Thread: House rental concerns (NYS)

In my vast experience with rentals sir, in most states, once you move in to rent a home, you then have rights to the property and it's your domicile. I'm almost certain the lender asks the homeowner if it's rented out and they rig the sale around the end of your lease. If the homeowner lies to their lender (which they probably will):

Much like a recent thread here, the safety net in that case is: Unless you're not paying rent (or in the case of Short Sale or Foreclosure, the homeowner isn't paying their mortgage),and months have passed, (the eviction process) can the Sheriff bodily remove you. I understand why you're apprehensive, that's because you live in a state that has the "Aaaah, too bad. Talk to the hand" attitude.

Anyway, don't be concerned about the agent's livelihood, yeah, he's earned and gets to keep the professional fees because 1) The landlord's fee is one month's rent. And 2) Agents can't work for free and there's enough of this going around.

If the landlord skips town (for whatever reason), you'll have to obtain his last mailing address (on the lease?) and sue him to get your deposit back.

Good luck.

Thanks for your input Chris. In NY (at least Long Island) the tentant, not the landlord is charged a fee for 1 month's rent (sometimes a 50/50 deal is worked out where both contribute).



Risk management is part of my profession so I might consider the worst possible scenario to go as follows:

• Enter relationship with a rental agent who will show properties, broker the landlord tenant lease agreement (that is valid for a specified timeframe) . For this, I pay a fee to the agent equivalent to 1 month's rent.
• House I'm about to rent has already or is about to enter a foreclosure process (no one tells me)
• Pay first & last month's rent plus security deposit, move in.
• 60 days in to my lease, with relatively little or no notice, the Sheriff is at the door forcing us to vacate
• Former homeowner is broke so even suing for monies paid forward seems like it would hardly pan out in form of restitution.
• Agent who is paid to broker a lease for a specified timeframe grapples with moral issues of what to do with the fee I paid them (which in my opinion is only worth it's full value when the deal brokered runs it's course successfully, even though it's paid up front). Agent sleeps easy with full fee in the bank knowing the soured deal is beyond their control/ legally not their fault.
• Go out and try to rent another house and risk cycling though this process again.

So in an attempt to mitigate the risks associated with this scenario or anything resembling it, I should at least ask these questions (I wholeheartedly invite others to offer input/ expand on the list):

• Is the home a 'first time' rental or has it been leased to previous tenants?
• Is the homeowner current with their payments? (what a turn of tides in this economy where it's in the tentant's best interest to perform a credit check on the homeowner)
• Search online (continually) to see if home is listed on MLS, FSBO sites
• Request adding an addendum to the lease stating that we are to be notified within x number of days with details of any status change in the property (home listed, short-sale / foreclosure proceedings, title transfer etc..)

Wow, in NY the tenant pays? Wow. Oh, wait, New York, yeah, doesn't surprise me. Take, take, take, take, take, take. Just like Jersey.

I think we need to simplify the scenario for the guy.

1) Can the Sheriff evict him if in fact the house is going into foreclosure?
A: He needs to ask a Realtor or Real Estate Counsel.

2) How will he/the tenant ensure this can't happen.
A: He needs to ask a Realtor or Real Estate Counsel.

3) If it CAN happen, the prospective tenant needs to confirm with a Realtor (the best they can) to do a fact finding procedure to determine their new digs aren't going into foreclosure ensuring them that the landlord isn't lying. Public records, etc.

Anything after this the tenant shouldn't be concerned about. If you personally feel guilty for doing your job, the tenant shouldn't have to worry about that too: they're more concerned about finding a place and staying put.

I'm not certain a Sheriff can evict him. He's paying his rent, he's not breaking any laws therefore he's not considered to be a squatter or trespassing if new owners come in and buy the place. In Pa, all tenants are transferred to a new owner until their leases expire, regardless where or how the NEW owners obtained the property (legally of course).

I don't know....

CM

Hi Guys,

I just wanna know if Can I get a home equity loan if I am are renting?
Anyone help me please.

thanks in advance

Judging by your question and your situation, you didn't give me enough info.
You're renting now. Okay. Do you own a home?
The short answer is maybe. IF you own a home, yes, if there's equity in it.
If you just bought it? Probably not. Why not? No equity, that's why.

[FONT=&quot]A very smart and diplomatic answer. It

thanks for this post

Dubai Property