During the first quarter of 2008, Nevada was No. 1 ranked in the United States for foreclosure listings, as reported by the Las Vegas Sun. The rate is four-times the national average. Also in the first quarter, the Las Vegas Valley had the third-highest foreclosure rate in U.S. metropolitan areas.
Although there is nothing legally preventing a landlord from renting his or her home to a tenant, there are ways renters can prevent it from happening to them.
- Tenants can check a landlord's property status and other documents on the Clark County Recorder's Web site. Click here to search by name. Records are filed daily.
- A tenant can also ask the landlord for a recent statement from the mortgage company showing that the owner is currently making payments. Often, bank letters are not mailed to the property address but the landlord's address.
Nevada Realtor Association Treasurer Linda Rhienberger said one of the best ways to avoid renting a foreclosure is to rent with a property management company.
Rhienberger suggests asking companies:
- Does the property management company communicate with their clients about their financial records? Is the management company aware if the property holder is making payments?
- If a property is in financial danger, does the property management company have an active department that is assisting the owner with the situation?
Rhienberger urges that renting from a landlord not associated with a property management company can be a gamble. Property management companies are licensed through the Nevada Department of Business and Industry and the Nevada Real Estate Division.
For more on foreclosures and renters' rights:
Las Vegas Sun: When renter pays, owner doesn't: You're out, tenant.
Nolo.com: Renters in foreclosure: What are their rights?
Foreclosure.com: Nevada foreclosure laws
