Landlord Background Check

User Forum Topic
Submitted by garysears on August 28, 2008 - 4:53am

I'm looking for a new place to rent and am concerned about renting a place in danger of foreclosure (or soon to be sold).

The specific property I am considering today is:
645 O'Meara Street 92114.

Can anyone help me out with how to check potential landlord mortgage problems?

I know that somehow refinance scam companies get this information. I'm assuming it is a paid subscription of some kind. Also, has this property been on the market in the past few years?

If anyone has general advise for good ways the public can do basic rental due diligence it would be much appreciated. I know some forum topics have likely covered this in depth but it never hurts to refresh the topics or link to them.

‹ Oaklawn Ave, Chula Vista Mira Mesa, 7424 Mason Heights Ln, $464K ›
I don't know of any free
Submitted by jimklinge on August 28, 2008 - 9:07am.

I don't know of any free websites where you can track mortgage amounts, but if there was one it would show that the owners had refinanced in 2006, with the original balances adding up to $343,000.

Their payments are probably around $2,000 per month, and taxes are low, only $580 per year.

They were trying to sell earlier this year, but gave up in April. Final list (wish) price was $360,000.

Thanks Jim! That is an
Submitted by garysears on August 28, 2008 - 10:25am.

Thanks Jim! That is an incredible amount of information in just a few numbers. I don't know what else the low tax base could imply other than a massive HELOC. It also explains why the asking rent had to be reduced.

Foreclosure prices in 92114 seem certain to soon be under 200k for similar sized places. It definitely seems like a foreclosure driven zipcode. I would consider buying but I just don't see prices stabilizing. Every month I don't buy I know I am saving thousands of dollars.

I wonder how long the owners here will bleed money before they give up on the market coming back. It is hard to not be tempted to buy when for the same payment with 20 percent down I could have a 15 year fixed loan.

I just think I'll have buyer's remorse if I buy now.

Be very specific, and very
Submitted by jimklinge on August 28, 2008 - 9:01pm.

Be very specific, and very picky about what house you would buy - then if you see the perfect match, at the right price, then you'd have some comfort in knowing you're not moving for years.

If you want to examine the future market, look at detached houses in Oceanside today under $200,000. There is such a frenzy to buy them that buyers are compromising like crazy on what they get, just to end the frustration. I've talked to plenty of agents who have written dozens of offers for the same buyers, only to get beat out time and time again.

As prices go lower, the competition increases, which makes the obtaining of the perfect houses just as difficult. Everyone wants to think it'll be easier if houses were cheaper, but I think it will be harder, because the frustration gnaws away at you - which tends to cause compromise.

The bear rally has ended.
Submitted by peterb on August 28, 2008 - 9:09pm.

The bear rally has ended. Time for the next leg down. Deflation on all assets that require credit is upon us. Save your cash.