Please help...question regarding condo renting (mortgage, foreclosure, maintenance)

[InternDoc]

I just checked out Mirabella Condo today. I really like the place and would like to sign up for 1 yr lease. But, when I walked in, I noticed there are a couple of late payment laying on the counter. Also, the unit has been on the market since sept 07. Now, I am afraid what if the landlord is behind payment and I will be evicted in the middle of my lease term. Is there anything I can do to prevent this from happen ? like asking them in writing or asking for payment status...etc..please give me an ideas. I would have to sign the lease tomorrow.
Thanks

[Dee2e]

Originally Posted by InternDoc

I just checked out Mirabella Condo today. I really like the place and would like to sign up for 1 yr lease. But, when I walked in, I noticed there are a couple of late payment laying on the counter. Also, the unit has been on the market since sept 07. Now, I am afraid what if the landlord is behind payment and I will be evicted in the middle of my lease term. Is there anything I can do to prevent this from happen ? like asking them in writing or asking for payment status...etc..please give me an ideas. I would have to sign the lease tomorrow.
Thanks

That is a serious concern. If your owner does not pay the mortgage(s), you will be part of the foreclosure process and might have to move early. If the unit is foreclosed, most likely, you will be told to move. Once the bank starts proceedings, you will be eventually asked to pay rent to the receiver appointed for the bank.

You can ask anything you want, they don't have to answer. The only way to stop foreclosure is to pay the mortgage and you can't force your landlord to do that.

My advice, instead of renting from the owner directly, ask if the property management company helps with rentals for owners. Usually, if they put you in a unit that goes to foreclosure, they move you to another unit. Ask them the policy regarding this situation.

Also be sure you understand who is responsibile for maintenance and what the procedures are. One big problem I see today is tht the property management company only maintains the unit if the owner pays them to do that. If not, you must contact the owner direct to fix things that go wrong. Renting from the owner is usually less expensive, they don't do the same background checks a property management company does, but it can cause issues for repairs if your owner stops answering the phone.

Good luck!

[cfIfan]

You do take your chances with this. People knock us, but that is why i recommend and source properties that are rented through a management companies or developer's, because foreclosure isnt such an issue as it is with a private landlord and these companies also usually have on staff maintenance personel to take care of all repair issues.