I received a phone call with a simple question the other day: "I'm thinking of renting from a private owner. If somewhere in the middle of my lease the property-owner is foreclosed on, could I end up on the street, even if at that time I am current on my rent?" Sad to say, the answer I had to give was "Yes!"
The next question was: "How can I know if the Landlord is in trouble before I sign on the dotted line of the lease?" I responded, "It's not always possible to know, but you could ask him/her for proof from their bank in the form of a letter that would indicate they are at least current as of this moment in time with their payments when you will be signing the lease". The landlord might refuse and perhaps you will feel compelled to go elsewhere to rent, but this is one possible approach to the issue of your landlord loosing his property and you being out on the street.
I know this blog is quite disturbing for some; the subject even causes me to feel uncomfortable and I'm not renting. Remember though, knowledge can often be power in Real Estate and that applies to renting, also. This is why you need to spend some time reading this article: Foreclosure Can Leave Renters Homeless -- Think you're exempt from the financial fallout of the fallen real estate market because you're a renter? Think again.
Remember, prices have fallen on almost every house that is listed in the Northern Virginia area. Perhaps you should investigate if this is the time to buy rather than to rent. Either way, feel free to Contact Me or go to my Northern VA Real Estate MLS search. There you can find Rental Property or Property to Purchase.
David L. Burrows, Realtor®
Envirian of Warrenton
Warrenton, Virginia 20186
Phone: 703.391.9200 x9119
A Burrows' Thought For The Moment: Before making a phone call to secure a loan for a new house, check your Credit Score Online so that you will have NO surprises.
Interested in Some Great Reading on selling your home? Take a look at these reports on my website: BurrowsProperties Seller Reports
Seller Guidance: I would encourage you to employ a Realtor®® to help you sell your home. When your agent or another agent is showing your house, go away and let them do your work for you. I also urge you to utilize my FREE SELLERS TOOLKIT before selling your house.
Buyer Guidance: I would encourage you to really check out anything and everything you are told by a well meaning seller. Employ the services of a Buyer's Agent to help you discern what you read and listen to about the area you are thinking of calling home. I would also urge you to get my FREE BUYERS TOOLKIT before heading out on the journey to find your new house.
Try this powerful link to help you find your next home: Fairfax Homes For Sale
The search engine on my site will allow you to find a house by Mapping, County, Subdivision, Zip Code, Address or City. I encourage you to try the Fairfax MLS and in fact, search the entire Northern VA Real Estate area.
Northern Virginia Information - Here you will find answers to your questions about schools, auto registration, taxes, things to do this weekend, popular destinations. It only takes a moment to look and it is free with no registration required!
Click on the following link for your Complimentary eCalendar & Daily Planner. This is a Free Gift from David. There is absolutely NO sign-up, registration, tricks, or gimmicks. It really is free for you to enjoy! This is a great tool for keeping track of your schedule for all of your Real Estate needs. There is NO obligation.
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