Profile picture for cookie1968

CAN YOU RENT TO OWNA BANK OWNED PROPERTY?

I CAN'T QUALIFY TO BUY BUT THOUGHT I MIGHT BE ABLE TO DO LEASE PURCHASE OPTION. THE PROPERTY I AM INTERESTED IS BANK OWNED, THEY ARE ASKING 109.
  • March 14 2009 - Glendale
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Answers (9)

Profile picture for wetdawgs
Cheryl:  Is it possible the original poster figured out the answer to the question in the 2 1/2 years since asking?  Just wondering, perhaps cookie1968 didn't even though others suggested the same thing 2 1/2 years ago.   Just wondering.

I look for an agent that pays attention to details, but maybe that is just me.
  • November 15 2011
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Try asking the bank and see. I don't think they are in the rent to own business. They usually want to get these homes off the bottom lines. Check with them though.
  • November 15 2011
  • 0Yes

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Profile picture for not from this planet
i have a question they recently filed a nod on my house after a year of trying to modify.  now i the nod says I  owe 26M..I'm going to try one more time with assistance because they say I haven't been submitting the correct numbers.
so my question is this.  If this does not work, then obviously i will go into foreclosure.  OR i have the option of digging myself out with the help of my 401 k but I only have approximately 28M..  so
here is the question 
My house is upside down  owe over 516M it's only worth 380 or less.
do I a get myself out with my 401k and be in the same position struggling a 3300 A month payment or just let it go... and rent somewhere which Im finding it hard due to I have 5 children. 
any suggestions.
  • November 15 2011
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Profile picture for Mr Caveat
no, they will get better offers than this, they will accept one, you will lose this house.
  • April 12 2009
  • 0Yes

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You're better off finding another property as a seller carryback. This way you're not leasing the home, you're owning it. How much do you have down?
  • April 12 2009
  • 0Yes

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If you find an agent/company that works with investors, they may be able to find an investor who is willing to set up a lease/purchase deal with you.  I have done that in the Prescott area before...

Here's some info that my clients have found useful when going into the REO market:

10 Tips to Win the REO Multiple Offer Game

Good luck and happy hunting!

:) PS
  • March 15 2009
  • 1Yes

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Also, check with some FSBO's. They may be open to financing you.
  • March 14 2009
  • 1Yes

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Talk to your buyer's agent. They will know of lease to own homes for sale. You may need to offer the agent compensation up front as they may not be willing to wait a year or two for payment.
  • March 14 2009
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Unoftunately, it's not likely.  Banks want these assets off their books.  They're not in the business of managing rentals.
  • March 14 2009
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