Common Questions by Tenants Living in Foreclosed Northern Nevada Properties
We have had a few new Northern Nevada bank-owned properties assigned to us recently that have had tenants in place. Each time, the Asset Manager for the bank has authorized us to offer a Cash for Keys agreement to the tenant in the property in exchange for the tenant to move out within a defined period of time.
Each time, as we discuss the Northern Nevada tenant's rights and responsibilities to be eligible for the Cash for Keys, the topic of their security deposit comes up. Once the property has reverted to the bank, the previous landlord no longer holds the property. Obviously, the landlord owes this security deposit to the tenant. It should be held in a separate deposit account and not commingled with the landlord's personal deposit accounts.
Aside from suing the previous landlord, does anyone have any bright ideas to assist these Northern Nevada tenants in recovering their security deposits? I feel horrible for these folks who have dutifully paid their rent to an individual who stopped paying the bank and did not advise the tenant that the property was in pre-foreclosure. Conversely, I have a hard time believing that the tenant did not receive any notices posted on the property or was completely unaware, but either way, it's just not right.
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
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Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
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