Real Estate Companies Are Screening Rentals for Foreclosure

Jeda Villa Bali
Creative Commons License photo credit: Jeda Villa Bali

In the past, real estate companies didn’t have to worry as much about renting homes or apartments to people. They checked out the renters and made sure they were able to pay the rent, and that was about it. Now, they have to check out the property owners, too. Some people are renting out homes, condominiums, and apartments that they own, but they’re not making the payments on them. They take the rent money and use it for other things, and the property eventually gets foreclosed on.

A renter can end up needing to move because of something he or she didn’t even do, and that’s very frustrating when that renter has been paying his or her rent faithfully and didn’t have any idea that there was a problem. While real estate agents aren’t obligated to make sure the property owner of a particular rental isn’t in foreclosure, it’s very helpful to the people who rent from them. Most people think that real estate agents handle sales, and that’s largely true, but many of them also deal with rentals and help people find the kind of home they’re looking for – even if they can’t afford to buy one right at the moment.

Now that more agents are seeing the benefit in screening rentals for foreclosure, the people who move into those rentals can have peace of mind. It’s a great way for a real estate agent to help people feel better about the rental they’ve chosen, and it’s also a great way for an agent to build up a level of trust with a person. When that person moves on from the rental and is ready to buy, there’s a good chance he or she will call the agent who helped them find a rental they could really feel safe and at home in.