Lake Ridge Virginia Real Estate Help For Sellers and Buyers: My Landlord Is Short Selling His House....Now What?

Renter's Beware

In the past month we've received many calls from tenants who are being displaced from their rental homes here in the Prince William County area. It's a trend that is not  likley to end soon. Folks...this is happening everyday. "Unsuspecting renters are becoming the latest victims in the current economy."

When you are relocating to the Northern Virginia or Prince William County be careful.

Homeowners who cannot sell or who own more than one home, are being squeezed by this economy in ways they never dreamed. They rent their homes on the Internet and put tenants in place and then when the going get tough, it's the Leased Home that goes up for Short Sale or worse is Foreclosed. So that means you will be moving again. This is unfair and it's happening everyday.

Here at Erick and Company in Woodbridge Virginia, we get calls weekly from renters who are just in shock. This is a difficult situation and puts you the tenant at a disadvantage. Many of the calls we've received and the situations we've helped resolve, are mostly people who relcoated to this area in the past six months to a year. Just this month I met three families who moved in set up house and home and started their jobs and the earth fell out below their feet. The stress toll, the moving the children out of school, the financial burden is truly a hardship. And this is just wrong!!!

So how do you the tenant protect yourself?

Ask lots of questions:

• Check to see if the rental price is the same compared with others in the community    
• If the rent is signifigantly lower, that's the first Red Flag.
• Is the home in good repair?
• Does the lease say you are paying for all repairs?  Red Flag
• Are you having to pay the HOA Dues..Red Flag!
• Ask the seller what his mortgage payment is ( if it's higher than the rent-be careful)
• Ask the Landlord if he is current on his mortgage?
• Request to see a copy of the Mortgage Statement if the Homeowner says no-Red Flag
• Request to have a clause added to the Lease that protects you in the case of a short sale situation
• Consult the Virginia Landlord Tenant Act for more information
• Folks this is new territory for everyone involved...including Real Estate Professionals. At Erick and Company we're been assisting folks with their real estate needs for seventeen years in this area and never have w seen anything like this.

Currently the safest place to rent is an apartment complex. Here is a list of Lake Ridge Virginia Apartment Rental Complexes. If that's not possible because you have several pets and you need to rent because of your current situation, then be careful. Ask questions, get a professional to help you, protect yourself as much as possible.

This will continue because the root of the problem is, home prices have dropped so low that homeowners who have lost jobs, received a transfer or who's mortgage interest rate has adjusted cannot sell for what they owe. Which just makes for more Short Sale and Foreclosures. On the flip side if you do not want to even take a chance of this happening to your family consider your choices.The next thing would be to consider buying one of the many availble on the market today.  Snap up one of the homes and sleep peacefully at night or put most of your belongings in storage and rent an apartment until this all blows over. 

 To find out what homes are For Sale in the Lake Ridge area right now read more... 

• Do you need help?
• Do you have questions?
• Has this happened to you?

Please share your story on this blog post comment below.  Or call me direct at 703-851-3085

 Erick Blackwelder or Peggy James  of Erick And Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.