We're going to be renting a house while we save up to build our dream home. How can we make sure the house is safe from foreclosure?
A smart owner of rental property asks questions and does some research to find out if you're what he wants as a tenant. You can do the same thing! Ask up front about the situation and about their financial stability. Let them know you'd like some assurance for you and your family that they're not a foreclosure risk.
You also want to be sure your lease allows you to stay in the house if there's a foreclosure. Check with a lawyer to see if this will help in your state.
If the house is worth lots of money, or it's already paid for, chances are you'll be fine. If he's unwilling to talk about this, or he tells you he got into real estate after seeing how profitable it could be during a late-night infomercial, you'll probably be a foreclosure victim!
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