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 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
rentals 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! I
;)
;)
Excellent post! I live in Florida and this is happening a lot.