This is a tutorial for renters who are curious about the foreclosure status of the property you are renting.
With the wave of foreclosures in the Las Vegas Area, many renters are concerned if the property they are renting is in good standing or about ready to get foreclosed on. Even if you have been paying your rent or even have a lease option on the property, it is not a bad idea to make it a habit to check on a monthly basis.
It is also a good idea to check prior to renting a home!
Step 1: Go to the Clark County Assessor's office and click on search, under real property records click "address". The reason why you may not want to search by name is that many investors hold title in an LLC.
Step 2: Fill in street number and street name. Make sure you check the box next to "show current parcel number record"
Step 3: Many addresses show up so write down the parcel number next to the address:
Step 4: Go to the Clark County Recorder Home page for "advanced search". (this info has changed, go to that link and follow the directions from step 4 and on) Enter the Parcel Number WITHOUT the dashes. Click on "detail data":
Step 5: Look for the following:
Breach or Notice of Default: Owner is in Default of their loan. Foreclosure may or may not be in the works. General rule of thumb, if house is going to be foreclosed on, it will happen in the next 3-6 months from recorded date:
Notice of Sale or Notice of Trustee Sale: Foreclosure is imminent. Usually 30-60 days from recorded date:
Trustee Deed: House is foreclosed on:
If your rental home is in default, please consult a real estate attorney prior to breaking a lease or stopping your rental payments!
Hi Renee,
Sometimes the renters think they still have an enforceable lease...if it's taken over from the bank the lease is history ...we had one across the street who was living rent free for 8 months and then the judge mailed them the order to move and they didn't and the Sheriff came and made them sit waiting for the truck with all their furniture on the sidewalk.
Renee, What you've done here is excellent and very helpful information. I wrote a post about this situation last year after I got a call from a renter who was evicted from the home she thought she was renting to buy. Many people don't even know how to check to see if this is happening. And most likely...your landlord won't tell you. :( Unfortunately...
Neal: thanks for adding that VERY important tidbit of information in. Sometimes renters here don't have a clue until an agent shows up with a cash for keys deal or they get a sheriff's notice to vacate in 3 days.
Lola: Thanks! I need to give this information out to my clients so I thought I would put it in a nice blog post so I can just point to it rather than explain it every time!
love how you did this.... ahhhh How did you do this? the graphics... can you teach an old dog some new tricks please :)
Great advice for renters, Renee. So many folks here are finding themselves in a pickle when the home they are renting is foreclosed. No way to really know in advance but checking to see the status makes sense. Renters who are working with agents can have them check further to see if homes are in default, etc.
Jeff
Great post, Renee; this is really valuable info for renters and I suspect will save some people from getting ripped off.
John
Jeff: I fear many agents don't even know how and this isn't even a true safeguard! It is just a helpful preventative measure. I guess the best way to make sure your security deposit is secure is to have it held in an escrow account.
John: Thanks for saying something positive :)
Renee - I heard recently that a new law passed in Nevada that the bank has to honor the remaining months on the lease...Then I heard from another source that the bank has to give tenants 90 days notice. Do you know anything about either of these items? It seems like you all might have a lot more tenants that we do and I was wondering how it's playing out in your area.
Christianne: I believe that is a Federal Law and yes! They have to honor the remaining months of the lease as long as it is leased out with a valid contract and I believe at a market price (so no one can just go out and lease the home to a family member or friend prior to foreclosure at some ridiculously low price!)