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It's not as hard or time-consuming as you make it out to be. When somebody is looking for a house to rent, they typically take their time looking at different areas and properties. What's an extra half-hour on-line or an hour at the county building? And, given the trouble of having to move if you find yourself in the same situation as my former neighbor, it would seem well worth the effort.
I rented a house for two years from a private owner who lived out of state. Before I moved in, I verified everything that I listed in my previous post. Additionally, I visited the courthouse to review the purchase documents for the property (it was a new house) to see if the rent would cover his expenses. Every month before I sent him my rent check, I took five minutes to review the public records at my county website, which I had bookmarked to make it even faster, and verified that he was meeting his financial obligations.
If a renter is unwilling to spend a few minutes each month to ensure the security of his living arrangements, then I have no sympathy if he is surprised with an eviction order. For goodness sake, I've spent more time typing this response than it takes to check those records on-line.
Your post exagerrates the prevalence of foreclosures.
I think it depends greatly upon where you live. In the two years I rented, six houses on my block of 25 relatively new homes (less than 2 years old) were foreclosed. I think that's why I'm such an advocate of renters being very cautious.
I think it depends greatly upon where you live. In the two years I rented, six houses on my block of 25 relatively new homes (less than 2 years old) were foreclosed. I think that's why I'm such an advocate of renters being very cautious.
I agree with that. Where I live, the landlords who are foreclosing are the landlords who bought in 2004-2006, and rents do not cover the mortgage.
You can actually spot these without looking up the property records (which I do anyway) because these properties have rental rates far above the average.
I look for properties who have rental rates that are average, or below average. Somehow, it seems to work out that these properties were always purchased between 1980 and about 2000, the landlord makes a profit, and I get to stay in the house as long as I choose.
If you are unwilling to spend a few minutes each month to ensure the security of your living arrangements, then I have no sympathy if you are surprised with an eviction order. For goodness sake, I've spent more time typing this response than it takes to check those records on-line.
It's very commendable that you are an advocate to the renter, and I agree that all that rent (or buy) should be so dilligent - but they are NOT. I am quite familiar with that website link, GIS website for adjoining Franklin Co. (not all of Powell is in Delaware ) as well as the legals section of the newspaper. As a homeowner, I have a vested interest.
I agree that all that rent (or buy) should be so dilligent - but they are NOT.
Understood, but it's really not difficult to get information about a rental property and/or landlord today. My husband suggested over lunch that perhaps young renters, who may never have owned property, do not know what to look for, while older renters do not realize that this type of information is so easy to access. Regardless, it is in a renter's best interest to spend an hour or so researching, because the consequences of not being diligent can be devastating. As an aside, I've found that county staff members are very happy to help if you have trouble navigating the on-line resources. All you have to do is ask.
It may in fact be more trouble than most are willing take on, but looking at the mortgage documents is a good idea for renters considering newer homes that may have been financed with hybrid ARMs. That way the renter will know if there's a massive adjustment headed the landlord's way. In my previous neighborhood, there were quite a few houses that adjusted after two years, leading to a rush of foreclosures about six months later when the owners found themselves overwhelmed with unaffordable payments. My own landlord had a 5/1, but we knew that we would be long gone before his mortgage payment adjusted.
Last edited by formercalifornian; 08-26-2009 at 01:20 PM..
^^ As a homebuyer back in 2000 (GA) then again in 2007 (OH), DH & I would have never dreamed of an ARM (only fixed for us) - but millions of others did! Your family sounds to be as dilligent. All renters and buyers have the tools and the means to do the right things, but they don't. Hopefully the "uniformed" or "undereducated" have learned, but I highly doubt they have or will. We can only hope!
Thanks for your counterpoint today formercalifornian
Wow - that is a LOT of fuss for a renter to have to go through and I guarantee much more of a thorough task than the average person is willing to do. If homeowners (borrowers) aren't going to waste their time understanding the loan papers they sign, do you think renters are going to take all this effort and legwork you mention?
One of the main reasons it takes so long to purchase a foreclosed home is the fact the seller (bank) has to provide a clear title with no leins to the property, resources that the bank has the average renter does not.
Not all states foreclose at a slow pace either. Your post takes alot of the freedom and poses a lot of headaches to the home renter.
NO KIDDING! When even BUYERS do not do their due diligence. How many times have we heard stories of people buying a house because it is backed up to a field then getting p.o.'d when the owner of that piece of dirt starts to develop it. Or the long proposed highway starts getting constructed. Buyers are more apt to do all of this due diligence than renters, you are correct.
Then, what they are saying is really only limited to certain areas. In NON Disclosure states a person looking to rent can NOT look up the mortgage info at the county. One would have NO CLUE what my mortgage was and even if I had one at all. I could easily switch the house out of my name and put it into a company name and then rent it out and that would be at the county tax office but if you didn't know my personal name and I used a management company to lease it out they wouldn't have a clue that I may have owned that home for 20 years or more. You would not have ANY access to MY mortgage documents at all either. Maybe in California but not here. One reason I like living in a NON DISCLOSURE state. It is not the worlds business to know MY personal financial business.
There have been a lot of news stories out there about renters getting kicked out when the property gets foreclosed on. No amount of due diligence is going to detect that it is coming in many areas. The county won't have the name changed and the mortgage company can not tell a renter if the mortgage has been paid or not. Sometimes there may be no public record of it till the last minute when it is added to the list for auction on the courthouse steps.
NO KIDDING! When even BUYERS do not do their due diligence. How many times have we heard stories of people buying a house because it is backed up to a field then getting p.o.'d when the owner of that piece of dirt starts to develop it. Or the long proposed highway starts getting constructed. Buyers are more apt to do all of this due diligence than renters, you are correct.
Then, what they are saying is really only limited to certain areas. In NON Disclosure states a person looking to rent can NOT look up the mortgage info at the county. One would have NO CLUE what my mortgage was and even if I had one at all. I could easily switch the house out of my name and put it into a company name and then rent it out and that would be at the county tax office but if you didn't know my personal name and I used a management company to lease it out they wouldn't have a clue that I may have owned that home for 20 years or more. You would not have ANY access to MY mortgage documents at all either. Maybe in California but not here. One reason I like living in a NON DISCLOSURE state. It is not the worlds business to know MY personal financial business.
There have been a lot of news stories out there about renters getting kicked out when the property gets foreclosed on. No amount of due diligence is going to detect that it is coming in many areas. The county won't have the name changed and the mortgage company can not tell a renter if the mortgage has been paid or not. Sometimes there may be no public record of it till the last minute when it is added to the list for auction on the courthouse steps.
Indeed, renters in disclosure states have an advantage, because they can access the kind of information I have outlined in previous posts and avoid bad rental situations. While it's true that a renter cannot call up the mortgage company and make sure his landlord is current, he can watch the public records for liens, lis pendens, etc. These are a pretty good indication that a landlord is struggling and a heads up that a renter would be wise to start looking for alternate accommodations. I share your concerns about privacy, DFW, (I really do!) but in my state and most others, property information is available to members of the general public, if one knows where to look. Renters in disclosure states would be wise to use that information to protect their interests.
For those who are interested, here are the twelve non-disclosure states: Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah, and Wyoming.
Last edited by formercalifornian; 08-26-2009 at 03:37 PM..
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) as well as the legals section of the newspaper. As a homeowner, I have a vested interest. 
