When the doorbell range, she answered the door like she always does. It was the Sherriff. Read more...
Today I wanted to share with you some of the things you may want to consider when Renting a condo, townhome or single family home in the Prince William County Virginia area ( or anywhere for that fact).
Time are tough, many homeowners are making decisions to rent their homes when they selling does not look promising. They put it on the rental market, you see it, you fall in love you move in. Everything is wonderful. That is until, the sheriff comes knocking on the door. It's happening more and more each day.
I was approached in my own yard by person who walks the neighborhood. He motioned for me when he saw me in the back yard with the dogs. Then he ask this question. "Peg, I know you know real estate, one of my neighbors is a military person and he's heading to Massachusetts in a few months. That said, the sheriff knock on their door yesterday and said they have 5 days to vacate the house they are renting in Coventry Glen the neighborhood that's next to Westridge. He was in shock. How could this happen, they have paid their rent, they are not behind? He asked, do you know where they can get a temporary rental. They are not scheduled to transfer until school gets out.
There lies the problem. The tenant and neighbors were not aware that the owner of the home that was rented was having financial problems and even though the tenant paid the rent, the rent/mortgage payments never got to the mortgage company and the house had been FORECLOSED!
I was at a local settlement office the other day. There was a family who had been bumped twice from two different rentals. Once is hard enough, but twice in a year? There are no words...
Well, this can happen to you. Once the Bank has foreclosed you must leave. The tenant cannot plan a military move that fast. There are children involved. They are the newest victims in this downturn in the market. The only advice I could give the man was this, work with the sherriff, try to get more time.Send your children and wife to live with relatives for the summer and you head to Massachusetts early and rent a room until your job starts.
Here's my advice:
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Be very careful about renting something that seems to be low in price compared to others -
If you do rent and notices appear on the door for the seller ( certify mail them!)
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Ask the owner directly . Are you current with your mortgage
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Get a statement in writing
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Protect yourself as much as you can in this situation
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It's safer to allow a Realtor to assist you
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We have access to more data regarding sale and rental history and tax records
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We also have access to Fair Market Rent Figures for the area you are considering renting it.
Has this happened to you? What did you do? Renters in the area really need information.
Please leave you comment below.
Do you have any questions? Call Peggy Direct at 703-851-3085
Erick Blackwelder or Peggy James of Erick And Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany, Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.
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