Are banks willing to rent their REO properties?

I was informed, by an un-named source, for a small fee, I could get information on banks that's willing to rent out properties in their inventory to those looking to rent by simply making payments on the remaining mortgage?  Is this true?  If so, how do I find more information on this program or process?

Thank you,

  • November 12 2013 - Queens
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Answers (4)

I would be weary about the 'small fee' and 'unnamed source', sounds like it is a scam. If such a program exist, it would be good to check with the bank or the bank's representative directly.
  • December 07 2013
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Profile picture for slawson381
Yes I have seen some 'Bank Owned' homes get rented out.  PROBLEM was it wasn't the bank that acted as the landlord.  It was a scam artist.  I had one try it on a Fannie Mae home I had listed.  I toyed around with them in several emails to their location which was South Africa before I lowered the BOOM on them and threatened to have them arrested for fraud.

Be careful out there - REMEMBER the old adage - "if it sounds to good to be true - it probably is".



  • December 07 2013
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Profile picture for sunnyview
No. Banks are not rental agents and most would rather have the house standing empty than deal with a tenant. There are no programs where you take over payments of the old mortgage as rent. That is not true and is a fairy tale that some have made up to collect money for "fees".
  • December 07 2013
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It depends.  What I have seen is that sometimes smaller banks, when having difficulty selling a home may rent the home.  However, typically, the larger banks like Bank of America, JP Morgan, Wells Fargo, etc won't get involved with renting.

I would be skeptical about the "small fee" business.  I mean if the house goes up for rent, it should be properly added to a search system that all realtors could see.  Just don't want you to be taken advantage of!

  • December 07 2013
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