Home Buying in 17055>Question Details

Bayleigh's M…, Home Buyer in 17055

rent to own homes

Asked by Bayleigh's Mom, 17055 Sun Dec 12, 2010

How do you get a bank owned home to do rent to own?

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As Anna said, it is highly unlikely to find a rent to own REO property. However, it certainly would be an excellent means to place former home owners into the vast amount of vacant homes just sitting there across the southland in California and the country for that matter.

Sorry I cannot help you more. Have a wonderful Sunday afternoon.

Diane Wheatley, Broker
1 vote Thank Flag Link Sun Dec 12, 2010
I suppose you have a specific home in mind. That said yopu may not have any success with your goal. However there are other nice homes that would be glad to get a rent-to-own. Central PA Property Management handles many such. We get referrals from our sister company of 65 experienced agents whoi primarily do Sales.
0 votes Thank Flag Link Tue Aug 7, 2012
Rent to own homes rarely ever go all the way to the owning part. People who need to rent to own usually don't have a down payment or they have poor credit or poor incomes. Those three things are very hard for some people to overcome in a year in order to buy and so the rent to own deal never happens and the landlord just gets to keep the extra money the renter has been paying for the option to buy. Banks want the homes GONE other wise they would just rent them all out but they would need many more people to work the rentals which would be even less profitable for the banks so they sell them, even at a loss.

My guess is you will never get a bank to do a rent to own unless it was a very very unusual property or offer.
0 votes Thank Flag Link Sun Dec 12, 2010
Keep in mind that banks are not in the real estate business, therefore such a scenario is highly unlikely.
0 votes Thank Flag Link Sun Dec 12, 2010
Banks don't want toget into the landlord business, which carries a higher risk than makng a commitent to loan the money for a mortgage.

The most comon reason people look for and ask about properties they can buy through rent-to-own or lease purchase agreements etc is because they have concerns about qualifying for a mortgage. Sometimes the concern is income or credit and other times it is because they don't have the downpayment & closing cost available. If you have good credit and income and the concern is downpayment & closing cost I would be happy to talk with you about other options.

Gary Byers
RE/MAX 1st Advantage
717 591-5555 ext 7734
0 votes Thank Flag Link Sun Dec 12, 2010
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