Property In ForeclosureCredit: Wikipedia.Org

Foreclosed Property

I have had a couple of friends that this happened to.  I only wish that I could have talked to a few of them beforehand.  

Do you know someone who was renting and they discovered the house was in foreclosure, because a notice of foreclosure is on the house?   Do you know someone who had paid their rent up-to-date and assumed they were in good standing only to discover that house was in foreclosure?  Does any of this sound familiar?  You do not want to find yourself in this situation.     As a renter have you   done what you were suppose to do as far as paying your rental  payments on time, purchasing renter's insurance, and keeping the house in good condition?  Then  you discovered you were now in a situation where you needed to find a place to live, how did that affect you?  When you have not received enough notice, this could be devastating.   It is not a situation that you want to find yourself in.    

When landlords result in this type of behavior, it causes the renter to have trust issues with landlords.  

Before renting a house you can check the taxes on that property through your Tax Assessor’s Office.   This is public knowledge.  You do not need to rely on your landlord’s statement that it is up-to-date.  You can check for yourself.   If the taxes are delinquent, that is a red flag. It is possible this house could be headed for foreclosure if it is not already.  You might not want to rent this house.   Especially if you are not going through a real estate agent.  Real estate agents should  show what taxes are due.  
Be sure that the water,  consumer electric, and gas payments are up-to-date   before having that transferred to your name.   I just watched the news where an apartment complex in my State did not pay the water bill.  It was unfortunate because one tenant stated he lived there for 11 years and was up-to-date in his rent.   The Complex owed a delinquent water bill of about $50,000.        Tenants will need to find new  shelter.  This is an unfortunate situation.    So before renting a house remember to deal with  the  water, consumer electric, and gas issues. 

Be sure to check that the person who rents you the property is the real owner.   I have seen renters   attempt to rent  a house that they do not own without the owner’s permission.   The renter’s might think that this is okay, but it is not, because it is not their property.

Now if you are already renting a house, you should not take for granted and assume that the taxes are up-to-date.  Periodically you need to check with the tax office and see if the taxes are being kept up-to-date.  You do not want to end up in a situation where you find a notice on your house telling you the house is in foreclosure.

These are a few things to think about before renting a house.  


Personal Experience