Hi Carla, yes as the chorus of voices will agree to below, there is very little to no chance of doing a "rent to own" or "lease option" on a foreclosure/REO. Probably not gonna happen. Neat idea, though - that would be a great way for the banks to clear out inventory.
When you start talking about things like a "rent to own," you are getting more into the creative area of real estate transactions (a very fun place, in my opinion). In order to play in that arena, you're gonna want to talk with homeowners who are VERY motivated to sell their place, and are willing to sell with little to no cash up front. The best case scenario would be someone who's willing to offer "owner financing" where they basically let you pay them off over time (hopefully for a very reasonable rate of interest).
As mentioned below, be VERY careful treading in these waters, and be sure to hire a real estate attorney to watch your back (usually cost around $400 - 800 per transaction), before you go handing a stranger any of your money, or signing anything.
Better yet, you can call one of us, (with our beautiful, bright smiling faces, ready to serve you :)
Hope that is helpful. Best of luck!
Coldwell Banker Lincoln Park Plaza
PS - I am always grateful for your referrals, and I promise to treat them well.
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