Foreclosure in Loomis>Question Details

Kathy, Home Buyer in Loomis, CA

Can I rent foreclosed home until I can buy?

Asked by Kathy, Loomis, CA Thu Feb 23, 2012

Cannot buy until sept. 17,2012

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Answers

6
No.

Good answer from Jim.
1 vote Thank Flag Link Fri Feb 24, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Yes, and if you are you will be offered cash for keys to relocate. If your BK or foreclosure date is the Sept date then you may qualify for CHF Access half percent down payment program with a minimum 580 fico score. This program can also contribute towards your closing costs as well.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I work directly with the bureaus and it only takes 3-4 days in most cases. Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval. I only need to ask a few dozen questions to qualify you in minutes.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq

Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2

Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…

CHF Access income limits http://tinyurl.com/8lzf8he

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sun Nov 11, 2012
I'm not sure banks are renting foreclosed homes yet. Although there is some talk of Fannie/Freddie doing that.
0 votes Thank Flag Link Fri Feb 24, 2012
Hi Kathy,
Are you talking about renting the foreclosed home you want to buy? or the home you already live in?

I have come across some foreclosures for rent, the lenders want the homes occupied until they decide to sell, I am looking for the link to the company that handles these properties, if I can find the link again I will post.
0 votes Thank Flag Link Fri Feb 24, 2012
Short answer is NO.

Long answer: After the bank has sold the foreclosed home to an investor buyer, the investor wants a renter. The real estate investor may even be happy to give you a rent-to-own lease option if you make it profitable enough for him.

But while the bank owns the house they want it empty for showings and for an occupant owner to buy it and move right in.

If you were living in the home before it was foreclosed, you might be able to negotiate. But if it is vacant, bank owned, they don't want new tenants.
0 votes Thank Flag Link Thu Feb 23, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Kathy,
Hello
That is so close..
I actually have 2 clients in that very situation.
One ends Sept 13, 2012 and the other the end of
Sept.

Right now, there isn't an avenue for renting Foreclosed homes.
However, I have an even better solution for you.
Short term rental with a lease too. Many houses to select from.

Please call or email when you have a minute.

Happy to help!

Michele Peterson
Keller Williams Realty
(916) 743-5934
CallMichelePeterson@gmail.com
CA DRE 01872795
0 votes Thank Flag Link Thu Feb 23, 2012
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