Renters ask: Is it safe?

April 7, 2:08 AMHousing ExaminerDena Kouremetis

Previous Next

Comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the Housing Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

“Is it safe?”  was the  trademark line from Marathon Man, a l970s  movie starring Dustin Hoffman and Sir Laurence Olivier.

Now renters all over the U.S. are asking the same vital question when ready to hand over up-front deposits and sign on dotted lines for rental homes. 

As a renter, how can you know the rental you are moving your life into is not a foreclosure?  And how can you be sure that someone representing the interests of a bank will not slap an eviction notice on your door with no prior warning?

Perhaps “buyer beware” should also translate into “renter beware” in these days of rampant foreclosure activity.

There are, however, precautions that you can take to verify that a landlord is indeed trustworthy before receiving the keys to your new digs:

•    First, call the county clerk's office and make sure your prospective landlord's name is listed as the owner. If you find they are not,  the next step is to find out why. If they are a property manager instead and claim that you can’t speak to the owner, red flags abound.; proceed with caution..

•    Check foreclosure listings in the newspaper, online or at the county clerks office. You should easily be able to find out if the taxes are paid on the home and if the mortgage is in arrears. A title company may also help you with this task by providing you with a cursory property profile.

•    Get references from the prospective landlord and then proceed to contact previous tenants to check things out.  Chances are they will mince no words letting you know if something shady is going on.  If the landlord does not give you any references,  make tracks.

•    If a landlord  requests several months’ advance rent payments, get suspicious and find out from your local renters’ advocacy groups what is customary in your area.

•    You have just as much right to interview the owner of a rental property as they do in screening you as a potential tenant.  Ask a lot of questions up front and grill them about their financial stability, if you are so inclined.  It’s only fair that you receive some assurance that they're not a foreclosure risk.

•    Does your lease allow you to stay in the house if there's a foreclosure?  Check with a local attorney or your renters’ rights office to see if making sure this clause is in the rental agreement is feasible.