Joe,
For a long time I performed service work in OC servicing many units HVAC for several realtors.
Thursday night I asked a rental sales agent how things were going in OC. She has been in charge of rentals for years there.
She informed me that for the first time she has experience significant problems. I asked her what could be so serious? She informed me so far this season she has had (5) different groups of people lay down deposits on rental units and that they paid, prior to, arrival. The funds from the Rental Department were then distributed to what she thought were the unit owners. Turns out when the people arrived to occupy the units, they had been foreclosed upon and that the former owners kept the money. She had to find other units to set them up in.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Rental deposits are not dispursed to owners until after the fact, not before. If a realtor sent the owner the deposit before the fact, then they are not too smart, and should eat any losses. Anyone who is not tending their business close enough to know when a unit is foreclosed on, is either stupid or very lazy.
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