Tenant should ask for Florida condo owner’s credit report, search public records

Q: How can a potential tenant be sure the owner of a Florida condo has not been foreclosed upon before we send substantial rent money, and then maybe not have a winter condo to move into?

All we have is the owner's name and address. -- D.M.

A: Usually it's landlords who want credit reports, but with so much Florida real estate in trouble, I can see prospective tenants asking for them also.

You could request a credit report on the condo owner. That would tell you whether bills, and in particular mortgage payments, are being taken care of.

You could also search the public records in that county to see what liens are out against the property. Sometimes that information is available on line; I know it is in my county.

Ex-wife may have to go to court to sell vacation home

Q: I own a vacation home with my ex.

We're both on the deed and on the mortgage.

Can I sell my half of the house if he doesn't want to buy me out, or sell the house completely? -- Via e-mail

A: To sell just your share, you'd have to find someone willing to be a co-owner with your ex.

There could also be complications with the mortgage, so I'd say forget that option.

You do have the right, though, to a court-ordered auction sale of the whole property and division of the proceeds.

The process is known as partition. A lawyer's letter explaining that might move your ex to action.

Agents require some personal information about buyers

Q: How much personal information does a Realtor really need, besides credit report and income? -- K.M.

A: A broker can give better service if he or she understands a buyer's situation, needs and goals.

You're right, though, that financial ability to buy is most important.

Buyers who prefer not to reveal other information certainly need not do so.

Buy now or wait

Q: I am looking to buy a house. I already got pre-approval for a mortgage. Is it better to buy now or wait till December? To me it looks like now is a hotter market and I think if things cool down I might not get a bargain. -- Via e-mail

A: While you're at it, you could also worry about whether interest rates will go up or down after the election.

There's no way either of us can predict the future. Your best bet is to buy when you're ready, and forget about trying to time the market.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.