This week alone, I have received 3 calls from lessees who need to uproot their family from their current town home, since the home they are currently renting is going to be foreclosed on.
Imagine having dinner with your 3 and 6 year old and the sheriff comes to the door asking you for the taxes and/or the mortgage, or even better telling you that you have to move out today. Unfortunately, this scenario happened to one of my clients in Buffalo Grove, Illinois, an affluent suburb of Chicago. The lessess paid the rent on time, but their lessors never used the rent to pay their mortgage or taxes.
Since I do a lot of rentals in the Buffalo Grove area, my job is to protect the people I represent. If I represent, lessors, I do a background check on the lessees. If I represent, lesses, I need to of course protect their interests.
In order to protect your client if he/ she is the the lessee, and prevent them from being thrown out on the streets, or from being a victim of foreclosure, it is important to ask these questions prior to signing a lease or rental agreement.
1. How long has the house been vacant?
• If the house has been vacant for more than a few months, it is very possible that the landlord could be distressed and must get your first/last month rent and security deposit to catch up on the mortgage that may be past due. This is the first sign that there might be a problem.
2. Is the lessor currently behind on their mortgage payments?
• This is a direct question that sometimes might catch the landlords off guard, but in order to protect the tenant and to keep him from being victimized, it doesn't hurt to ask the Question!! If the landlord becomes defensive, that is a red flag and you may want to move on to the next property.
3.. Are the taxes current on the property?
• Not only does properties get foreclosed on because of non payment for the mortgage , non payment of property taxes can also cause a property to be foreclosed on. You can also check the tax records if you feel awkward asking this question.
4. Lastly, ask if you could pull the credit of the lessor.- Don't get me wrong, the first time I was asked this question about one of my lessors, I was taken aback and appalled that they were asking for my client's credit. My client was allowing these people to rent from us! However, after I have heard the problems lesses go through, I now perfectly understand and can sympathize. People want and need to protect their families from having to be a victim of foreclosure, Its a mess, the legal fees, double moving costs and lastly, its not fun to have to move out suddenly when the sheriff comes knocking on your door.
If you want more information regarding specific real estate sales in the Buffalo Grove, Long Grove, and Lincolnshire area, please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com I am available 24/7 to make appointments! Check out my website and www.buffalogroveareahomes.com 
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