Foreclosure in Honolulu>Question Details

Courtney, Other/Just Looking in Honolulu, HI

on pre-forclosure houses if you wanted to rent to own, how do i go about that?

Asked by Courtney, Honolulu, HI Mon Mar 23, 2009

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Frank Diaz’s answer
Hi Courtney,

On pre-foreclosures, they are typically owned by the bank. There is no reason or incentive for them to want to do a rent to own scenario. What would they have to gain? Ideally, they would like it vacant, so it can be shown by an agent at any time.

If the home is still owned by the homeowner, they have lost control of the situation, and you will not be dealing with them when it comes time to buy. Generally speaking, rent to own is not a good deal. You must be careful how you structure it if you decide to do something like this. If you decide to go ahead with it, be sure to have a real estate attorney review the contract. They are often written in favor of the seller.
0 votes Thank Flag Link Mon Mar 23, 2009
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