Dallas Rental Homes | What Foreclosure Means for Their Occupants

 

Dallas rental homes are more and more subject to foreclosure. Learn what you can do as a renter to protect yourself. With foreclosures up 9%, many renters are naturally concerned about what might happen if their landlords were to lose their property. While protections for renters against eviction owing to foreclosure have been in place since 2009, many renters living in Dallas rental homes are still understandably worried about their housing security. Even though new laws give renters 90 days notice in the event of foreclosure and eviction-in addition to protecting the terms of their rental agreement-housing security can still be an issue. Here are a few things that those living in Plano rentals should know about foreclosure:

 

  • The basics. If you are living in one of the Dallas rental homes that has been foreclosed upon, you need to be aware of a few basic facts:
    • A bank is free to resell a foreclosure
    • Previous rental agreements do not have to be honored if the new owner intends to live in the rental property
    • Previous rental agreements do not have to be honored if the rent is below the fair market value, the renters are in default, or the renters are related to the previous owner


  • Do your research. Plano property management professionals agree that the easiest way to prevent the hassle of dealing with foreclosure as a renter is to do a little bit of research before you sign a lease agreement in the first place. Check with the DFW county clerk's office to make sure the property you are interested in is not in pre-foreclosure.

  • Look at mortgage statements. Apartment leasing companies in Dallas, TX often recommend that renters ask to see mortgage statements from a prospective landlord. As a renter, you want to make sure that your landlord is current on all her mortgage payments.

  • Record your lease. One of the easiest ways to keep yourself informed-say Plano property management professionals-is to record your lease. Plano property management companies advise renters to record their lease at the county clerk's office because it ensures that any foreclosure information will be sent to the address on the lease and not the property's owner. This prevents having to rely on your landlord for information about any foreclosure proceedings.

  • Cash for keys. Plano property management companies often advise renters undergoing foreclosure to look into the so-called cash for keys program. When a bank wants to repossess a rental property occupied by a tenant, they will typically offer money if the renter agrees to leave the property by a certain date. Dallas rental property management experts often advise that a good cash for keys offer will cover the cost of moving and as well as any money lost from a security deposit.

 

Many renters are having to deal with foreclosure because they did not work with a Dallas rental property management company to find their rental property. Apartment leasing companies in Dallas, TX know that as a renter, dealing with a foreclosure is not an exciting prospect. That's why they work hard to make sure the properties under their care are in stable financial condition. If you have any more questions about how to protect yourself against foreclosure, talk to a OneProp DFW property manager today.

 

 

 

 

 

 

 

ONEprop, Inc. is a Real Estate Brokerage licensed by the State of Texas, TREC license number 414305