Tenants Beware- Are You About to Rent a Foreclosed Home? Did You Think to Check?

Nobody seems to do any kind of checks on the Landlord- and they should. If you are looking to rent a home, you already now that the Landlord will want a recent credit report and references. Have you thought about making sure that your prospective landlord actually owns the property? and that he/she has the right to rent the property?

Even if the property is listed in the MLS, it does not necessarily mean that the listing agent has performed due diligence to make sure that the person that shows them the property and purports themselves to be the owner  is in fact the said owner of the property, or has the legal right to rent it.

Recently, on the news was the case of  a rental scam artist, who took advantage of the flood of neglected, empty houses on the real estate market caused by the huge increase in recession-driven foreclosures, and was able to show the property as his own, obtain a security deposit and first months rent, and NEVER delivered the property as promised. He couldn't. He did not own it.  Those would-be tenants lost their money.

How does this happen? Homes owned by banks and other financial institutions may take months, or even years to sell, leaving them unchecked for the duration and sitting targets for the scammers. Don't think that it will not happen in your area. Others have thought the same thing. Don't fall victim to traps.

In another case, an individual lived in, and paid rent on a house for over a year before finding out that he was unwitting and unwilling participant in  a rental scam and that the "landlord" didn't actually  own the house.

and don't forget

... no matter how nice the property appears, and how well kept is seems to be, is it possible that the home is considered a distressed property?  A distressed property  means that the home is under some stage of the foreclosure process. Would you want to rent a home that was in imminent danger of being foreclosed?

Don't be fooled or scammed. Do your homework and hire an experienced agent  who knows to check these things, and  just as important-  knows how. - and I just happen to know someone.:)

Contact  me today and I will help you find your next home.

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Buying, Selling or Renting a Home in Fairfield County?  We'd love to represent you.

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If you have a question about buying, renting or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

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Comments

[Tim Richmond]

Foreclosures are just about to skyrocket, so people will need to be even more vigilant about checking out their landlord or property manager. What a nightmare.