Leasing a Bank owned Foreclosed Home?

Came across a home that rent is cheaper then other homes, but it is foreclosed. Lease agreement, 12, 18, 24 months or lease to own (not an option for us). Anyway wondering if there is any problems with renting a home from the bank. Not sure exactly what I'm asking, guess the $ amount seems to good to be true, like there is a problem. Or is it just so the home doesn't sit empty until it is sold. Looking for pros and cons.

Thanks Ohh, state Indiana, Indianapolis area

Update:

Not from Craigslist, from a property management company website/Re max holds property states "According to the listing agent, this listing is a bank owned (foreclosed) property."

and Lease terms: 12 Months, 18 Months, 24 Months, Lease Purchase, Lease With Option

4 Answers

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  • 9 years ago
    Favorite Answer

    Hopefully you know that lease to own is just a scam.

    Even if it's not, it never works out well for the renter. Never.

    Banks do not rent homes.

    Something tells me you are falling for some sort of little scammer.

    Is this something you found on Craigslist?

  • 5 years ago

    2

    Source(s): Rent-To-Own Home - http://renttoown.trustdd.com/?PNue
  • 9 years ago

    Banks/lenders are not in the business of renting houses no matter how long they sit empty. They have absolutely no setup to be landlords, collect rent, make repairs on potential things that need repair and have a property manager to manage any potential rental problems. Some lenders might be located in another state across the country.

    Web sites might be a good place to find an apartment or house to rent, if you want to go through the entire list to find one in your state and then city.

    The best place to look for places to rent is to go to the yellow pages of your telephone book, look under property managers.

    These individuals list properties for rent in certain areas, so make sure you select the areas in which you wish to rent.

    Call several of the property managers listed there, tell them you want a list of properties that they have for rent. Some will fax, email or mail the list of local places to rent along with the address, number of bedrooms and bath rooms, amenities available, such as washer and dryers or gyms, the monthly rental of the unit. Most will include a rental application. These list will include the monthly rental required, if a lease or month to month agreement will be signed. They will also indicate if they will accept Section 8 vouchers. They will also indicate it they have disabled access, allow pets and if so the type allowed.

    They might indicate a web site that you might visit to get their list of places to rent. It does not cost to get a rental list from a reputable property manager.

    Some will require you to stop by their office and pick up the list. A lot of them post their list outside so the list are available 24/7 365.

    Make sure you don't fall for the scams and purchase a list as 70%-80% of these list are composed of free list they have compiled. They are not the property managers of any property in most instances.

    You might also google Property managers in whatever city or community you want to live in and see what comes up. Again do not pay for this information as it is free from reliable property managers.

    You might consider obtaining a crime report from the city in which you would want to reside.

    I hope this has been of some benefit to you, good luck.

    "FIGHT ON"

  • 9 years ago

    Do you believe in Karma? If not you're ok, but otherwise know that your wonderful discount is due to the fact that the people who were foreclosed on lived in that home for more what was more than likely decades, and that you are getting a nice deal off the suffering of others.

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