Know Before You Lease! Is the home you’re about to lease in foreclosure?

I recently showed a newer 4,400 sq. ft. home for lease.  It was in a great area but both the exterior and interior looked like it needed a little TLC.  The first thing my client asked was “Is this house in the process of being foreclosed on?”  While I called the listing agent and she confirmed that it wasn’t I wanted to do a little research for myself.

If you’re in the market to rent a home, you may want to consider doing your research before signing a lease to make sure the landlord is not in the process of being foreclosed on.  While you can’t just call the bank to ask, there are some things that you can look for that would indicate if it’s in foreclosure proceedings or not.

1.  The foreclosure process takes a few months.  If a home is in the process, there should be some sort of public record on file.  Search the county public records for the address in the county where the home is located.  You can see if there are any liens on the property and if the mortgagor has filed anything related to loan default.

To search Dallas County public records click HERE.

NOTE: To make sure you find the correct property, be sure to have the lot, block and subdivision information for the property.  This information can be found at the appraisal districts site.

2.  Search for the home on www.realtytrac.com.  This site lists foreclosed homes along with homes that are on the brink of foreclosure.

Feel free to visit www.kingrealtyandmanagement.com for more tips for buying, selling, leasing.