Are your tenants running background checks on you? Remember! LANDLORD RULES!

Reblogger Wallace S. Gibson, CPM
Real Estate Broker Owner with Gibson Management Group, Ltd.

Real estate scams have been around for decades.  I bought a property management firm because a would-be tenant re-keyed the property and attempted to rent the home on their own.

I've known DIY landlords whose rental prospects want THEIR social security # to run THEIR credit.

Let's remember, the LANDLORD/PROPERTY OWNER is in charge....ALWAYS!

Original content by Mike Cooper 0225086119

I'm currently working an REO where there are left-over tenants from Surprised manthe previous owner.  He never bothered to tell his tenants that he had been foreclosed.  As a matter of fact, his former tenants have paid him rent for the past three months.  I'm sure he's laughing all the way to the bank.

That scenario, and the same generated by the increase in short sales, has caused a new rental phenomena.  Potential tenants are running background checks on landlords.  Is that out of line?  Maybe, but in the environment we currently find ourselves in it may not be as bizarre as it sounds at first glance.

Think about the horror stories you've heard about a scam artist re-keying the doors on an abandoned house.  Sometimes, he re-keys a listed home.  Regardless of which, he lists it on CraigsList.com.  Soon after, a potential tenant comes long and fills out an rental application.  The potential tenant is immediately approved. 

He brings cash or a certified check for first and last month's rent, a security deposit and he's handed the keys.  He may have coughed over $5000 in that last meeting.  He moves in and expects to enjoy his new home for the next year.

A month later, a real estate agent shows up to have the house re-keyed because it has been foreclosed.  He finds a tenant in the house.  The tenant shows his lease, but his lease was written by a fictitious homeowner who is long gone and spending the his money. 

According to an article on Chron.com, "New Trend - Renters Running Background Checks on Landlords," this is a trend that might have legs.  Renters need to protect their interests as well as landlords.  It's crazy market we're in, and it keeps getting crazier.  Pay attention, and don't get scammed.

1. Buying your first home in Winchester VA

2. What to look for when buying a foreclosure in Winchester VA

3. Short Sale inventory in Winchester VA

4. Winchester, VA - The best bedroom community for the Washington, D.C. area

5. Passion is contagious - Infect somebody!

6. Winchester, Virginia is a great place to buy a house at great discount!

7. This simple electrical test could save your life.

8. Turn setbacks into springboards

9. Reduce your mortgage by pre-paying principle and eliminating interest

10. What can I do to sell my home more quickly?

********************************************************************************

Give me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

Real Estate Sales and Property Management

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.  Feel free to cackle.)

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Groups:
Investing in Real Estate
Investing for Dummies
Real Estate Trends
Investors
Property Management

Comments 6 New Comment

Rainmaker
407,329
Michelle Francis
Realtor, Buckhead Atlanta Homes for Sale & Lease
Tim Francis Realty LLC

Wallace, 

Part of what we sell is the confidence to tenants that we are in deed working with the owners WITH their authority to lease and manage their home.  Folks that are to cheap to have a property manager, yet live out of the country sends a big sign to potential tenants should realize - the landlords are cheap as heck or they really aren't the true owners!!!!!!  In either case, run!

All the best, Michelle

May 16, 2012 01:17 PM
Rainmaker
597,584
Sussie Sutton
Rep for buyers, sellers, and new construction.
UTR Texas Realtors

Carpet Baggers... That is the only word that comes to mind. There is always someone cashing in on someone else's misery.

May 16, 2012 09:55 PM
Rainmaker
1,238,536
Charles Stallions
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.
Charles Stallions Real Estate Services

Umm here the sheriff is putting notices on the doors every week so I can't imagine a tenant nt knowing however they are still required to pay rent or be subject to eviction. Two wrongs don't make a right. IMHO

May 17, 2012 05:35 AM
Ambassador
777,557
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Good morning Wallace...

Well I must say Sussie's comment brought a big smile. Then Charles pretty much nailed it.  Thanks for the re-post. I normally catch Mike's post but someway had over looked this one.

Have a great day in all you do.

John

May 17, 2012 08:07 AM
Rainer
204,514
Mark Delgado
Benicia and Vallejo, Property Management, rental h
houses for rent, Solano County & Glen Cove
A better option for renters is to stick with established property management firms when searching for a new home. That way they can rest assured knowing that the deal is "legit.".
May 19, 2012 12:39 PM
Rainmaker
1,055,304

Wallace S. Gibson, CPM

LandlordWhisperer
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Locations of visitors to this page nascar girl icon Pictures, Images and Photos Real Estate Blogs - Blog Rankings