How High Of A Risk Is Your Landlord?

There’s plenty people down on their luck in the housing market so did you ever stop to think about your land lord’s financial situation? Considering how many properties they own, empty houses everywhere, and even their own personal debt may save you big trouble!

You might be the only thing keeping them in their own house! A lot of people are finding out the hard way that their host is so hell bent on rent money being on time, because they need it themselves. Even the king has his bills to pay, and if the peasants don’t pony up then he’s in hot water.

If your house ends up in foreclosure you’ll be out of a place to live even if you’re up on your rent. What’s worse is you may have a hard time getting back your money from the owner who probably doesn’t even have it anymore. Sure, you can take them to court, but that will take money that you may not have.

Your new land lord will most definately want your important information including proof of employement, refrences, and more. It may be a good idea to dig up some information on them as well. Ask them questions about their experience, how many properties they own, and try to find past or current tennants.

If you will be moving to a large apartment complex that should be pretty easy to do. Ask these people how they’ve been treated, the service they’ve gotten, if the owner keeps up their end of the bargain. You’re paying for a service essentially, and you have all the rights you would for anything else. If your land lord doesn’t like you ‘snooping around’ then they probably have something to hide, and you may want to get going.

When I moved into my place – I did it on my own. My family wanted to come over, and do some snooping to feel better about themselves, and my land lord was just dandy with it. If you come across somebody that’s particularly picky then you may want to beware. They could be the same way about other things including noise, animals, repairs, ect.

Make sure everything is spelled out in your paperwork or else you could be footing the bill on fixing up their crappy house. Fortunately I have had no such problems, but know others who have. If you get the feeling you may end up getting the short straw when you move out it may be a good idea to document the condition of your place when you arrive.

Take pictures of any damages, and potential excuses for you to not recieve your deposit back. Make sure you have some way to date them as proof, and keep the photos around just in case. If your land lord brings that up as a reason not to give back your money then you can be sure to tell them that you have proof of the damages being there before you had came into the picture.

On, the other hand if you like the places you’re in you may come across a good opportunity for purchase too. If your land lord needs to get out from under property fast then they will probably be more than happy to make a deal with you. After all, they need to sell it, and you’re already in it! This will save their credit, and their breaking a contract if you both can agree on something.

Originally posted 2008-11-26 15:01:10. Republished by Blog Post Promoter

2 Responses to How High Of A Risk Is Your Landlord?

  1. Home foreclosure help says:

    Very useful post. where can i find more articles on this subject ?

  2. ewoodesign says:

    I’m sure I’ll do more real estate articles in time since it’s a subject of interest to me. However, Google is usually your friend in this department. There’s lots of great information to be had all over the web. : )

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