Profile picture for graniteman93

Are there legimate lease to own options from Banks ?

I am interested in a lease to own  Bank Owned Foreclosure  if there are legitimate options . I am in Northern CA, Est Bay Area. 
  • April 04 2012 - Pinole
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Answers (1)

Profile picture for michaelchilds
Generally no. Banks are liquidating assets acquired through foreclosure and not engaging in rental or lease option programs. They are not set up to manage properties in this fashion and may be prohibited in engaging in property management by state and federal regulation.

However, investors and  investment groups do buy foreclosures, sometimes in bulk at huge discounts, and offer the properties to "rent to own " or lease options buyers. You will need to search locally for lease option properties. They'll be advertised in newspapers, penny savers, and on Craigslist. You can also contact local rental property management companies and real estate agents. They may have information on owners willing to sell via lease to own.

Please be careful with any lease option program. There has been a lot of fraud in recent years and many hopeful home buyers have lost huge deposits and down payments.

You want an attorney to look over any contracts before you make a commitment. You must also ensure you will qualify for a loan to purchase the home at the end of the lease and that the home will appraise for the agreed on purchase price and your loan, taxes and insurance payments will remain affordable.
  • June 12 2012
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