Home Buying in 95020>Question Details

Treilly, Home Buyer in 95020

I am trying to find a realtor bthat deals with bank owned houses bthat are up for rent to own

Asked by Treilly, 95020 Sun Jun 3, 2012

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5
There was a lender who also has a local real estate brokerage handling temp lease while selling it. I am not sure it is around anymore.
0 votes Thank Flag Link Fri May 31, 2013
I think yo are confusing an option that some lenders had given to current distressed homeowners to rent the home from the lender, however this falls under the loss mitigation section and I can tell you not to many homeowners were able to rent their homes back let alone modify their mortgage thus facing a foreclosure and eviction by the lender.

Lenders do not rent their REO. (real estate owned). If you have credit issues you may want to look into talking with a professional who can point out what needs to be done. We can help you own a home in a year if you are serious about restoring your credit.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com

We also have a DIY service.
0 votes Thank Flag Link Thu May 2, 2013
I have not seen this as an option. I question why you are focusing on rent to own? I find that once a buyer understands what a real rent to own situation entails they decide against them.

Have an amazing day.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Jun 6, 2012
Treilly,

The challenge is two fold: of the 103 home and townhomes for sale in Gilroy 2 are bank owned and 94 are Short Sales. To find more bank owned homes one would have to spend a considerable amount of time down at the Court House keeping track of the bank owned (and NOT on the MLS) homes or townhomes. Typically those investing such time are those who are looking for to buy for themselves.

Secondly, our experience shows that by the time a home goes into foreclosure and is owned by the bank, the bank simply wants to get some cash (sale) to offset their loss. They do not need income (thanks to the bank bailout) so rental income has no draw. Conversely, Short Sales, often generate more cash for the bank than the foreclosure - hence, 2 out of 103 homes are bank owned.

For more information feel free to text or email me.

Mike Walters
831.630.3717 text/cell
Mike@CaHomes411.com
Web Reference: http://www.CaHomes411.com
0 votes Thank Flag Link Sun Jun 3, 2012
Banks do not usually want to rent their REOs. They want to sell them as quickly as possible. Rent to own are rare anyway.
0 votes Thank Flag Link Sun Jun 3, 2012
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