Originally Posted by mtmtnman
Good way to get the properties trashed further. No stake in the game. Why take care of it!!!
I agree wholeheartedly. The rents on most of these are very, very low and so are the deposits. They can trash them and walk away and not lose much in the process.
We are already posting signs and securing these properties. Most are already trashed or falling down and there's no indication that the banks are going to clean them up before they rent them out. Time will tell.
Something to consider, though.......... In California, a landlord only has 21 days to produce receipts for cleaning and damages, once a tenant moves, or they have to return the deposits. No doubt other states have landlord/tenant laws that are similar.
I can see these rental situations backfiring on the banks big time. If they're not concerned about cleaning them up now, I highly doubt they will clean them up when the tenants move.
They will be destroyed even further and those tenants will still get their deposits back. And, most likely, after months of not paying rent............ unless there's a clause in the agreement that deposits will be used towards unpaid rent.