Foreclosure in 90069>Question Details

Jessica Sant…, Renter in Hollywood, Los Angeles...

can some you help me understand foreclosure?

Asked by Jessica Santiago, Hollywood, Los Angeles, CA Sat Aug 21, 2010

I am moving to West Hollywood California and I don't mind if I rent a home or townhouse but I have been seeing foreclosed houses that are "rent to own". I cant understand how this works. I know the obvious, if the house is not paid for by you or the landlord, you will be evicted. Is this safe if you find a Realtor to guide you through? Should you hire a lawyer for the best advice? I am just so tired to dumping my money down the drain for these tiny apartments that cost too much.

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Lynn Le Glaire’s answer
Hi Jessica,
David Chiles described the foreclosure process quite well. It seems that the housing market is still declining, i.e.., prices dropping. Rents have come down too. I haven't seen any rent to own foreclosure properties in LA, especially not in West Hollywood (I do a lot of work in this area and live in it too). I think that if you cn be patient for a bit longer, it will payy off and you'll find a good property at an affordable price. In the meantime, if you're interested in looking at some rental properties, feel free to call me and I can show yousome beautiful places to rent at prices lower than last year.

Yours,
Lynn LeGlaire
Keller Williams Realty
(323) 219-4480

lynnleglaire@kw.com
0 votes Thank Flag Link Fri Sep 3, 2010
BEST ANSWER
I would certainly find out where the rent money will be going and see if they would be willing to give you access to show payments being made especially if you do "rent to own" and yes a very good Realtor or Attorney would be advisable. Who owns the house and who is making the agreement with you. Some things to consider. In my area, there have been reports of people renting homes to only later find out they are being evicted as the foreclosure process has come to an end.
0 votes Thank Flag Link Sat Aug 21, 2010
Hi Jessica,

I would be cautious of the "rent to own" property in Los Angeles. As another contributer said, we don't have that many rent to own places (if any) in LA. I have seen many ads on sites like Craigslist for exactly what it is you are referring to and most of them seem like scams of some sort. Do your homework and check out the companies offering the rent to own options through the Better Business Bureau's website.

Good luck!
0 votes Thank Flag Link Tue Aug 31, 2010
Thank you for your question about foreclosures. The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.

The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned. Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage. If a homeowner does not pay the mortgage the home is auctioned If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
0 votes Thank Flag Link Tue Aug 24, 2010
Hello Jessica,

You don't want to rent a foreclosure because it will foreclose and then you will get kicked out. Just rent or buy. If you need help finding something let me know.

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
0 votes Thank Flag Link Sat Aug 21, 2010
There are not many rent to own places in California. The best thing to budget yourself towards buying a small place. The interest rates are the lowest in yeasrs and home prices are much lower than e few years ago. This is the best time fot first time buyers.
0 votes Thank Flag Link Sat Aug 21, 2010
Have you considered purchasing a home therefore you don't concerns "dumping your money" , receive annual tax benefits. CA, might offer great opp's for you purchase a home.

IN SOME states due to number of foreclosures bank are leasing homes vs. other states such as Texas foreclosures are not leased.

Realtor would be happy to assist you

GREAT QUESTION

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 21, 2010
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