Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Ok, so I may not have a full understanding of the relationship. What I did have, was a home to rent out and I was looking for good tenants, and a good landlord/ tenant relationship.
Demanding all of your potential landlord's personal information may not be the way to best go about that.
I would not rent to someone who gave all the indications of being a demanding, nightmare tenant. If that means I don't understand the relationship, then.... oh well. Shrug.
I don't see requesting a credit report as being a demanding, nightmare tenant. I realize that you see it that way, but if that's the case, then I guess you would consider yourself a demanding, nightmare landlord if you request the tenant's credit report.
On the contrary, I would see it as a sign that the tenant is diligent and professional.
Quote:
Originally Posted by Hobokenkitchen
Also the 'buy and bail' crew will have good credit right up until the bank realizes what is going on. Employment verification and statements on PITI isn't going to help you with that at all.
Employment verification and PITI wouldn't be that important to me, but credit would. A bunch of 60 or 90+ day overdue payments would, of course, be a huge red flag, and it would most likely be waiving way before foreclosure became public.
I don't see requesting a credit report as being a demanding, nightmare tenant. I realize that you see it that way, but if that's the case, then I guess you would consider yourself a demanding, nightmare landlord if you request the tenant's credit report.
On the contrary, I would see it as a sign that the tenant is diligent and professional.
Employment verification and PITI wouldn't be that important to me, but credit would. A bunch of 60 or 90+ day overdue payments would, of course, be a huge red flag, and it would most likely be waiving way before foreclosure became public.
No, as the risk of the landlord is far higher than that of the tenant. As I have said I have had the shoe on both feet and am currently a tenant. We had no problem supplying a credit report, as the landlord's risk with non payment from us goes far beyond any risk a tenant takes.
I do believe I have explained this already, but perhaps you missed it?
I think this discussion really goes to show that tenants are unempowered in our society and homeowners (landlords) are much more empowered. What Hobokenkitchen is saying represents the thought in much of our society: It's reasonable for the landlord to request extensive credit check, reference check, and proof of regular income; but the tenant asking the same thing of the landlord is unreasonable and ridiculous.
I think this discussion really goes to show that tenants are unempowered in our society and homeowners (landlords) are much more empowered. What Hobokenkitchen is saying represents the thought in much of our society: It's reasonable for the landlord to request extensive credit check, reference check, and proof of regular income; but the tenant asking the same thing of the landlord is unreasonable and ridiculous.
It's interesting.....
I agree, but for me it's all about the risk being taken. I don't think that the tenant is assuming anything like the risk of a landlord, so I don't think they need to see the same amount of information as a landlord does.
Just MHO.
Anyway, I think you can do your due dilligence as a renter, much more subtly and just as effectively, than the means that you have been mentioning.
By all means check to see if foreclosure proceedings have been started against a landlord. That's good due dilligence. Demanding PITI information, income verification and credit reports is just not the way to go about it if you are hoping for a harmonious landlord/ tenant relationship.
No, as the risk of the landlord is far higher than that of the tenant. As I have said I have had the shoe on both feet and am currently a tenant. We had no problem supplying a credit report, as the landlord's risk with non payment from us goes far beyond any risk a tenant takes.
I do believe I have explained this already, but perhaps you missed it?
Perhaps I did. However, I disagree with your risk assessment. The landlord's monetary risks may be higher, but the risk to the tenant is a much more basic and serious risk, which is losing their shelter. If a tenant is deprived of their shelter, then their safety is also in jeopardy.
This gets to the very heart of what my previous point was. You may look at is simply as a monetary equation, and to a landlord that is what it is - the landlord is receiving (or losing) money from the relationship. But for a tenant, the relationship is about receiving (or losing) shelter. In some cases the tenant can simply replace the lost shelter with the payment of more money. In other cases, the tenant may not have that ability.
IMO worst case scenario is much worse for a tenant than for a landlord.
Perhaps I did. However, I disagree with your risk assessment. The landlord's monetary risks may be higher, but the risk to the tenant is a much more basic and serious risk, which is losing their shelter. If a tenant is deprived of their shelter, then their safety is also in jeopardy.
This gets to the very heart of what my previous point was. You may look at is simply as a monetary equation, and to a landlord that is what it is - the landlord is receiving (or losing) money from the relationship. But for a tenant, the relationship is about receiving (or losing) shelter. In some cases the tenant can simply replace the lost shelter with the payment of more money. In other cases, the tenant may not have that ability.
IMO worst case scenario is much worse for a tenant than for a landlord.
Meh. I'm a tenant now, and if I get evicted, I'll go find another rental. It's not like they're hard to come by in this market.
I think potentially losing your property is a far higher risk than having to scoot around and find somewhere to stay on short notice. Massively inconvenient and annoying - for sure. Putting me at risk of living in a cardboard box by the side of the road? Not so much.
Having been both a landlord and a tenant, I maintain that the landlord has by far the higher risk. By FAR.
I think this discussion really goes to show that tenants are unempowered in our society and homeowners (landlords) are much more empowered. What Hobokenkitchen is saying represents the thought in much of our society: It's reasonable for the landlord to request extensive credit check, reference check, and proof of regular income; but the tenant asking the same thing of the landlord is unreasonable and ridiculous.
That's true, and I think that the reason most people feel that way is that the landlord has shown the responsibility required to purchase and own a home, whereas a tenant has not shown that (without digging into their background). But I think the current situation is a reminder that owning property and being responsible are not the same thing.
When I lived in Phoenix (at the very beginning of the housing crisis), renters would hear a knock on the door and it was the sheriff deputy, saying they were being evicted right then. They'd have a few hours to move their possessions onto the sidewalk, and then they would have to call a moving service to haul their goods away.
For these people, the loss of shelter was a huge loss. They had to move in with family, friends, or a motel until they could get a new place lined up. These were people who had paid every rent payment on time and the landlord chose not to notify what was going on.
Meh. I'm a tenant now, and if I get evicted, I'll go find another rental. It's not like they're hard to come by in this market.
I think potentially losing your property is a far higher risk than having to scoot around and find somewhere to stay on short notice. Massively inconvenient and annoying - for sure. Putting me at risk of living in a cardboard box by the side of the road? Not so much.
Having been both a landlord and a tenant, I maintain that the landlord has by far the higher risk. By FAR.
You are judging the situation from your personal finances. If you did not have enough money to pay another deposit and first and last month's rent, you might find it more than simply an annoyance.
Not only that, but a tenant is quite literally subject to risks to their safety from a landlord, who in many cases has the right to enter the property on little or no notice whether or not the tenant is home. So the tenant's personal safety is much more at risk from the relationship than the landlord's.
Everything doesn't boil down to money, even in a capitalistic (relativey) society.
I think this discussion really goes to show that tenants are unempowered in our society and homeowners (landlords) are much more empowered.
No they're not. Tenants have far more rights in general than a landlord does. Most states' laws favor the tenants over the landlords in any dispute, sometimes to the point that I'm surprised there are any landlords in those states. Another thing you aren't considering, ya'll who are saying tenants should be allowed to see a landlord's credit report...every time someone's credit gets pulled it dings their credit score. What about landlords that take 20 or 30 applications for one property?
Landlords aren't (and shouldn't be) obligated to provide any credit report to prospective tenants, and if someone demanded that from me I would simply not rent to them because it's an unreasonable demand. All the tenant is "risking" is their deposit (and most states have laws about that being kept in a separate account etc etc).
The landlord on the other hand is risking his property not only in terms of being able to pay the mortgage, but in terms of tenants who trash things and don't pay. In most states it's nearly impossible to collect damages from renters even if you get a judgement.
I don't think tenants checking landlord's credit reports is ever going to fly, and well it shouldn't.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
