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Foreclosures: Renter Rights Pose Investor Issues

Foreclosure has an impact on residential tenants as well as property managers and potential investors, experts agree.

By Noreen Seebacher | Updated on April 10, 2009

RealtyTrac Inc., an online data tracker, is capitalizing on its database of foreclosure properties to give tenants advance notice of potential problems with their rental properties. The Irvine, CA-based firm just created RealtyTrac Rental Alerts, a subscription service that promises to warn tenants about pending foreclosure actions on specific properties.

The impact of foreclosure on residential tenants is a complex issue that varies from state to state, and, often, by location within states. In addition, the potential rights of those tenants to remain in a single or multifamily property after foreclosure can create significant issues for property managers as well as real estate investors who may be interested in buying it, experts concur.

RealtyTrac, which collects and aggregates foreclosure data nationwide, claims to have nearly 1.8 million foreclosure and bank-owned properties in its database. It plans to leverage that database to alert tenants by email if properties they are renting go into default or at risk of foreclosure. The service costs $24.95 a year.

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