sell the home for just under market value so people can start over instead of still having to owe? The foreclosure process up here takes approximately 12 to 15 months so why rush to short the property? I am not against short sales, I'm just against it being the first option without at least trying to get the owner some sort of relief...
I keep thinking constantly shorting properties is harming rather then helping. What say you?
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