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The simple, non-legal-advice answer here is "no". An extended answer would be "heck, no!"
Is it LEGAL for you to rent a home in the midst of foreclosure? Sure- you'd be doing nothing illegal. Is it legal for the owner to rent it to you? Again, the answer is in the affirmative. After all, the home's owner remains its owner unless and until the gavel falls at an actual foreclosure sale- and they can do with their place as they wish.
Is it ETHICAL for the owner to rent it to you? Perhaps, with a caveat: if they've fully disclosed the status of the home and you choose to rent it anyway, you assume the burden of having made a poor decision. What you CAN'T worry about is whether you're paying the owner rent with them not paying the mortgage. The lease that both of you share, the rent that YOU owe, and the mortgage that is HIS responsibility can't be mixed together. You simply have to decide whether you'd like to roll the dice and ride things out.
In deciding, weigh the fact that you WON'T be afforded any protections under the Protecting Tenants at Foreclosure Act of 2009. This law gives those in bona fide leases prior to the commencement of foreclosure proceedings certain protections- but entering into a lease for a property already in foreclosure could potentially leave you (literally) out in the cold.
I won't lease out a place that's in foreclosure, and I'll give up management of properties falling into foreclosure in the middle of a lease term at said lease's expiration rather than renew a tenant under the weight and uncertainty that the foreclosure process brings- and won't look to acquire a new, unprotected tenant. It's simply the right thing to do.
If considering renting AT ALL, I advise everyone to learn who owns the property they're interested in. Here in Florida, one can visit the local property appraiser's site and get their names. With names in hand, visit the Clerk of the Court's website for the county the property sits in, and search for any legal proceedings against the owners. You're looking for the filing of a "lis pendens" (typically coded with an "LP") that signifies the beginnings of foreclosure.
Choose wisely, and be prepared to accept the consequences of your choices should you make unwise ones.
Hope this helps some folks. Feel free to contact me with any questions you might have.... more
Looking for New Construction? Harbour Isles offers incredible Value at $86.00 per square foot and divine use of space. Residents enjoy all the luxuries of a Florida lifestyle defined by a quiet coastal
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Allow Tampa Bay Home Connection to assist you in your buying a new construction home. As inventory continues decrease new home construction is on the rise. Contact us today to find out more about your
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To rent or to buy a home? If you are asking yourself this question right now, you are not alone. With rising rents as well as low home prices and interest rates, many renters are taking the plunge, and
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HAS ANYONE HEARD OF OWNERWIZ.COM? THEY SAY THAT THEY WILL PURCHASE THE HOME OF MY CHOICE OF THE INVESTOR AND THEN I WOULD RENT TO OWN IT AND AFTER MY CREDIT IS CLEANED UP I CAN FINANCE IT IN MY NAME...
THEY HAVE ANOTHER PROGRAM THAT IS 4.9% INTEREST AND LATER I CAN ASSUME THE LOAN.
CAN SOMEONE VERIFY WHETHER THIS IS LEGITIMATE BECAUSE IT'S PRETTY ATTRACTIVE
ZINKTHEMUSIC@AOL.COM... more
If you are interested in Del Rey and Boynton Beach areas, check out Trulia.com Find a Pro tool.
You can learn more about these agents by reviewing their profiles and activity on Trulia.com.
Best of luck,
Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com... more
When you consider the cost of purchasing (IE home inspections, termite inspection intangible tax, notes stamps and other closing cost routinely paid by the buyer and then the typical costs of selling ( deed stamps, title policy, real estate commission) 3 years later, and the cost of ownership (property taxes, insurance and mortgage payments.....I would recommend renting. The only thing that would make me reserve that recommendation would be a forecast of real estate values increasing at 7% or more per year. No one is making that can of forecast including me.. trend is for lower or flat values if we are lucky we may see 2-3% appreciation In fact if the trend does not change in the next three year... ( and I don't think it will) you we be $$$$s ahead by renting. Now if you were going to be long term resident of Jacksonville and were looking to buy a house and stay for 5 years or longer...then with interest rate on mortgages and the low real estate values then I would make a different recommendation. Buyer real estate now for a short term investment....in my opinion is not a good idea.... more
Hi Kimmy30,
It all depends on your income as well. I would recommend for you to call our Century 21 Camelot office in Palm Bay and ask for our Property Manager: Ly. She is very professional, friendly, helpful and knowledgeable. The phone # is: 321-768-6400.
Best of Luck to you!!
Thank you - have a wonderful day!!
KARIN LOOMIS
Realtor®
C-21 Camelot... more
We don't know of any bank owned homes offering rent-to-own either.
I do find that agents are quick to bash rent-to-own transactions here on Trulia, but their recommendation to get fully informed is right on point. Each states have their own requirements, too.
There are many who attempt rent-to-own who quite honestly have no business doing so. And if the professional/investor can't tell you the difference between a lease-option, a lease-purchase, seller financing and land installment/contract for deed...find someone who can and better yet has successful experience with all of them or at the very least with the type of transaction you desire.
We've done hundreds of successful lease-options (it's all we do now, but we've also done the others mentioned above) where it was truly a win-win for both the owner and the tenant/buyer. It may take awhile to find the right match (therefore your marketing has to be right on point), but it can certainly be done legally, ethically and with full disclosure in writing.
I'll leave you with encouragement to consider the source of your information...both when it's positive and negative reviews. You certainly wouldn't go to a pediatrician and ask if a certain brain surgery is right for you. It's the same with real estate agents and real estate attorneys...know their specialty and/or specific experience. And always remember there always at least two sides to a story.... more
Expect for the unexpected. Encourage your renters to purchase renters insurance, always keep reserves of capital to unforeseen expenses, negotiate whether you will be doing yard maintenance, and above all, be prepared to refresh the home when the tenants leave. There is always some wear and tear in a home after a years stay. Make sure you list with a reputable agent as well!
Best of luck!... more
As the owner of record, you can do anything with the property that you are allowed legally to do...up to the point of no longer enjoying ownership.
The absolutely best thing you can do for yourself is to seek legal advice from an attorney. It may cost you money but what you get in return may far exceed your expectaions.
Good luck,
Bill... more
Alexander Eichler Alexander.Eichler@huffingtonpost.com For Renters Who Need Affordable Housing, Choices Are Few Posted: 03/14/2012 9:02 am Everyone knows the economy has been rough on homeowners
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Florida Connects - If your college student is getting ready to live off campus, buying a rental property in Florida or condo may be an option worth considering.Of course, with high rental costs and
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.Hi Niki,
Your first step is to get pre aproved by a financial institution because from there you know the price range you can afford. If you want I can guide you throughout the entire process from the beginning. My name is Euceny Deanto. You can call me on my cellphone at 321 4828253
Sincerely,
Euceny Deanto
sales Associate
English/Spanish/Portuguese
CENTURY 21 SPECTRUM
eucenycentury21@gmail.com
Cell: 321-482-8253
Office: 321-779-0210
Fax: 321-779-0217... more
FLorida Connects - It's easy to understand why so many people want to own a home in Florida: It's more than just a place to raise a family and build a life, it's a good investment and it is living
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Hi Sarah,
I am not from Clay County - but I came across this resource: http://www.irenttoown.com/Clay-County-Florida, also you can work with a creative Realtor. I wish you the best luck.
Daniel K. Wyka
REALTOR ®
Cell: 239.398.5667
Email: DanWyka@KW.com
Keller Williams Elite Realty
24851 S. Tamiami Trail, Suite 1
Bonita Springs, FL 34134... more
My biggest issue is that when I tryed back in Sept of 2011 I was told that i have no credit. but since then i have had 2 bills in my name. Just not sure if that helped anything
I own a furnished condo in Cobblestone-on-the-lake. If you are interested, please contact:
Beverly A. Parys, ARM®, Accredited Residential Manager, Rossman Realty Property Management LLC,
1104 SE 46th Lane #2, Cape Coral, FL 33904, Email: beverlyp@rossmanrealty.com, p: (239) 443-1329, f: (239) 333-0081, c: (239) 677-7451, toll free: 866-553-1091, www.rossmanrealty.com. Thx, JEO... more