VRBO Rental and foreclosure question

Discussion in 'Rentals - Vacation' started by dunelover, Feb 8, 2009.

  1. dunelover

    dunelover Beach Fanatic

    Joined:
    Jan 14, 2007
    Messages:
    484
    Likes Received:
    88
    Location:
    Oklahoma girl
    Hey guys---

    Looking for a little real estate advice. I have found the perfect house for my family and parents to rent on our upcoming trip. Problem is it is thru vrbo, and is also for sale. Does anyone know how I can find out if it is in or close to foreclosure? I am a tad nervous renting direct. I have done it before, but not in these market conditions.

    Thanks in advance for your help!
     
  2. SHELLY

    SHELLY SoWal Insider

    Joined:
    Jun 13, 2005
    Messages:
    5,775
    Likes Received:
    802
    What's the date of your trip?

    .
     
  3. dunelover

    dunelover Beach Fanatic

    Joined:
    Jan 14, 2007
    Messages:
    484
    Likes Received:
    88
    Location:
    Oklahoma girl
    May 2-9....I am guessing you will probably say...alot can change before then.
     
  4. SHELLY

    SHELLY SoWal Insider

    Joined:
    Jun 13, 2005
    Messages:
    5,775
    Likes Received:
    802
    The first thing I would do is to get the name of the owner and/or the address and check the property appriaser's office records to see if the taxes have been paid on the property (or if they are delinquent from years past). Also check to see if the owner has a bunch of properties that are in the same boat.

    Here's the Prop App site (start at "Search Records"--3rd down on left side of screen): Walton County Property Appraiser's Office

    Also you can check out the Public Records to see if there is any Liens or Lis Pendens on the property or owner: Walton County COUNTY RECORDS VERIFIED THROUGH Thursday, Feb 05, 2009. LAST CFN = 1067959 (v3.0.3)

    Also try to Google the address to come up with the MLS number and read the property description...does it sound desperate or mention "short sale" or pre-foreclosure? Is the owner asking some "bubble-era price" for the place? (You can find that out by checking what he paid for it originally on the property appraiser site I linked above) If so, and if the taxes and liens check out OK, it will probably be rotting on the market for some time to come--so no worries there.

    If everything checks out ok, then you'll probably be in good shape. You may want to re-check just a time or two leading up to your trip. But since it is up for sale (and if he's priced it to actually sell) you might want to consider a Plan B, just in case. The good news is that you'll be coming during a slow time and you might even snag a better deal since some owners will be happy just to cover some of their expenses rather than leaving the places empty.

    Best of luck.
     
    Last edited: Feb 9, 2009
  5. Alyoopster

    Alyoopster Beach Lover

    Joined:
    Aug 15, 2007
    Messages:
    75
    Likes Received:
    5
    someone may need to correct me if i'm wrong....but i'm pretty sure that it is against the law to collect "rent" for a property if it is under foreclosure. good luck!
     
  6. SHELLY

    SHELLY SoWal Insider

    Joined:
    Jun 13, 2005
    Messages:
    5,775
    Likes Received:
    802
    ...it's also against the law not to pay your taxes--but one can be a tax dodger and still be confirmed as Secretary of the Treasury.

    It's an Economic Wild, Wild West out there--so the law of the land is "Trust but Verify."
     
  7. Matt J

    Matt J SWGB

    Joined:
    May 9, 2007
    Messages:
    21,984
    Likes Received:
    2,229
    I would look up the owner on the clerk of courts website and see if any proceedings have begun. At least if they haven't begun you should be in the clear.
     
  8. Santiago

    Santiago Beach Fanatic

    Joined:
    May 29, 2005
    Messages:
    635
    Likes Received:
    91
    Location:
    seagrove beach
    What he said. If their is not a lis pendins filed yet, there will not be a foreclosure before then. Their could be a short sale. I also think Shelly is right in that you will not have any trouble finding a house in May on short notice.
     
  9. ShallowsNole

    ShallowsNole Beach Fanatic

    Joined:
    Jun 22, 2005
    Messages:
    4,235
    Likes Received:
    726
    Location:
    Pt Washington
    What everybody else said. The main thing is that, in all the places you need to look, you will need the owner's name. It cannot be done by street address (well, some things can be under the property appraiser, but only if they have the 911 cross-reference).
     
  10. dunelover

    dunelover Beach Fanatic

    Joined:
    Jan 14, 2007
    Messages:
    484
    Likes Received:
    88
    Location:
    Oklahoma girl
    Thanks everyone! I knew there should be a way to check it, I just didn't know how. Thanks so much for guiding me through!! Good News---The house doesn't show up w/a problem and I was able to figure out the owners. And as someone else said, if we loose our rental for whatever reason, we should be able to find something else with ease. I may be trying to hard to plan the "perfect" trip this year.
     
  11. gardening1970

    gardening1970 Beach Fanatic

    Joined:
    Jan 8, 2006
    Messages:
    459
    Likes Received:
    63
    Location:
    Atlanta
    As a fellow renter, I think you are smart to be concerned. I've had similar thoughts about renting from an individual, along with thoughts like what if the rental company files for bankruptcy.... I think we do some homework and then hope for the best.
     
  12. nohatein08

    nohatein08 Beach Comber

    Joined:
    Feb 6, 2008
    Messages:
    8
    Likes Received:
    0
    Thanks everyone for the information! I am about to rent through VRBO and searched for the property and had a heart attack when I saw the records about it on the county website. Looks like "my" owners just refinanced though so I guess if that went through, the chances of a problem are lower? You think?
     

Share This Page