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It's a Tri-State thing, not that much better in NJ or CT. Only in America would someone pay rent to someone who didn't own the place. At least the payor had a place to live during that time.
I think people in other countries could be fooled too by a faux landlord.
When a person signs a lease, do they make the landlord prove they own the property? No.
Actually, while the tenant has to do all the "proving" of trustworthiness (income, references, credit report, etc.), the landlord has to prove nothing. For all a tenant knows, the landlord could be in foreclosure on the property s/he just rented to the tenant. Then who ends up getting kicked out and has to go through the time and expense of moving again? The tenant.
And make sure the seller is really the owner of the property!
Well, yes, but it's different b/c with a mortgage you are paying to a bank...with rent you are paying to a person. But...essentially, yes.
You can avoid that though by using a realtor? I would never buy something that is "for sale by owner".
Also, can't you find out who owns a house on public records or something? The tenant was idiot for not checking it out more thoroughly. (I'm NOT defending the landlord, I am just saying...you have to check things out!)
Before I moved the same thing happened around the corner from me. Long story short.... Guy buys house, Guy can't afford the house (probably didn't realize LI taxes, home and car insurance, lipa ,oil,etc,is the most expensive in the.... you get the picture). Guy dumps home, foreclosure proceeding the whole nine yards. Guys brother( we believe) decides to rent this home to a poor old lady for only 1250 a month. Old lady wants the window fixed and the grass cut, it was like 5 feet high a real eyesore. Old lady gives this guy 2,500 one months rent, one month security. She was like there 2 days before reps from the bank/ real estate kindly removed her from the home. At least the grass got cut/ property cleaned up and the window got fixed even if it was temporary. Just another another reason I wanted out of there. *I'm not trying to bash anything here* just telling what happened.
Last edited by BigMike50; 12-09-2009 at 01:05 PM..
Well, yes, but it's different b/c with a mortgage you are paying to a bank...with rent you are paying to a person. But...essentially, yes.
You can avoid that though by using a realtor? I would never buy something that is "for sale by owner".
Also, can't you find out who owns a house on public records or something? The tenant was idiot for not checking it out more thoroughly. (I'm NOT defending the landlord, I am just saying...you have to check things out!)
I was kinda sorta kidding.
In a purchase situation, that is why you buy title insurance, etc.
I think a lot of people who are tenants just don't know they should or could check ownership of a potential rental out more thoroughly.
However, I read that story on newsday.com and it seems when he showed the tenant the home, he had no keys and had to pry boards off it with a crowbar ... if I were the potential tenant that would have made ME very suspicious indeed ...
Maybe Section 8 was paying most of it so the tenant didn't care how much it cost in relation to how crappy it was.
Section 8 will not pay rent for a house that hasn't passed their inspection. Their rules are pretty tight so, ALL repairs must be made before a dime is given to the landlord.
Section 8 will not pay rent for a house that hasn't passed their inspection. Their rules are pretty tight so, ALL repairs must be made before a dime is given to the landlord.
You should see what Section 8 is paying for in the PJs.
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