Cook County Sheriff Tom Dart is still making news after proclaiming he will not evict tenants out of foreclosed homes.
"We won’t be doing the banks’ work for them anymore," he says.
According to Dart, there are too many innocent tenants being thrown out on the street, even after they have paid their rent.
The latest news is that a compromise of sorts has been reached.
He’ll continue to evict after all, (are we surprised?) but the tenants have to receive more notice.
The problem we see is a process has to occur. New ownership must take place in the marketplace, and after all, the tenants do not own the properties.
This do gooder attitude gets a lot of landlords riled up and now they are being joined by the banks. A lot of people are mad, in other words.
However, there’s another side to all of this mess.
We see opportunity.
When you go to the bank and make your offer to the mitigation department, why not sweeten it with a proposal to work with the current tenants?
Don’t we have to do that anyway when we buy an occupied rental? Don’t we have to honor the lease in most areas?
Why not offer to allow the tenants to stay temporarily?
I don’t know about you, but getting a rental check sounds pretty good to me. After all, you’re not marrying these people. You can get them out eventually and in most cases, that won’t take long.
Do you think the banks will listen to your offer?
My guess is yes!
Why? Because you’re taking a major problem off their hands. Heaven knows banks do not want to be landlords.
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