I just got a call from a University of Miami law student. He read a blog I’d written about his building. His rental unit, he said, had just been listed for sale by a Realtor, and he was anxious to find another place to live. Not much of a stretch to guess why. As a tenant he was concerned that if and when it sold, he’d be ousted. He’d signed a lease with a attorney-written-provision added in, stipulating that he would have 30 days to vacate if and when the property went under contract.
It took me a couple of seconds to pull the listing up on the MLS, and see that his was listed as a SHORT SALE. A short sale is really a mixed ball of wax in terms of being the tenant. On a positive note (with regards to the tenant) a short sale tends to take awhile … On the negative side (with regards the tenant) the owner may well be less likely to repair and maintain the property.
Stepping out of role of Realtor for a moment, and looking at it from the perspective of a parent (which I am) …. if your college student were leasing , the last thing you’d want would be to be worrying about whether the roof over their head would be there for them the whole school year, and perhaps whether your security deposit might be at risk. Renting a property that’s a short sale is risky business.
There are no guarantees that any landlord will remain financially stable and solvent for the time you’re renting or leasing… but to knowingly rent or lease from anyone who has a lis pendens on their property, or is in arrears on their condo or homeowner’s association fees … behind in mortgage payments … or financially strapped can be a recipe for disaster.
Not everyone can own their own home, or buy a place for their college student. If you can though, you alleviate the concerns as to whether the place you’re renting will be sold out from under you. The equity will benefit you (rather than the landlord). Besides the aesthetic benefits (paint, decorate, alter as you see fit), home ownership offers income tax benefits, and historically a solid long term investment.
Looking to buy, sell, lease or build? If you’re looking for an experienced local real estate agent, I will be delighted to work with you. Call or text anytime 305- 793-1365. The Restivo Team. Or you are welcome to contact us here.