Monday, April 27, 2009
Top 5 Steps if Your Rental is Foreclosed
Some of those houses were rentals, making life suddenly harder for tenants. If your landlord is losing your apartment, condo or house in a foreclosure, you still have some options.
#1 Know Your RightsThe actions new landlords can take vary from state to state. If you know that your situation is up in the air, it’s up to you to determine just what options your state provides you. If you have any sort of special status, such as participating in the federal Section 8 program, you may also have special status when it comes to a foreclosure. Section 8 participants, for instance, cannot be evicted if a property changes hands.
#2 Contact the New OwnerYour original landlord will have very little interest in helping you figure out your situation, but many new owners want to keep rental properties profitable. Some will terminate leases automatically, but you can often remain on as a month-to-month renter, hopefully making arrangements to sign a lease down the road.
#3 Negotiate with the New OwnerMany real estate investors who make a habit of picking up foreclosed rentals believe that empty buildings are easier to sell. If you can convince your new landlord of the benefits of regular income while searching for a buyer–as well as the fact that paying tenants can actually up the resale value of a property because a new owner doesn’t need to go hunting for new renters–you may be able to stay on. You can also request a cash payout to move quickly and without a fuss. Your landlord has no obligation to offer such a payment, but may be willing to do so rather than deal with the hassle of an eviction.
#4 Take it to CourtYou may not be able to keep your rental, but you can sue your former landlord for moving costs and other damages. When he signed the lease, your landlord guaranteed that he could provide you with the use of the property for the full term of the lease. A foreclosure puts your landlord in breach of contract.
#5 Avoid Eviction at all CostsHaving an eviction on your record can make it much harder to find a new rental down the road. If the situation escalates to the point that the new owner is threatening eviction, pack up and leave. It’s not worth the fight.
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Monday, April 20, 2009
Negotiating with Your Landlord After Damage Occurs
It’s the worst thing that can happen when you’re living in an apartment: the landlord — the person you pay for shelter — is responsible for damage to your possessions. Maybe the management is at fault for a burst pipe, or perhaps for a fire. If you don’t have renter’s insurance, it may seem as if you’re stuck between a rock and a hard place.
But you do have an option: you can negotiate with your landlord to cover part or all of the damages. Janet Portman, the author of Every Tenant’s Legal Guide, says that landlords have a legal responsibility to compensate tenants for damage that is the apartment management’s fault. It’s just a matter of asking your landlord.
Ruth E. Thaler-Carter dealt with such a situation first hand in an apartment in Baltimore, Maryland: her landlord had arranged to have a microwave installed, but the maintenance man botched the job. The microwave fell, breaking a number of items sitting on the kitchen cabinet. “It was a huge mess as well as a terrible fright — it really made a loud noise as it all went flying! As soon as I caught my breath and calmed down, I took a photo of the mess. Then, I called the front desk and had the doorman come down to see the damage, since this occurred after 5 p.m.”
Ruth made sure that the doorman could corroborate her claim, as well as documenting the damage herself with a written list of damaged items and photographs. She even made an estimate of the amount she would need to replace everything. When she took her claim to the apartment manager, she was able to get $250.
If you find yourself in a similar situation, try to follow Ruth’s example. If you can provide documentation of the problem, you will have a much easier time convincing your landlord to cover the damages. You should also go in with a clear idea of what you want: a specific dollar amount, perhaps, or a discount on your rent.
If your landlord is unwilling to compensate you for damages, you have a few options — moving out, small claims court — although they may be too extreme in all situations. You should also remember that your landlord has no obligation to cover damages that were not his fault. Problems stemming from the actions of other tenants or outside individuals will be very difficult to get reparation for if you do not have renter’s insurance.
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When people are looking to buy real estate the old adage is “Location, location, location.” When you are looking to rent an apartment or other types of real estate that is also a major criteria. In addition to location there are other things to consider when you plan on renting an apartment. The list is in no particular order of importance, or rather the order of importance is your personal choice.
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Since renting an apartment is where you will be residing, location is the first criteria when you are in the market. Location of the apartment has a different meaning than when you are buying real estate. Location in the rental market is usually shorter-term than a possible long-term real estate investment.
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Monday, April 6, 2009
It’s Winter - Do You Know Where Your Gas Bill Is?
Keep records of what your gas bill was over the past few months. If it spikes without an accompanying change in the weather or in your gas usage, you may have a problem - or even a dangerous natural gas leak. Talk to your apartment manager about the problem.
It’s also very handy to know what’s happening to your neighbors’ gas bills. If you see a significant change in your gas bill, find out what happened to your neighbor’s gas bills. If yours was the only one to jump, you know you have a problem.
Lower Your Gas BillHere are some quick gas bill lowering tips:
Stay in tune with the seasons. When it’s cold out, don’t fight it with your thermostat. Wear a sweater and socks when you’re in the house, and keep the thermostat a few degrees cooler. Program or adjust your thermostat so your gas bill isn’t skyrocketing because you’re heating an empty apartment. Spot heating is big savings. As we mentioned in our electric bill article, it really pays to use a space heater to stay toasty in your favorite locations, instead of heating the entire apartment. Hot water hits your gas bill. If your shower spits scalding water, you’re also getting burnt by your gas bill. Turn the hot water heater setting down until you don’t need to mix in cold water when you take a shower. Insulate. Even apartment renters can insulate with easily-removed weatherstripping. If you’re worried about getting dinged for damage caused by weatherstripping, just stuff drafty window cracks with packing foam or bubble wrap. Hot water, redux. Some 80 to 85% of the energy you spend on washing clothes is spent on heating the water. Try washing your clothes only in cold water, and if that doesn’t work for you, try warm instead of hot. Make sure you’re using the right water level setting - less water means less waste. Watch that oven. If your gas bill is being inflated by oven usage, try moving and sharing the load. Can those fries be browned in your smaller toaster oven? Are you using the oven for toast? How about baking potatoes and cooking a roast at the same time? Gas Bill ReliefTry these tips and see if you get some gas bill relief. Sometimes, though, you may have to talk to apartment maintenance about the insulation or the heating in your unit.
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