Profile picture for goodinhouse123

why dont these empty foreclosed homes be rented out?

Their are TONS of foreclosed homes in my town of East Liverpool,ohio. Im talking every other house and repo'd... why dont these companies rent these homes out? I mean they can make some money ? Besides they sit their empty and get vandilized? then never get fixed, and they end up tearing them down?
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December 23 2010 - US
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Banks aren't set up to be property managers. That's not what they do. Maybe you should start a business. Buy some of those houses and rent them yourself.
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January 20 2011
These properties are Bank Owned and most likely the owners don't want to be a landlord. And could possibly have a potential problem getting them out of the property when it sells and problems showing the house when it is being actively marketed.  All in All, they didn't want to be property owners in the first place.
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December 27 2010
There are programs where they are trying to rent some of the homes after they have done a financial anaylsis to determine if it is to the lenders advantage to rent or sell. 

However, just because it is rented does not mean the property will not be vandilized.  Also when you rent a property you need to manage the property which means you have to pay someone and then someone has to manage the manager.  It is easier and less expensive to sell the property.  The issue with city violations does not become as big a issue and the press does not be as big as a issue. 
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December 26 2010
Profile picture for goodinhouse123
 So they leave these homes empty to get vandilized, and all the pipes and anything of use to be stolen, so the city it is in can say it is a hazard and then h ave it torn down? what a total waste, and its all the fault of the owner of the home. Soo many people go without a home or shelter and for a company to do this is a disgrace!
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December 26 2010
Profile picture for goodinhouse123

I come to the conclusion they want this home vandilized and then the city has them torn down, so they can get a tax right off.. That is terrible! some of these home are in great condtion! why not start and do a rent ot buy option, have u ever heard of .. make some money rather than NONE at all. .terrible! and come and check out my poor city.. east liverpool,ohio.. its terrible and greed sets in with the finance company or banks that leave these home vacate..

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December 23 2010
REO/banks don't want to deal with landlord-tenant issues * they want the properties OFF THEIR BOOKS and OUT OF THEIR HANDS.

There are investor owner/buyers out there who are buying these homes, fixing them up and selling or renting them.  Most of these homes are not in habitable condition
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December 23 2010
Profile picture for cindy jams
 Good Question;  

  don't we all wish we knew rhe answer to that. what i would love to do is take over payments on the forclosed homes put a little TLC in them and then rent them out with the option to buy or a lease to purchase option give people a  chance to own a home that might not ever have the chanceto.they have many were the payments would be .as low as 124.00 a month many just under 200.00  but they would rather them go into forclosure as to let some one do that. i to like you would love to know why . I beleave that some things are worth taking a chance on. and many people are to .. so if any one knows how to help me with my goal please  write me back at cindyljameson @hotmail.com  thank you 
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December 23 2010
Profile picture for goodinhouse123
 I agree to all of these answers. but the homes get vandilized, and then left to be torn down. cause they are EMPTY and well everything out of the home is stolen, I think they would be better off renting out these homes then having NO MONEY at all going towards the home itself, I mean.. it sits their empty, NO money for the taxes? Nothing being done, and well to be honest i think they want it to be vandilized so they can tear it down. why not make some money while it sits their  for sale?
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December 23 2010
To the contrary, I lease a number of foreclosed properties for banks/lenders. The properties are upside down and there is no profit in seling them in the current market, so certain lenders/banks choose to maintain ther asset and alleviate there losses. Granted, not all banks.lenders are capable of progressive thinking.
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December 23 2010
It's hard enough for lenders to get the homeowner out in many states.  Would you want to go through that a 2nd time if you owned the home?  Tenants make selling homes harder because they would have to approve showings compared to a vacant home that a buyer can visit any time.  The money that could be made on rent would end up being spent on additional attorney fees, management fees and holding costs.  Many homes woul d also have to be rehabbed once the homeowner left.  Banks are not in the business of property management.  Also, you'd be assuming tenants are going to pay the rent.
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December 23 2010
Banks don't have the staff to rent and manage a fleet of rental homes. Doing one or two is one thing but doing 20-30 is a lot of daily work that they just don't want to do. Renting them also means inspecting them and bringing them back to rentable condition which could mean fixing and doing maintenance. Banks don't think like a normal person that has their money involved, they think like a bank.
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December 23 2010
 
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