Foreclosure in Brooksville>Question Details

Bambi Wilker…, Other/Just Looking in Brooksville, FL

Is it a good idea to rent a home that is now in pre-foreclosure from the owner?

Asked by Bambi Wilkerson, Brooksville, FL Fri Mar 28, 2008

I am looking at renting a house and have just found out that the house in in pre-forclosure. The owner wants me to sign a 1 year lease? Is this a good idea or should I walk away??

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If you decide to pursue this rental, you will need to monitor the foreclosue process on the property. You will need to know and keep close tabs on process so you are not surprised.

If you make a security deposit, take precautions for it's security.

If you do move into this property, take a minimalist might be there a short time.
1 vote Thank Flag Link Wed Apr 9, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
I have to agree with Sandy Shores on this one. I wouldn't pursue the rental of that property. I would find a stable landlord and talk with a good realtor to help you research the property & handle the lease for you.
1 vote Thank Flag Link Wed Apr 9, 2008
Not only do you get evicted there icould be a loss of deposit it would be wise to have the deposit put into escrow rather than being held by the landlord.
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1 vote Thank Flag Link Fri Mar 28, 2008
Florida law regarding foreclosure is very clear. If the property is foreclosed the new owner get possession 10 days after the auction at the courthouse. The Sherrif is authorized by the court to physically remove any occupamts. DO NOT Rent a preforeclosure in Florida
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0 votes Thank Flag Link Wed Apr 9, 2008
Hi Bambi,

Anytime you rent please use a REALTOR property manager where his/her company has an escrow account to hold your security deposit. This applies regardless of the current state of the mortgage.

Florida law does not require brokers to place the security deposit in their own escrow and they may even place it with the owner however, if the brokerage has the money in the escrow account and you get forced to leave an honest brokerage will return your deposit or, better yet, help you find another rental and transfer the deposit to that new one.

Stay away from properties that have anything to do with foreclosure as a renter.

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference:
0 votes Thank Flag Link Sat Mar 29, 2008
Yes, it's a great idea. And, I have a bridge to sell you.
0 votes Thank Flag Link Fri Mar 28, 2008
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