Foreclosure in Little Rock>Question Details

Renee, Renter in Little Rock, AR

I ran across a rental online which I later discovered is an REO listed with a local realtor...is it legit to rent an REO?

Asked by Renee, Little Rock, AR Fri Sep 10, 2010

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Beware--I just had one of my listings show up on Craig's list as a rental so there is a scam out there where people are using listing information out there to set-up a bogus rental in the hope that someone will wire the deposit money to them--the one set-up on my listing asked for the wire transfer to be sent to Africa--stating the homeowners had been transferred there.
0 votes Thank Flag Link Thu Dec 23, 2010
Renee:

I would not rent a REO property. If you will give me the MLS# I will get you the detail on the home you are interested in.
0 votes Thank Flag Link Thu Dec 23, 2010
Thanks so much, David! I ran across the rental listing this morning so perhaps the buyer is jumping the gun on trying to rent prior to closing..at any rate I think I'll move on :) We'd ideally like to rent a home that we could then purchase in a year's time without getting involved in a lease/purchase but no such luck thus far. I really appreciate your help with this...we'll keep looking :)
0 votes Thank Flag Link Fri Sep 10, 2010
I've never heard of an REO being rented and don't see how they could but you could call John Mason's office direct at 985-0755, extension 221 and ask them if they ran such an ad. The house is located at 4 Ridgeton in Cherry Creek and is currently listed for sale by Mason & Co Realty. The price is $160,000 and the status is "Under Contract" meaning they have an accepted offer waiting to close. The offer was accepted on 9-1-10. If there's anything I can do to help, just let me know.
0 votes Thank Flag Link Fri Sep 10, 2010
Thanks, David..the MLS # is 10259299...I believe the realtor is the one who placed the rental ad...I was unaware banks were willing to let their REO properties be rented so I wanted to check with someone who'd know better than I :)
0 votes Thank Flag Link Fri Sep 10, 2010
Renee...No...it's not legit. Someone got their wires crossed. It either used to be a rental before the foreclosure OR it's no longer a foreclosure...someone bought it and now renting it. If you give me the MLS # I'll look it up for you.
0 votes Thank Flag Link Fri Sep 10, 2010
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