Where can I get a legitimate list of foreclosed homes to rent/rent-to-own in the bay area, California?

Asked by Vdr, Cupertino, CA Wed Sep 7, 2011

I don't want to use the "pay to get a list" websites, and the postings on Craigslist almost always redirect you to one or are simply spam/scams... not sure where else to look. Help?

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15
Igor Reznikov, Agent, Campbell, CA
Wed Sep 7, 2011
Great Question!!

Free list of foreclosures has been one of the most effective marketing gimmicks for Realtors in the past few years. All of the ones that I've seen, including my own list, have nothing to do with rentals.

There has been more and more talk that banks should rent foreclosed homes instead of just sit on the inventory, but to my knowledge it is not yet being done ... or at least not being done in the Cupertino area. ... Then again, there really aren't many foreclosures in the cupertino area :-)

In fact, here is a list of ALL of them (so you don't have to request a list):

Address City Beds Baths DOM LOE SqFt $/SqFt HOA List Price Age Sale Price

ACTIVE
2633 Kerryshire Ln Santa Clara 4 3|0 352 1,506 $252.26 $195 $379,900 38
2310 Falling Water Ct Santa Clara 3 2|1 36 1,400 $264.93 $395 $370,900 38
1883 Agnew Rd #109 Santa Clara 2 2|0 23 1,070 $341.96 $278 $365,900 5
83 Mirabelli Ci San Jose 2 2|0 10 850 $384.59 $260 $326,900 18
2200 Agnew Rd #109 Santa Clara 1 1|0 34 816 $265.93 $360 $217,000 29
980 Kiely Bl #124 Santa Clara 1 1|0 30 622 $241 $310 $149,900 40


THAT'S IT! They do constantly come and go, but notice that there are none in the actual city of Cupertino.

I am curioius to hear if any one else here is going to know anything about foreclosures for rent, but my guess is this post is just going to fill up with the typical self-promotion.

Check out my profile and contact me if you'd like to talk more about this, or if you'd like help in figuring out how much home you can afford to buy. Generally speaking renting-to-own is a very undesireable option. It increases your costs and risks, so I would avoid it if possible ... but that's a different conversation that we can have privately.

Best Regards,
Igor
3 votes
Terry McCarl…, Agent, Cape Coral, FL
Wed Oct 2, 2013
Banks aren't in the business of being landlords. If you are in a position to purchase a bank owned home a local real estate professional will be able to assist you.
1 vote
April Tavares, , Saratoga, CA
Wed Sep 7, 2011
Hi Vdr,

The answers below are right on the money. Lenders aren't in the rental business as already stated. Just a bit curious as to why you want to rent a foreclosed home. Perhaps you wouldn't mind sharing your thoughts. What advantages are you expecting to gain in doing so. With so many foreclosed homes having repair and deferred maintenance issues, I wasn't sure what you were seeing as the upside.

All the best,
April

April Tavares, GRI, ASP
Realtor®, DRE License #01742179
Montalvo Realty
Direct: 408-309-5471
Email: April@AprilTavares.com
On LinkedIn: http://www.linkedin.com/in/apriltavares
Free Santa Clara County Market Trend Reports: http://april.rereport.com

Web Reference: http://www.AprilTavares.com
Web Reference:  http://www.apriltavares.com
1 vote
The question is in reference to all the rent own scams, there's so many companies by the name of rent to own trying to get people to pay for list of homes that are available to rent to own which is really a lease option to buy, turns out to be a scam to collect funds...what I am afraid of and others should be is the big balloon payment at the end of the lease, they have this going around Facebook and I remarked on this I could not find them through the BBB, so of course they filtered my comment out....I will keep your name to find a purchase..
Flag Wed Jul 5, 2017
Anna M Brocco, Agent, Williston Park, NY
Wed Sep 7, 2011
Conider working with an agent of your own--generally short sales, and or, bank owned properties, are available for purchase, not rent to own...
1 vote
Michelle Car…, Agent, Coppertino, AL
Thu Sep 26, 2013
Igor gave you some great info-very generous of him.

True rent-to-own scenarios are very rare, and I only know of one in Cupertino for the past several years, which was an out of the country buyer who needed a transaction to close and "rented" for 6 months while waiting for the other transaction to complete, then transferred money here to complete the closing.

Why would you prefer to just rent a foreclosed home as opposed to a regular home-are you thinking lower rent price? Cupertino overall has very few foreclosure, /bank-owned, or distressed homes-less than 1% of inventory.

Overall in Santa Clara County, I just read distressed homes only comprise ~5% of all homes for sale, which is a huge drop from ~30% last year.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Tue Oct 11, 2011
Hi Vdr

Such lists do not exist. They maybe advertised as Bait, to generate a call to the agent.

Vdr, sellers are reluctant to do rent - to -own in the Bay Area, as there are quite a few caveats
with such a Transaction, such as Tax consequences to the seller, structuring the deal,
amount of down payment being put down, credit score of the renter / buyer and coming to terms
on a Price now for a Period say 3 years to 5 years down.

There are Lists of foreclosed properties. But Banks hardly want to rent these homes out yet, as
most foreclosed properties sell, and those in terrible condition with say mold, or broken foundation are
bought up by Contractors or Home builders.

A link to Silicon Valley foreclosed properties is provided below.

Good luck.
Perry
408-656-5343

http://ruthandperry.com/RealtorWebPage?custompage_id=1422290781
0 votes
The Medford…, Agent, Fremont, CA
Sun Sep 11, 2011
As you've seen, they don't exist. In fact, rent-to-own in and of itself is almost nonexistent as well. If you want to rent and don’t want to be scammed, hook up with a good property manager in the area in which you are looking. They will only show you real listings for real rentals at real monthly rates.

If you want to buy now or anytime in the future, sit down with a credible Realtor who can walk you through the process beginning to end and get you going in the right direction.
.
0 votes
Terri Vellios, Agent, Campbell, CA
Wed Sep 7, 2011
Vdr, you read it, it doesn't exist. I'll explain why Rent to Own doesn't show up often.

Everything is negotiable, but this is how it may look;
A Lessor/Buyer offers to rent a house. They pay slightly higher than market rent with a small portion of the rent going towards the future buy down of the purchase. If rent is $2,000 they may pay $2,200 with $200 going towards the future purchase.
The Lessor/Buyer and Seller/Landlord agree on what the future purchase price will be now.
The Lessor/Buyer (we could get technical and call them Optionor and Optionee but this is clearer) will put up an option amount, usually higher than what a renter would pay in a security deposit, Something around $10,000 to $25,000. This option and the overage rent is forfeited in the event the Buyer decides not to go forward with the purchase. The buyer usually would agree not to purchase if the prices went down.
They can't lock in a financing rate, until they exercise their option to purchase.

Now the Seller/Landlord has his/her property tied up for a predetermined time, something like 6 months to a year. They can not sell it. If prices go up they have to sell for the agreed price. But they get higher rent and could keep an option amount.

A renter may do better just putting that extra money into a savings account until they can afford or qualify for a purchase. Unless they get some killer deal on an option price. They need to have a comfort level that the Seller is not going to over finance the house or default.

I hope this sheds some light on Rent to Own.

All the best to you.
Web Reference:  http://www.terrivellios.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Sep 7, 2011
Bank owned homes are usually never rented never mind rented with an option to buy. Banks are looking to liquidate/sell properties, not become landlords. You are on the mark about the rash of scams on CL lately. The best bet is working with a local realtor who can assist you, there may be other sellers who will rent to own but you may be out of luck looking for a bank to do that,

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…

please see my blog with tips on buying bank owned homes.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Sep 7, 2011
Vdr,
One last thought. There have been scams in my area, and I imagine others, where someone claims to represent a bank and accepts deposits and rent on a home. Until someone actually representing the bank becomes aware of this, the "landlord" has some income and the tenants have a place to live.
One "Landlord" interviewed by local news media claimed to be providing a service by maintaining the property. Ultimately the "tenants" are out their funds and the "landlord" may be prosecuted for fraud. Be very careful.
0 votes
April Tavares, , Saratoga, CA
Wed Sep 7, 2011
Hi Vdr,

The answers below are right on the money. Lenders aren't in the rental business as already stated. Just a bit curious as to why you want to "rent" a foreclosed home. Perhpas you wouldn't mind sharing your thoughts. What advantages are you expecting to gain in doing so. With so many foreclosed homes having repair and deferred maintenance issues, I wasn't sure what the you were seeing as the upside.

All the best,
April

April Tavares, GRI, ASP
Realtor®, DRE License #01742179
Montalvo Realty
Direct: 408-309-5471
Email: April@AprilTavares.com
On LinkedIn: http://www.linkedin.com/in/apriltavares
Free Santa Clara County Market Trend Reports: http://april.rereport.com
Web Reference:  http://www.AprilTavares.com
0 votes
Monica Goyal…, , Cupertino, CA
Wed Sep 7, 2011
Hi Vdr,

If you are looking to purchase in Cupertino, you won't find a foreclosure. There are very few homes in Cupertino that go to short sale or foreclosure. If there is any it is at the high end, ie close to 2million.

Otherwise too, you will not find a rent to own type of deal in CU or neighboring areas with CU schools. Reason being that the market is hot, there are still sales with multiple offers, so if a seller wants to sell house, they just put it on the market. Usually, the rent to own option is in a slow market.

I am an agent in Cupertino, please feel free to contact me if you want to explore further options.

Thanks
Monica Goyal
Ph# 408-476-0675
DRE 01781926
0 votes
Monica Goyal…, , Cupertino, CA
Wed Sep 7, 2011
Hi Vdr,

If you are looking to purchase in Cupertino, you won't find a foreclosure. There are very few homes in Cupertino that go to short sale or foreclosure. If there is any it is at the high end, ie close to 2million.

Otherwise too, you will not find a rent to own type of deal in CU or neighboring areas with CU schools. Reason being that the market is hot, there are still sales with multiple offers, so if a seller wants to sell house, they just put it on the market. Usually, the rent to own option is in a slow market.

I am an agent in Cupertino, please feel free to contact me if you want to explore further options.

Thanks
Monica Goyal
Ph# 408-476-0675
DRE 01781926
0 votes
Don Tepper, Agent, Burke, VA
Wed Sep 7, 2011
Dan is correct.

You won't find foreclosed homes available for rent or rent-to-own. They don't exist.

If you want to buy a foreclosed home, that's fine. But you buy outright. You either pay cash or line up financing. You make an offer and, if it's accepted, you go to closing.

If you want a rent-to-own home, then look for homes currently owned by the individual owner(s). Here's a blog I wrote on how to find rent-to-own homes: http://bit.ly/findaleaseoption

And you shouldn't have to pay for either list. For foreclosures, go to any Realtor and he/she will give you a list for free. If you want rent-to-own homes, see my blog on how to find them. But in none of examples do you have to pay for listings. In fact, the investors I know who offer lease-options and rent-to-owns never charge to access that information. It'd be like a car dealer or an appliance dealer charging you for a list of cars/appliances they have for sale. Yes, there's money to be made by investors on rent-to-own homes (just as car dealers and appliance dealers make money selling cars and appliances). But the money to be earned from selling lists of rent-to-own homes would be peanuts compared with what legitimately can be earned on a real transaction.

Hope that helps.
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Sep 7, 2011
Vdr,
I've never seen a foreclosure offer a Rent-to-own. Banks are not in the rental business. The vast majority will list the property for sale. I did a quick search of listed properties in my area and found 0 bank owned offering Lease Options.
You are wise to be leery of paying and foreclosed rent-to-owns. Talk to a local agent. They can do a search of your area, banks use agents to sell (and possibly lease) their homes.
0 votes
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