Like Diana, I believe that banks are more open to leasing recently foreclosed homes back to the former homeowner for a specified number of years AND some banks are offering the sellers an option to buy back their homes for a mutually acceptable price. Personally, I have not witnessed one of these transactions but agents in my office have on several occasions.

This rent back scenario may be partly responsible for the "shadow inventory" that we all know the banks are holding on to instead of listing it for sale in the MLS system. But I must add that it would be a very small percentage.

I have not heard of a bank renting out foreclosed homes as if they were typical rental inventory to an entirely new occupant. However, with the amount of vacant homes out there it would not be a bad idea. A live body in a home is better than none at all.

Have a great day!!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 981-5589

Hello there. I have not heard of banks leasing their foreclosed property. However, there are a lot of homes that are for lease. Also, I have experienced the home owners being more "soft" towards the credit condition of the people who are wanting to rent/lease. If you need a list of homes in any area, I can provide that for you.

Julie Lozano, Realtor
Prudential California Realty
calljulielozano@yahoo.com
(909) 210-1155 direct

I have not heard of any policy where the bank will be holding the property and leasing them. I believe I heard that in LA county that the homes that have tenants in them and they are foreclosed there is to be some type of arrangement for the tenants to stay while the home is being offered for sale, but I don’t know if that is true.


Diana 909-945-5763