Seattle home rental market (for sale, foreclosure, renter)

[70Ford]

Many of the same homes for sale in the MLS are the same homes for rent on Craigslist and other rental sites. What happens if you move into your rental and 2 months later, it is sold? The renter has to move, right?

I think it would be a good idea to see if the place you are moving into is for sale....

From some of the numbers I've ran on Craiglist, there is no way that the rents will pay the house payments. So, it seems that people are using renters to stave off foreclosure or until the home is sold. It seems that would put the renters into a bind. It is not cheap to move. Has anyone ever experienced a situation like this?

[Pittgal]

We rent a home since we are only here for 2 more years and we did not want to deal with trying to sell when we move back east.

Anywho..our lease states that if our owner sells then we have 60 days to vacate and moving expenses up to $1000 are paid by him. He obviously has no plans to sell, but we made sure we were covered if he did!

[bellabella2]

That is true..many are on the market for sale are also for rent. In my case I have one for sale and for rent. I would like to keep it as I may return to the area later on. But it also doesn't make sense to keep it empty until I return. So we may sell later or perhaps use it ourselves if we return. No hurry to sell I guess...

[Fallingwaters]

Most lease laws in the RCW seem to favor the tenants' rights -- which is awesome, in my opinion. Just scrutinize the lease really well. I'd think it would actually be difficult for a seller to displace you. Also, disgruntled tenants would not help their home sale.

It's probably people hedging their bets and thinking that, if they can't sell it right away, they may as well rent it out. Also, the new buyer could (and to an extent, legally has to unless you have a kick-out clause or move out clause -- even those have to follow some kind of mandated minimum time frame, I think) take over the lease and become your new landlord, so it could be a rental property transferring hands or someone buying the house with the intention of not renewing the tenants' lease and moving in at a later time.

In any case, don't sign it if you don't trust it.

[bellabella2]

I make it vey clear to my potential tenants that I can't promise to renew a lease. I am upfront with my intentions...It could be a long term rental or it may not...

I have another house in Michigan that I am not certain how long it will be rented for..Therefore I can't say I will renew in a year. That is misleading and unfortunately happens all the time...

[allforcats]

The figures with which you are calculating might be the listed selling prices. The sellers purchased the properties at much lower prices, making their mortgage payments much lower than the results you are probably getting.

The only time I've encountered a landlord willing to rent for less than his monthly mortgage payment was an old crazy man who didn't realize he was cheating himself until it was pointed out to him.

[aurchid]

i am a college student and i am not used to seattle.i am looking for a room for rent in a safe area in seattle.could you please advice me?

[allforcats]

Originally Posted by aurchid

i am a college student and i am not used to seattle.i am looking for a room for rent in a safe area in seattle.could you please advice me?

Where are you a student -- what school are you attending? You have counselors who can guide you to rental possibilities near the school. There should also be an active bulletin board somewhere in the student union, or administrative office location, or cafeteria. That will have more possibilities. But DO speak to your counselor; they WILL help you.

You can also check on craigslist. Also check the best rental resource -- the combined Classifieds for the two largest local newspapers. The site is called NWSource.com. http://rentals.nwsource.com/rentals/

[Radek]

Originally Posted by aurchid

i am a college student and i am not used to seattle.i am looking for a room for rent in a safe area in seattle.could you please advice me?

Close to your university is generally a good bet. And as others said, check the Bulletin boards, etc.

Originally Posted by Fallingwaters

Most lease laws in the RCW seem to favor the tenants' rights -- which is awesome, in my opinion. Just scrutinize the lease really well. I'd think it would actually be difficult for a seller to displace you. Also, disgruntled tenants would not help their home sale.

It's probably people hedging their bets and thinking that, if they can't sell it right away, they may as well rent it out. Also, the new buyer could (and to an extent, legally has to unless you have a kick-out clause or move out clause -- even those have to follow some kind of mandated minimum time frame, I think) take over the lease and become your new landlord, so it could be a rental property transferring hands or someone buying the house with the intention of not renewing the tenants' lease and moving in at a later time.

In any case, don't sign it if you don't trust it.

I will be honest, I'm not always a fan of the tenant rights in Seattle. Don't get me wrong, its important that landlords don't take advantage of tenants, but there are scumbag tenants there that really don't deserve the treatment the city gives them. I have to leave work now, but I'll post more later.

[Pittgal]

Is there somewhere online I can see this Tenants Rights clause out here in WA?