How to investigate the rental market
Dangers to watch out for
- Duration 3:23
- Date Jun 21, 2012
Dangers to watch out for
Also in this playlist...
This transcript is automatically generated
So in the midst of the housing prices millions of Americans have been relocated because of foreclosures -- bankruptcy is now many are being forced to turn to the rental market but how they find the best deal.
And are there any dangers to look out for joining me now is legal analyst -- Seek expert Bob -- Bob thanks so much for joining us.
Well it's good working with you Melissa thank you -- lets you -- the first question so homeowners lost their home to foreclosure or files for bankruptcy is.
He still rent a home because now obviously you have bad credit so that's gonna make it a real challenge.
Yeah it's part of the culture though because actually management of homes and rentals are bigger than ever before it's a big business all over the country in the cities that have been affected.
The big issue is really if you have bad credit most people know that you Gloucester on the foreclosure.
Or -- -- bankruptcy generally what happens the landlord or the investors it on the home.
Well basically asked for more for security deposit down.
-- they they sort of come up with some creative ways to lease the properties.
To ensure them a protection but yes I want our viewers should know.
That -- rebuilding your dream even though you've lost your home or -- -- bankruptcy the owners of these homes understand what's going on.
-- -- -- -- -- -- -- Is there you can do to make your case more compelling other than you know putting down a bigger security deposit I mean can you bring.
Other bills you paid -- I don't know ahead NBC -- -- Solutions.
Yeah well one of the things that happens -- times -- those people who for example people have lost their home sometimes landlords want.
So if they find a home that you know they weren't the want -- -- -- you get a coast cider so.
Moms and dads whose kids have lost their homes it.
Different family members or friends will come in and coast side you're gonna get the apartment or the home that they want and of course they show that there.
Credit cards are current their car payments currently pay the utilities all those things analysts say helped build -- the probability of being able to rent again.
-- that makes sense now let's move on the next question -- reading a home from the moon owner.
What is the greatest risk for that Tenet and what can you do to safeguard yourself against that.
-- stay in foreclosure it -- all the time.
I know reviewers that are watching that you know -- they're in a house all of a sudden they get a notice that the outspent four close on look if you're ready in a home.
You get a competent realtor -- make sure that -- does due diligence.
Make sure that they asked the right questions of the management company who's handling the particular rental property you do due diligence on checking the Connie records.
Making sure there's not been at judicial foreclosure and those states that have -- like Florida or nonjudicial foreclosure.
-- don't like Nevada where they followed with things that are recorder with that we with a particular Connie where you -- But most importantly in all of this you make sure that when you make that payment Melissa if you're making it -- -- management company.
Yeah that is managing the property that you have an agreement that that money is going to go directly to the lender right and not to the landlord because that you know that it's going to the lender and you yeah you're not paying up a rant on how that's gonna be foreclosed upon.
And we don't have time to get to it but if you're renting a home it doesn't necessarily mean that you're throwing your money away because in order for home to be an investment now that value of the home have to go up that's an important point -- some news.
-- earlier this -- -- -- thanks so much for joining us -- you can email Bob your questions by logging onto our website.
-- FOX & Friends dot com and clicking on shattered --