Rent vs Buy in Las Vegas>Question Details

Beruby, Renter in Las Vegas, NV

Can I rent a foreclosed home directly from the bank that owns it now?

Asked by Beruby, Las Vegas, NV Mon Apr 1, 2013

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5
Donald J. Leske II’s answer
I own a Real Estate Brokerage in Tacoma Washington. We specialize in renting single family homes, but have a few apartment buildings and some commercial. I have BANKS that have hired us to rent their properties that will not sell.

Just FYI. Some Banks do rent their properties, rather than have them sit empty.

Donald J. Leske II
Managing Broker / Property Manager

BCI PROPERTIES, LLC
BBB A+ Rated
10909 Portland Ave. Suite-L, Tacoma WA 98445
Office: (253) 531-1010 | Fax: (253) 531-5358 | Cell: (253) 241-6695
http://www.BCIrent.com - Rental homes & Property Management
0 votes Thank Flag Link Mon Aug 12, 2013
BEST ANSWER
Great questions Beruby!

Foreclosed homes that are rented had tenants in them prior to the foreclosure and the bank is upholding the existing lease. Generally, banks do not re-lease property that is not commercial in function. (Commerical being apartment complexes, Commercial centers, multi-plex/multi-use)

In todays market (04/05/2013) there are over 5100 homes available for rent. That is MORE than the number of homes available to buy! So there should be no problem finding a great home to rent out. I would seek the advice of a great agent to help you find a home, I'm positive there is a home just as wonderful for rent as the foreclosure you may have set your eyes on.

For those people asking this question because there home is being foreclosed on and they would like to continue living there, the bank will not allow this, but generally works with you regarding relocation. Once a home is foreclosed on an agent will work with you to set deadlines for moving. Agents are people too and understand the difficult situation. They will work with you to resolve the situation amicably. If they leave you a notice or send one in the mail, simply call them back and they will explain all the terms and conditions and in many cases help you find a beautiful property.

Have a wonderful day

Valerie Fuller
Prominent Realty Group
0 votes Thank Flag Link Fri Apr 5, 2013
I have seen a foreclosed home leased out, although, it's not very common. If your curious, your best bet is to contact the listing agent direct. Otherwise, ask if they have any alternative rentals.
0 votes Thank Flag Link Thu Apr 4, 2013
I have never seen a bank offer a home for rent. There is no need when they can sell it and make much more.
0 votes Thank Flag Link Thu Apr 4, 2013
To answer your question, I would say yes if the bank is offering the home for rent. If the home is for sale, the answer would be no. Good Luck. Becky
0 votes Thank Flag Link Mon Apr 1, 2013
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