rent: Shall I sign a lease with a Foreclosed apartment?
I found this apartment complex that allows me to do a month-by-month lease in Chicago suburb. However, I also found out that this complex was once in the process of being converted into a condo…Obviously, things didn’t work out for the investors and the property went to foreclosure in Jul 2009…As the rental office told me, all of my checks should be payable to “(Mr.) XXX from E.R. James Real Estate Service LLC.”… I am signing the lease and writing a check of over $1k (rent + deposit) to this guy tomorrow…I am a little bit concerned…What is a Real Estate Service company? Is it the same as renting an apartment from a regular property? Considering this is a foreclosed rental property I am really worried about my deposit…is it safe and will I get it back if I decide to move out?
Thanks.
Real Estate Company’s website:
http://www.erjames.com/res/index.htm
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