U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-02-2007, 10:46 AM
 
9,680 posts, read 26,218,707 times
Reputation: 4158

Advertisements

This morning while working out in the gym, I saw a story on CNN that reinforces my doctrine of "Rent an Apartment - Buy a House".

The foreclosure epidemic now has new victims, tenants with leases who are evicted by lenders when they foreclose on the landlord. These unfortunate victims get no warning and good luck recovering deposits.

At least apt landlords have to escrow deposits under penalty of a felony and deposits are normally much smaller here than in other areas.

Even if a complex is foreclosed, the bank will usually arrange for continued operation by a management firm.

So, forewarned is forearmed. Be sure your landlord is paying the mortgage if you risk renting a house or condo.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-02-2007, 03:28 PM
 
121 posts, read 433,539 times
Reputation: 78
Thanks for the information. I did not know that
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2007, 02:37 PM
 
Location: Piedmont NC
4,596 posts, read 11,099,789 times
Reputation: 9169
Good suggestion. I think if I were renting a house, I would go through a real estate company, or property management group like Block & Associates. There have been a few houses in my area, in Carpenter Village, that Block is handling. These homes were For Sale, but I guess with the market the way it is, the owners had to rent. Nice houses at good prices.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2007, 02:55 PM
 
Location: Cary, NC
2,407 posts, read 10,372,540 times
Reputation: 1379
Just because the house is under property management doesn't mean the landlord can't default on the loan. If the landlord doesn't make the mortgage payments, the bank will still foreclose.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2007, 05:40 PM
 
9,680 posts, read 26,218,707 times
Reputation: 4158
Very true. Unless deposit is escrowed by mgt company, you may lose it.

Might check if mgt company would be liable if lease were breached by a foreclosure that forced the tenant to vacate early.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads

All times are GMT -6. The time now is 10:14 PM.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top