Should I do a credit check on my landlord?? (Tampa: foreclosure, rental)

[kbrkr]

We finally received the green light to start our move plans to Tampa. We will rent initially for a year so we can learn the area. I presume I will be credit checked by the owner of the homes we are looking at. I am very concerned about the credit worthiness of the landlord/homeowners as well.

Can I ask for their credit report so that the home I'm renting doesn't go into foreclosure while I'm residing in it???

Thanks all, great forum!
Al

[Sunscape]

I can see this as a wise action before you rent a property, being the situation as it is now here in this area. There is a RE broker here in Oldsmar who has been renting foreclosured homes, which is so harmful to other honest brokers around the area.
I have heard of ppl doing this on postings on Craig's list too.

[Lilybeans]

Originally Posted by kbrkr

We finally received the green light to start our move plans to Tampa. We will rent initially for a year so we can learn the area. I presume I will be credit checked by the owner of the homes we are looking at. I am very concerned about the credit worthiness of the landlord/homeowners as well.

Can I ask for their credit report so that the home I'm renting doesn't go into foreclosure while I'm residing in it???

Thanks all, great forum!
Al

It doesn't make any difference to you if it goes into foreclosure.

First, until the home is sold at a foreclosure sale, the landlord owns it. No ifs ands or buts. Your obligation continues; it is independent of the landlord's contract with a bank.

Second, if there is a foreclosure, the tenants will be served with a copy. File your response and you will stay in the loop.

Third, if there is a foreclosure, it takes a long, long, long time to complete, if it is ever completed.

You can ask for anything you want, of course, but if I was a landlord, I would never give a credit report to a tenant. It's none of their business.

[Pragmaticus]

Originally Posted by kbrkr

We finally received the green light to start our move plans to Tampa. We will rent initially for a year so we can learn the area. I presume I will be credit checked by the owner of the homes we are looking at. I am very concerned about the credit worthiness of the landlord/homeowners as well.

Can I ask for their credit report so that the home I'm renting doesn't go into foreclosure while I'm residing in it???

Thanks all, great forum!
Al

Without running a credit check you can get pretty good info about the mortgage the owner is carrying and if there is Lis Penden filed on the house by going to the public record of the county that you are renting.

[chi_tino]

I would add a clause to any rental contract that states "if the lessor is in default on their mortgage/property taxes/etc the amount of the rent is reduced to zero until the deficiency is cleared."

And then check the public notices on that property once a month to see if they do not have a lis pendens filed on the property.

Any honest landlord would sign that clause in an instant. I have offered this clause to tenants of mine and it gives them piece of mind.

[DeoGratias]

It is irrelevant if the house if foreclosed upon, you still have a legally binding lease. The bank would just become your new landlord. They cannot throw you out while your lease is still in force.

[algia]

and also check the property history on the Hillsborough County Appraisal website......
HCPAFL.org - PROPERTY RECORD SEARCH


I forgot to mention that through that website above we found out that our landlord stopped making payments 4 months prior to us moving in............

[Lilybeans]

Originally Posted by chi_tino

I would add a clause to any rental contract that states "if the lessor is in default on their mortgage/property taxes/etc the amount of the rent is reduced to zero until the deficiency is cleared."

And then check the public notices on that property once a month to see if they do not have a lis pendens filed on the property.

Any honest landlord would sign that clause in an instant. I have offered this clause to tenants of mine and it gives them piece of mind.

That's ridiculous. One thing has nothing to do with the other.

[chi_tino]

Huh? Where have you been for the past several years? A month doesn't go by when there isn't a story in the paper about how a family is being punted out on the street because their landlord didn't pay the mortgage. There are other sources of news besides city-data.com.

They should be financially compensated and the lease contract is a good way to do it.

[housingcrashsurvivor]

Just because you write something into a contract does not mean it is enforceable. Florida landlord/tenant relationships are guided by Statutes & Constitution :View Statutes : Online Sunshine

For the OP, this is the correct answer:

Originally Posted by MeInDenudinFL

you can get pretty good info about the mortgage the owner is carrying and if there is Lis Penden filed on the house by going to the public record of the county that you are renting.

For while a credit check on the tenant gives the landlord an idea as to their ability to pay their rents on time, a credit check on the landlord (illegal to obtain without permission) does not even tell you if the property is owned outright by the landlord who, though less likely, might have a terrible credit rating but could still have paid cash for the property.