Back in November, Jennifer published a blog post introducing readers to the dangers of rental scams. Unfortunately, rental scams have been increasing in recent years, as con artists have been taking advantage of the difficult economy and the housing crisis. Reports of rental scam victims have come from all corners of the world. I have personally read reports from the United States, Canada, the United Kingdom, Singapore, and India. This issue is so prevalent, that we wanted to revisit the topic and provide some further information.
Here are a few more tips to protect yourself as a renter:
- Meeting someone in person at the property does not guarantee that they have any right to rent that property to you. We have run across situations where con artists have broken into vacant homes, changed the locks, and then proceeded to show the home to renters. They take the renters' deposit, give them a fake lease, and are never seen again. Often, they can scam several renters this way in the span of a couple of days! Another common trick is for a tenant to pose as the property owner - especially a tenant who is being evicted. Protect yourself by asking the person you are meeting with for identification, and then ensuring that that person is the property owner, or has a signed agreement with the property owner allowing them to lease the property.
- Renting from a property manager or through a real estate agent does not necessarily protect you. A good property manager or real estate professional will do their homework and ensure that the property ownership is clear and that the property isn't heading toward a foreclosure soon. However, in most areas they are not required to do this, and many don't. Not to mention that the person you meet claiming they are the property manager, may not be. We've even seen fake property management websites set up to falsely list properties and steal deposits.
- Property owners can, in most areas, rent their property to you even if they are in default on their mortgage and the home is going to be taken by the bank in foreclosure soon - completely legally! We have seen cases where a renter signed a lease and moved into a house, only to find themselves being evicted in a foreclosure 2 weeks later. There is a law in the United States that gives renters some protection if their rental home is foreclosed on, but they will almost certainly lose their security deposit, some of their rent payments, and may have to move out in as little as 90 days.
How can you avoid these issues?
The easiest way (assuming that you are in the U.S.), is to visit CheckYourLandlord.com. Sure, I'm a little bit biased here. We will provide a report on the rental property that you are considering which will tell you who the true owner of the property is, if they are in default on their mortgage, if they have been bankrupt, and even their civil and criminal backgrounds. You can also look for property listings that display the CheckYourLandlord.com Certified Properties Seal, which tells you that we have already looked at the property and its owner and verified the background information.
If you prefer to take it upon yourself to check out the property, your first step should be a visit to your county recorder's website. Many counties have property deed records online, although some don't and in some cases they charge subscription fees to access the information online. Through reviewing the property deed records, you can determine who the legal owner of the property is, what mortgages the owner has placed on the property, and if any foreclosure notices have been filed against the property. You can visit CheckYourLandlord.com to check for pre-foreclosure notices on U.S. properties for free, to get comprehensive property information reports and to learn more about rental risks.
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