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Answers (5)
- Linda Strasberg, "L Strasberg"
- Contributions:2315
If it helps stop foreclosures and stabilizes real estate markets in hard hit areas...I'm all for it.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
I think it's a crap shoot. There are some legit hardships out there who will appreciate this and do the right thing. But there are a lot of others who didn't pay their bills before so why would they start now? I HAD clients who have lived in their house over a year and a half for free. Last I talked to the lender, the clients were still stringing them along. Do I think they'd pay if FM rented it back to them? Not a chance. And what happens when the "tenants" move out and take the appliances, door knobs, sinks, AC, etc.? I wish there was a way to distinguish the people who really need this and the users. I am all about helping the underdog, but I think this is too risky.
- HomeSand.net, "White Picture"
- Contributions:4397
Well, Landlording is a super easy business. Not quite a super easy business, but anybody can do.
Tenants always pay the rent. Usually the loss of unpaid rent plus market time is 1/12 of annually rental income, the banks rather lose few months of rent then lose of 30% of the investment.
Homes never need repairs and making decisions 1000 miles away from the property. The property management companies will take care the problem.
Renting to people who are now used to not paying their monthly housing bill should work out spectacular.
The people can't pay their PITI because they bought the overprice home, that doesn't mean they can't pay rent since they going to rent anyway.
especially if they are pissed off over losing the home. The owner soon to be the renter may feel guilty, therefore they will keep the house clean in hope someday the banks sell back the house to them (Anything can happen).
And, as a final point, no doubt the market will go up a ton next year, as interest rates rise and foreclosures keep coming on the market, so selling a home a year from now will be super easy.
The speculation hadn't happen yet, the truth is CA median home prices up 2.6% in October 2009, Bay area median home prices rose 6.8% and keeps rising!
http://www.dqnews.com/Art ... 1119.aspx
http://www.dqnews.com/Art ... 1119.aspx
Well, Landlording is a super easy business. Tenants always pay the rent, homes never need repairs, and making decisions 1000 miles away from the property would likely be a very good way to run it.
Not to mention, renting to people who are now used to not paying their monthly housing bill should work out spectacular, especially if they are pissed off over losing the home.
And, as a final point, no doubt the market will go up a ton next year, as interest rates rise and foreclosures keep coming on the market, so selling a home a year from now will be super easy.
/sarcasm off.
Not to mention, renting to people who are now used to not paying their monthly housing bill should work out spectacular, especially if they are pissed off over losing the home.
And, as a final point, no doubt the market will go up a ton next year, as interest rates rise and foreclosures keep coming on the market, so selling a home a year from now will be super easy.
/sarcasm off.
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
I posted an article on this a couple of weeks ago and it got no traction on the board. I think it's going to be interesting to watch a lender thatg has issues with balance sheets acting as a property manager/landlord.
What do you think of Fannie Mae foreclosures being rented back to the owners?
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