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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 05-15-2009, 01:28 PM
 
27 posts, read 233,584 times
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My husband and I currently live in Wake Forest but are planning to move near downtown Raleigh to bring him closer to work. I'm excited about house hunting but also mildly concerned, considering something that just happened to two different friends of mine (in other states). They were both evicted when the houses they were renting went into foreclosure - one of them wasn't even notified by the owner-landlord and was instead given 24 hours notice by the bank at the last minute. Yikes! We're hoping to find a rental we can settle into for the next five years, so this is something we want to avoid if we can help it. We're looking for a single family rental, not an apartment. My questions:

Has anyone heard of this happening in the Triangle?

Any tips for assessing the probability or "danger" of a rental home going into foreclosure?

I was thinking I could look at tax records to see when the home was purchased, and for how much. In some circumstances, a home purchased in the last couple of years might give me pause. I don't want to become the victim of someone else's mortgage crisis, hehe.

I know renting through a property management company is probably the safest way to go, but, like I said, we're looking for the right place to settle into for the next five years. The right place might come directly from an owner-landlord (like our current place, which we found on craigslist). While I fear some people may not be completely forthcoming, I hope we can arm ourselves with information and a critical eye.
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Old 05-15-2009, 01:34 PM
 
9,680 posts, read 25,972,492 times
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Rent an apartment from a professional landlord for the following reasons

1. If the owner defaults, the complex normally stays in business with new owners
2. NC law requires professional landlords to escrow your deposits
3. Professional landlords normally have on-site maintenance
4. Professional landlords aren't renting temporarily while really wanting to sell

Rent an apt. Buy a house.
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Old 05-15-2009, 01:41 PM
 
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Ditto Saturnfan. The safest bet is an apartment community. Even if they have financial troubles, someone else will swoop in and purchase then and the renter would never even know.

It's happening all across the Triangle and I hear stories all the time. It's quite sad. You can look up records now, but that just for "now." There's no telling if the owner will decide to stop paying in a month or 2 or even a year or 2. Especially if you're looking at a 5 year plan, so much can change in a private owners financial situation, especially in this economy. It's a risk, but if you're willing to take it, go for it. There's just not much you can do to prepare for it. It likely will boil down to luck.
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Old 05-15-2009, 01:47 PM
 
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I actually did just hear of someone in a rental home that was going into foreclosure in N Raleigh
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Old 05-15-2009, 01:48 PM
 
27 posts, read 233,584 times
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Unfortunately, circumstances require that we rent a house instead of an apartment. Just our personal situation, regardless of whether or not other people would recommend it.

Last edited by bronwen.wallace; 05-15-2009 at 02:23 PM..
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Old 05-15-2009, 02:17 PM
 
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Best thing you could probably do is check the sales records, if it's been around for awhile chances are it's a long term rental.
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Old 05-15-2009, 02:30 PM
 
Location: Charlotte, NC
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Quote:
Originally Posted by wheelsup View Post
Best thing you could probably do is check the sales records, if it's been around for awhile chances are it's a long term rental.
Agreed. Before renting our place in Cameron Village, I checked the tax records to see how long ago it was purchased. I figured 1988 is a fairly safe bet that it will be okay. But like others have stated above, it's just a luck game in the end--who's to say they didn't take equity loans out on the property, etc..

ps. here's the wake county link: http://services.wakegov.com/realestate/

Last edited by douknownam; 05-15-2009 at 02:39 PM..
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Old 05-15-2009, 02:44 PM
 
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Thank you so much for the link, douknownam.

Building on saturnfan's and babytarheelz's advice about the safety of renting from an apartment community:

Can anyone comment on the safety of renting from a professional management company (who manages single family homes) as opposed to an owner-landlord? How much more safety is inherent? Are they bound by any of the same responsibilities as professional apartment complexes?

Sorry, I realize I might be at the point where I might need to seek professional advice for answers to my questions. I also realize that luck is going to play a big part in this. But it can't hurt to ask.
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Old 05-15-2009, 03:39 PM
 
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they cant kick you out of the house due to a foreclosure...in nc
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Old 05-15-2009, 04:37 PM
 
27 posts, read 233,584 times
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Quote:
Originally Posted by jshallen View Post
they cant kick you out of the house due to a foreclosure...in nc
I'm pretty sure the bank has the right to evict any tenants after taking ownership of the house. Is that incorrect? That's what happened to the people I know out of state... it looks like the laws are the same in NC.
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