Protecting Tenants at Foreclosure Act

The Federal Protecting Tenants of Foreclosure Act enacted into law a little over a year ago trumps Arizona law by requiring purchasers of home from foreclosure sales to honor certain existing leases.  They must also provide a 90-day notice prior to suing for eviction.  

There are exceptions and qualifications purchasers should be aware of prior to buying a foreclosure property.  Purchasers who buy with the intent to occupy the home as their primary residence are not required to honor existing leases but still must give the tenant a 90-day notice to vacate before they can sue to evict the tenant.  


The law also does not apply to tenants or leases that are not bona fide.  To qualify under the law the foreclosed owner or his/her spouse, child or parent cannot be listed as the tenant.  Furthermore a lease must be the result of an arms-length transaction and the set rental rate cannot be substantially below fair market.  Lastly, the lease must have been signed prior to the foreclosure notice being recorded.

Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Renter's - Is it time to Renegotiate your Lease?

Apartment vacancies hit a 30-year high in the fourth quarter and left landlords scrambling to retain their existing tenants plus trying to attract new ones.

The vacancy rate ended the year at 8%.  This is the highest level since a New York research tracking firm surveying the top 79 U.S. markets started to tally vacancies plus rents in 1980.  San Jose CA, Seattle, San Francisco saw rents fall 3%.


Landlords must now entice tenants to renew leases.  Incentives like Starbucks gift cards, repainting the unit and cleaning carpets are just a few of the enticements landlords are implementing.


If you are renting a place, now might be a good time to renegotiate your lease.

Linda Shank is a 32+ year real estate veteran in the Phoenix southeast valley.  You can contact her at lindalshank@msn.com




Linda Shank is a real estate broker w/Linda Shank and Company in the Southeast Phoenix Valley.  Contact her at LShank5179ataol.com