With many homeowners facing foreclosure in the Queen Creek area, I often wonder where these displaced homeowners are now living. Maybe with family, apartments or maybe they are looking to rent a house or have recently rented a home.
So my question- if you are looking to rent a home in Queen Creek or anywhere in the Phoenix area- How do you know your landlord is “healthy” and not facing foreclosure as well, and “robbing” tenants for 3-4 months before the rental home is foreclosed, leaving a family homeless and cheated.
A Chicago Sheriff has taken this problem into his own hands.
So what can you do as a potential renter?
1. Ask questions- maybe ask the “landlord” for a copy of their credit report, just as they require a credit report from the prospective tenant.
2. if working with an agent, have them investigate when the landlord purchased the property- If they purchased in 2005 or 2006- beware- they purchased at the height of the real estate boom and may be in trouble.
3. When writing a lease agreement- add some provisions to protect you in the case that landlord defaults.
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