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Monterey County Couple Launch SOTTHOUSING.com Nationally - The Only One-Stop Website Offering Short-Term, Low-Rent Solutions for Pre-Foreclosure Homes for Listers and Renters
MONTEREY, CA -- It’s a heartbreaking sign of the times — the American dream shattered as homeowners across the country face foreclosures at an alarming rate. With little assistance available from banks or the U.S. government, a new one-stop website has emerged to help those facing foreclosure as well as renters facing a tighter rental market due to higher demand. SOTTHOUSING.com (Sign Of The Times Housing) is the only website nationally that offers pre-foreclosure property owners an opportunity to create critical rental income before losing their property altogether to foreclosure. The site matches property owners with renters seeking unique short-term, low-rent opportunities in the pre-foreclosure rental market.
The ongoing foreclosure crisis has opened up a huge cache of available rentals that fall within a pre-foreclosure timeline. The process leading up to an auction/bank takeover of a property can take up to 12 months, and in some cases even longer. It is perfectly legal for a property owner to rent out or even attempt to sell their property until the day of takeover. Property owners ('Listers') in pre-foreclosure retain ownership of their property until the day of auction when the property is either sold to the highest bidder at auction or taken over by the bank.
Founded by a husband and wife from Monterey, California who lost their home in 2009, SOTTHOUSING.com addresses the unique pre-foreclosure rental niche in the housing market. As new renters, Charles and Monica Henderson relocated four times within a five-year time span, finding short-term, low-rent housing opportunities from homeowners in pre-foreclosure. Following their journey, the Hendersons developed SOTTHOUSING.com, a one-of-a-kind, intuitive website designed to match pre-foreclosure property owners to renters.
The pre-foreclosure rental market helps both listers and renters. SOTTHOUSING.com operates in real-time by providing email/text notifications to renters when new properties within their search criteria are listed. Access to available rental properties is always free for renters and during its early launch phase, also free for property owners who are ready to list their homes for rent.
SOTTHOUSING.com allows listers to take advantage of the unique opportunity to make rental income up to the day of auction. Considering pre-foreclosures are only available for short-term rental periods, listers rent out their property at below market value during this process making the situation desirable to renters seeking such opportunities. The listers may end up eventually losing their property, but they walk away with cash in hand and a peace of mind having taken advantage of an otherwise unfortunate situation. Renters take maximum advantage of a pre-foreclosure rental situation by agreeing to rent short-term (often month-to-month)
SOTTHOUSING.com connects homeowners with renters who want to take advantage of the mutually beneficial opportunities existing within the pre-foreclosure rental market. The website also provides up-to-date resources and ongoing education in the pre-foreclosure market. SOTTHOUSING.com was specifically created to financially benefit the pre-foreclosure homeowner as well as the short-term renter.
For those facing pre-foreclosure who need to recoup some losses by creating quick, easy rental income, log onto SOTTHOUSING.com and discover a unique, solution-friendly website.
For more information go to www.SOTTHOUSING.com or email info@SOTTHOUSING.com.
SOTTHOUSING.com Frequently Asked Questions
What is a Pre-Foreclosure?
Pre-foreclosures occur when homeowners are behind on their mortgage payments. The pre-foreclosure period is a grace period warning a homeowner that foreclosure is the next step if outstanding payments are not met. Pre-foreclosure periods differ from state to state. In some states the period of pre-foreclosure can be a minimum of six months; in others, the time period may be significantly longer.
How Do I Know If My House is Desirable to Renters?
Foreclosures are rampant in most parts of the country. Most habitable properties are desirable if renters can lease month-to-month, allowing them to opt-out of the usual long-term rental agreements. Additionally, properties are even more desirable to renters if the cost of renting them is substantially lessened due to the nature of the pre-foreclosure situation.
How Do I Determine How Much Rent to Charge?
SOTT recommends that the amount of rent you determine for your property should be significantly lower than average for your area. This is the pay-off for renters agreeing to rent in the short-term (often month-to-month)
Why Banks Pay Cash for Keys?
In normal circumstances, banks are not in the business of taking back homes in foreclosure. But the onslaught of foreclosures stemming from the subprime mortgage crisis changed the rules. For banks who want to maximize the condition of the home as well as the guarantee that tenants move out by an expected date, cash for keys is a quick and easy solution.
Once a home is foreclosed, banks reach an agreement with the tenants that usually stipulates a specific move out date as well as a promise from the tenants that the home will be left clean, not vandalized, and empty of pets and belongings. When the keys are handed over to the bank, the tenants receive money assuming the requirements are met.
How Much Do Banks Pay to Exchange Cash for Keys?
The sum a bank will pay is negotiable and banks do not typically offer cash for keys until the occupants first approach the subject.
To move out, these are reasonable expenses you may expect to recover:
• Security deposit and first/last month’s rent
• Rental truck
• Utility deposits
• Temporary living quarters such as a motel
Sometimes, if the occupant agrees to an immediate move out, banks may pay a bonus. Do not try to extort the bank, or the offer may be withdrawn. Be pleasant, courteous and reasonable, and you could receive cash to leave the premises.
What is the Protecting Tenants at Foreclosure Act of 2009?
This law provides a 90-day-notice requirement and additional protections for tenants in foreclosed properties. During the term of the lease, the tenant has a right to remain in the property and cannot be evicted, except for actions that constitute good cause. Moreover, there are other benefits that the tenant may be able to take advantage of once the property is under bank ownership. The Act ultimately protects the tenants from sudden eviction because of foreclosure.