Reading an article today about a family who has paid $30,000 in rent since last August and a $7,000+ deposit all lost as result of an owner who purchased a home he couldn't afford. Unknowingly and at no fault to the tenants a Realtor came knocking on the door and told the family the home was being foreclosed upon.

If you are reading this and you are thinking of renting AND you are thinking of renting from a for rent by owner BEWARE! As you may have read my previous posts on this foreclosure problem, most renters are doing the for rent by owner thing and paying too much and possibly renting from someone who may be on the brink of being foreclosed upon.

So the question is, is there any protection. The sad answer is no. Todays laws do not apply to todays unique market. is there anything you can do? No again. Can you minimize risk? Yes you can! Stay away from Craigslist unless the properties are listed with legitimate companies both Realtors and or Property Management companies. Property management companies typcaill collect rent from the tenant and in some cases pay the mortgage for the owner.

Call me if you are searching for rentals.

Thanks,

Eddie