Rental Basics in Queens>Question Details

091464, Renter in Queens, NY

can a bank rent their own property?

Asked by 091464, Queens, NY Wed Oct 6, 2010

can a bank rent their own property?

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Jeffrey Kaminski’s answer
I work with a bank in the Chicagoland area to rent their inventory of foreclosed homes. They certainly have the right to do so but it is not a common practice. Banks are not in the business of holding real estate but it is a product of this market. This particular bank felt it was in their best interest to rent out their inventory because the homes are not selling. Renting these properties out is certainly a much better option then letting them sit vacant.
0 votes Thank Flag Link Sun Dec 18, 2011
Generally banks are not in the rental business--if looking to rent do make sure you know who the actual owner is--there are plenty of scams out there.
0 votes Thank Flag Link Wed Oct 6, 2010
Banks and not in the business of owning property to begin with. Leasing the property they own would create a whole new set of problems for them. So I would say that it is very unlikely they would rent bank owned property.
0 votes Thank Flag Link Wed Oct 6, 2010
An owner can do what they wish.......

Just because it is an entity instead of a person - they still have the same property rights.

Good luck!

Gerry Dunn
Associate Broker

Serving Maryland, Virginia and Washington, D.C. for 28 years
0 votes Thank Flag Link Wed Oct 6, 2010
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