Sarasota homes are held hostage by greedy renters! If you are renting, this may or may not upset you. If you are a landlord who needs to sell a house, beware renters turning Jekyll-Hyde on you.

In the news, we hear only of renters victimized by greedy, unscrupulous landlords who default on the mortgages, leaving renters to come home one day to EVICTION notices taped to the front door.

For people renting, this is horrible. They have paid their rent on time each month.

They have abided by all terms of the agreement. Now they’re being evicted unceremoniously, without advance notice.

Make no mistake, this is horrible. However, the nightmare tenants suffer when greedy landlords steal tenants’ money is overshadowed by the horror squatting tenants cause landlords desperately needing to sell.

Recently, I experienced the ugly side of renters who held a house hostage, preventing the sellers (who were facing foreclosure) and me (the Sarasota foreclosure realtor) from short selling it:

– The renters had lived in the house for over 3 years on a lease option.
– The lease and option had expired after 15 months, resorting to a month-to-month agreement.
– In 15 months, the tenants had not improved their credit enough to bank qualify.
– Instead of kicking them out, the sellers remained loyal to the tenants who still wanted to buy the house.
– Suddenly, the sellers’ house payment jumped as house prices began crashing. The sellers contacted the tenants, informing tenants the sellers could not continue making the house payment.
– At that point, the tenants committed to buying the house at market value, $1,000s LESS than they initially had agreed to pay for the house.
– With my help, they improved their credit beyond minimum middle score requirements.
– They signed the contract to purchase as I prepared and submitted all short sale paperwork.

The sellers contacted the tenants, requesting the tenants NOT send rent payments to them since they weren’t making their payment. Instead, the sellers, knowing the tenants had not saved for their down payment & closing costs, gave the tenants an honorable opportunity to save money during short sale approval.

During the 3-4 months it took for short sale approval, I kept the tenants (my customers as well on the contract to purchase) apprised of negotiations. Little did the sellers or I know that these tenants had been shopping for a different house, though under contract to purchase the house in which they had been living.

When short sale approval came, these tenants refused to close or to move out. They hired an attorney who used the clogged courts and loopholes to allow these tenants to squat in this property until they closed on the house they were purchasing.

The sellers and I contacted numerous attorneys, each one commiserating but needing $10,000-$20,000 upfront (retainer) just to take the case. In these attorneys’ minds, if a property owner cannot make his/her house payments, how is the property owner going to pay the attorney’s fee?

True. The sellers didn’t have the money.

Those tenants intentionally forced a school teacher and her husband into foreclosure, after all the school teacher had done to help them with a lease option, not taking their rent payments & not withholding the truth about default.

In return, these renters turned in to squatters, holding the house hostage & using the legal system to continuing living rent free.

Sounds hard to believe, doesn’t it? I never thought such greed and disregard for others could take place.

No doubt, many renters are victimized by greedy landlords facing foreclosure. They’re forced out. They’re losing their deposits. They’re forced to find another house, hopefully in the same school district, in the same condition & at the same or lower rent.

However, what we don’t hear on the evening news or read in the local newspapers are the renters who squat, using the legal system to prevent a property owner from short selling the property.

No question, more tenants are victimized than landlords. I don’t have the numbers, but I’ll concede this probability. In my mind, numbers don’t matter if it’s YOUR ox that is gored. In this case, I witnessed the unabashed greed of two tenants who intentionally (and with malice) forced a school teacher and her husband into foreclosure while under contract to purchase the subject property.

Whatever you do, don’t think discounted prices 40-50% LESS than 2006 highs automatically points to a great buying opportunity. You do not want to be unpleasantly surprised the “deal” is not really a deal. Contact me now if you or someone you know wants (or needs) to buy or sell a house in or around Sarasota, Florida.

Sarasota homes, including homes throughout Florida, fall into foreclosure unnecessarily when greed controls people’s actions. Will there be a day of reckoning when these egregious actions get judged by a power much higher than any judge? We only can hope. In the meantime, I will continue to help buyers (including investors) and sellers using my proven experience.

Author Bio: Sarasota Realtor Mike helps homeowners avoid foreclosure. Mike and his team also help buyers and sellers avoid costly mistakes as property values drop and 30-50% off 2006 “bubble” prices are not the bargains they appear to be. Contact me now at 941-914-9980 or Sarasota Real Estate | Sarasota Foreclosures

Category: Real Estate
Keywords: sarasota,foreclosures,realtor,homes,real estate,condos