Renters Must Deal With A New Breed Of Investors
If you’re looking for a home to rent, be careful.
The rental market is full of homes owned by investors who never intended to be landlords.
Many of those owners live out-of-state and rushed in to buy homes on speculation during our formerly hot market, then failed to sell and get rich before things cooled down.
Now, they're absentee landlords with little or no property management experience.
Some of them can’t afford to pay 8-10% of each month’s rent for professional property management, so they try to manage their rental properties from a distance.
That can lead to poor maintenance, lax tenant screening, and other problems.
And, many of those owners are still trying to sell their properties while renting them.
If you rent a home that’s for sale, you’ll have to deal with the intrusion of Realtors ® showing the home and you’ll have to move if the owner finds a buyer.
The worst case can occur when a rental home goes into foreclosure.
In some instances, the renter will not know the property is in foreclosure until they are evicted after the property has been foreclosed.
There are reputable investors and landlords out there.
It's best to rent from them.
Phil Hoover
in Boise Idaho Real Estate, Boise Idaho, Idaho Real Estate, Meridian Idaho Real Estate, Boise Idaho Home, Boise Idaho Realtor, Boise Realtor, Boise Home, Boise Real Estate, Boise Builder, Boise Foreclosure
|
4 Comments
View Printer Friendly Version
Email Article to Friend
Reader Comments (4)
Good point, Phil.
Renters can periodically check the Ada County Assessor's website for free (http://www.adacountyassessor.org/propsys/) to see if the taxes are paid on time or delinquent. The foreclosure process takes many months, so a little due diligence can avoid nasty surprises.
Hi Reasonable -
Good to see you back here.
Checking to see if property taxes have been paid isn't a very reliable way to determine if a property is in foreclosure.
Most loans have impound accounts and the lender must pay the taxes to protect their security interest regardless of whether the borrow is making their payments to the lender.
Interesting point. Can you recommend a free site one can search or would a pay subscription to DataQuick.com or other data provider be the only way to tell if the landlord is deliquent?
Reasonable -
Don't think such a site exists.