I read about this recently. Actually when I show rentals I check the mls to see if the home is listed for sale as a short sale or foreclosure. 

Wallace, this is so cool to know about...i always check the owners out through town records but i don't know another agent i work with who does...thanks!

Personally, I think it's a great idea.............I've heard of people being stung before when they are renting from a private owner.

Wallace-this just makes totally sense, moving isn't cheap and to insure that you don't have to do it again it is a great idea to check out the landlord.

Best

A great post and very informative, perhaps a wakeup call for renters.  

Great blog and great job keep up the good work and good luck to you next year

Hi Wallace - Great idea with the scams coming from Craig's list.

It is more of a rish renting now then in the past. In MN (assuming you are renting from the owner) then if they get foreclosed on the lender (new owner) has to honor the lease.

What a great idea and for many, not soon enough. Hopefully folks will put the good stuff in the sites, as well.

I don't generally handle prospective renters except for my own, but for those I have, I took the hint a couple years back and started adding a clause to the lease that in the event the landlord  was delingquent more than 30 days on any loan on the property that the tenant has the option to cancel the lease and give notice of their intent to move, and to stop paying rent until their security deposit amount was recovered.

The clause only needed to be used once so far, and that turned out well for the tenant when they agreed to stay until the foreclosure at half rent, and the new owner gave them 60 days notice with no rent provided they were gone, keys turned in, and it was broom clean.

Wallace - Well it's about time someone came up with this.  I have heard so many horror stories from my own borrowers of their landlords being foreclosed on and they (the tenants) knew nothing until the notice was posted on the door.  All the while, the tenants were still paying the rent every month on time.  I now have assisted a lot of tenants in finding out if their landlord is in default but I have to do it the old fashioned way and check county records.

Wallace, 

It's a great idea.  The first step I do before I meet with prospective owners about managing their home is to check out what level of mortgage they have and verify it's not on the foreclosure block.   The last thing I want to happen is to have tenants foreclosed out of it.  

All the best in 2012, Michelle

The idea sounds great for the public. But, if using a licensed property manager, couldn't the property manager perform this same verification? This sounds best suited when renting directly from a private owner. 

Thanks to Donne for reblogging this....it is a great idea.  And, with more short sellers needing rentals, this will be a great resource.  

I just red your post from a reblog from Donne Knudson. Great information for the prospective tenant. It is becomming a very important part of the rental process.

Wallace - What a great find!   Thank you so much for sharing...  Very important in the process nowadays.

Thanks for posting this, Wallace.  I didn't not know about it and it is a great resource for prospective tenants to avoid those scams.

This was a new concept for me - I don't do rentals - but I can see how important and useful this service could be. I'll keep it in mind.