can a homes that has been foreclose on be a rent to own home?

Asked by Kats, Miami Gardens, FL Wed Mar 9, 2011

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6
Robert Range, Agent, Reno, NV
Wed Mar 9, 2011
Kats,

Usually the bank that owns the home is not interested in a prolonged transaction (like rent to own) ...they want to sell if for maximum the market will allow in the shortest possible time. Technically, I suppose it is possible - but I have never heard of a bank accepting a rent to own offer.

regards,
Robert
Prudential Sierra Nevada Properties
Web Reference:  http://www.robertrange.com
1 vote
Dianne Hicks, Agent, Rancho Bernardo, CA
Thu Mar 10, 2011
It is legal for it to become a rent to own but extremely highly unlikely.... The banks want it off their backs and I have yet to hear of one making this kind of arrangement. I would suggest focusing on privately owned homes where sellers need to move and are perhaps a little underwater. That is the time when they become more willing to do a rent to own. Good Luck!!!

Kindest Regards,
Dianne Hicks
HomeSmart Real Estate
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Thu Mar 10, 2011
Kats:

I have to agree with Robert Range- Banks are typically not in the business of owning real estate. The exception is owning the real estate where the bank location-branch sits. Have you noticed... most banks are in the very best locations and are most often the most beautiful buildings around!

It is possible that a foreclosed property be rented from an investor after the bank sells. Perhaps, IF the bank has great difficulty is selling... they may entertain a rent-to-own proposal.

♒WATERWAY REALTY, REALTORS®♒
0 votes
Alma Kee, Agent, Tampa, FL
Wed Mar 9, 2011
Hi Kats,

If you mean it is owned by a bank then no you cannot do a rent to own.

If the house was foreclosed and then an investor bought it from the bank then yes if the seller is willing to do a rent to own, go ahead. Just make sure you have your own realtor and attorney review the "rent to own" contract.

Also if a house is in Pre-foreclosure, it's unlikely you can do a rent to own.
0 votes
Tony Maziarz, Agent, Wellesley, MA
Wed Mar 9, 2011
Good question, real estate is all negotiation so obviously if you can negotiate rent to own why not. Usually the banks looks for max cash in. Offer a good deposit for that purpose and they may go along with that.Good luck
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Mar 9, 2011
In most instances no Lenders are wanting to reduce their inventory of foreclosures
Web Reference:  http://www.lynn911.com
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