I've posted an article or two warning potential tenants in and around the Phoenix Valley and Mesa, Arizona that some of the landlords are upside down - thereby creating foreclosure proceedings. One of the unintended victims: the tenant. I have been searching for a way for the tenant to protect themselves in this situation. I've listed four ideas below:
- Try and find out just when the home was purchased. Sometimes you can do this through a Realtor or the title company, or on line with the Maricopa County Recorder's Office. Finding out the year (2004-2006) could be a red flag. Better yet, if you can find out what the mortgage amount is, that will help as well. True, it is difficult, but being diligent in this regard can save stress down the line.
- Have a clause written in the Lease that will allow you, the tenant, to be given notice or permission to check with the lender to make sure the owner is keeping up with the payments.
- Record your lease with the County Recorder, thereby getting faster notice of pending problems. Notices of Trustee's Sales are typically sent to everyone with a recorded document.
- Always deal with a management firm, because deposits will likely be kept in an escrow account that's off limits to the owner.
These are just a few precautionary steps to take when leasing a home. Otherwise, unbeknown to the tenant, a Trustee's Sale could be in the works, and the tenant isn't informed until perhaps 30 days or less before they are required to vacate the premises.
Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog