Due diligence as a potential tenant? (Miami: apartment, foreclosure, renters)

[thumbelina]

Hi all. I’m in the process of finding a condo unit to rent in Miami, and the current foreclosure crisis makes me nervous. The landlord and condo association (hypothetical, haven’t decided on anywhere yet) gets to run a credit check on me, but frankly, they’re more of a risk than I am!

My concerns are whether the landlord is up to date on his mortgage, not only on the unit in question but if he owns others, whether he’s up to date on his condo maintenance, and the financial health of the condo association - if unit owners are paying up and whether maintenance, security, extermination, cleaning, etc are all operational.

I could do a quick check of the county records to see if any liens, etc have been filed, but it’s not the full picture. Does anyone have experience, as a potential tenant, requesting a credit check of the landlord, and also requesting to inspect the books and the minutes of the condo board? I’m afraid this won’t go over too well, so I’d appreciate any advice!

[gbugmiami]

Crazy that it comes to this, but you are way correct. I know more than a few people who have ended up with their rental being forclosed (or in constant threat of forcloser) with little to no notice. I dont know how to get the info you want tho. THe unit could be paid for just fine for 6 months, then they could stop paying. I dont think there is any way to limit yourself form this happening. There should be something so renters get alerted when owners stop paying the mortgage, so they don't double dip, and renters can get out without punishment and have some time to find a new place.

[Lilybeans]

As a tenant, you have no right whatsoever to inspect the books and records of the condo.

You also would not be able to get information form the landlords mortgagee regarding his payment status.

What you should do is knock on some doors and talk to the neighbors. Ask them what's going on. Ask them about the previous tenant and contact the tenant.

[thumbelina]

Thanks for the responses!

Not sure I feel comfortable about knocking on strangers doors, but I'll try to go apartment hunting on weekends when neighbors are more likely to be around the building. And I don't suppose it would hurt to seek out the condo president and ask a few questions.

[Thomas Jefferson]

go to the website of md county and search the property, the result will tell you if the property is in foreclosure and additional information about the landlord and the house itself