Rental Basics in 33947>Question Details

Georgie, Other/Just Looking in 33947

credit tanked, want to rent, willing to pay entire lease up front but want to protect myself, use escrow?

Asked by Georgie, 33947 Wed Sep 30, 2009

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If you are concerned with paying the entire lease up front and then having the house go into foreclosure (which is what I assume you mean by protecting yoruself) then I would just simply ask the seller if they own the house free and clear. If they own the house free and clear then have them show you copy of satisfaction of mortgage from the bank. Or if they they paid cash for the house all you need to do is a have a title company do a title search on the property. They will see if the property is free and clear or if there is a mortgage or equity line out on the property. You can then ask the seller to present to you a letter from his/her lender stating that their mortgage is current and not in default or no late payments. Your closing agent can also tell you if there is currently any foreclosure lawsuits on the property. The last thing you want to do is pay for a full year just to have the sheriff show up and say the house has been sold at auction. You can also put the money in escrow with a neutral third party as you mentioned after doing the above. Any realistic seller will understand your position and once they see you have the money upfront they shouldn't have any reason not to go along with your requests.

Jason Stevens, REALTOR®, GRI, ABR
Graduate Realtor Institute
Accredited Buyers Representative
Real Estate Broker Associate
REOTrans Platinum Certified
Kevin Flynn Realty, Inc.
Cell - 941-662-0379
Home Office - 941-698-0973
Home Fax - 941-698-0973
0 votes Thank Flag Link Tue Feb 16, 2010
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