Now more than ever, we are seeing a flood of tenants that have either lost their home to foreclosure or have sold their home in a short sale transaction (where they owe more than what it is worth and have to negotiate a settlement with their lender). Many tenants in this situation feel embarrassed about the circumstances that they had to endure and ask if an owner of a rental property is going to be understanding of the situation and will approve their application. The answer is yes and no. While most owners are understanding about what is happening with the economy and the fall out from the mortgage crisis in America, some owners are still wanting the “perfect on paper” tenant and are willing to wait for that person.
Being a renter is a big adjustment for previous home owners who are used to doing what ever they want to their properties. Before they were able to paint walls, plant flowers or decorate as they wanted to, now they must ask permission in writing and wait for a response or refrain from doing anything at all. A reminder that they don’t own the home they are living in anymore.
However, renting as opposed to owning has some perks too. Here comes the property tax bill for thousands of dollars – as the tenant, that is not something you have to worry about paying. What about HOA dues, again, since you are not the owner of the property – paying the HOA dues is not your responsibility unless it says so in your lease. Maybe renting isn’t such a hard adjustment to make after all.