Can I RENT TO OWN that BANK OWNED Foreclosure?

By
Real Estate Agent with Godzyk Real Estate Services
http://actvra.in/G4w

Nearly every day I receive a call with the question Can I RENT TO OWN that Foreclosure, Bank Owned Home or Short sale, home you have listed in or around Manchester NH ?



In nearly every case, I have to explain that you can not rent to own a distressed sale. It s always followed with "But why?"

1. BANK OWNED HOMES: After the foreclosure auction, the bank assigns the home to an asset management company to sell the home. The are not in a position to rent homes. They need to recover what money they can and get the home off their books. Many homes are not in move-in condition.

2. SHORT SALES: With a short sale, the home owner may be facing foreclosure and a deadline to sell. There is no time to allow someone the opportunity to rent.

In conclusion Bank Owned homes and Short Sales need to be sold and can not usually be rented. Those looking to rent to own a home should either hire a buyer agent who specializes with lease/purchase transactions or be prepared to complete some due diligence consisting of many phone calls to area listing agents. Most homes that I see that are able to be rented to own, are for sale, not even for rent. They usally have a home owner that HAS to move now, but has not been able to sell it.

If you want to rent to own a home make sure you have been pre-quailified and can complete the purchase in a set amount of time. (Usually 1 year but no more than 2 years).

If you are thinking of buying a Home please contact us. We offer you assistance to get a free pre-quailification for a mortgage,along with some of the BEST CUSTOMER SERVICE through each step of the Buying Process.

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

We stand by you through every step in selling your home.

PLEASE SEE MY "SPOT LIGHT" Series for differnt neighborhoods in NH


1.
Spotlight on FOX HOLLOW CONDOMINIUMS in Manchester NH
2. Spotlight on ROSECLIFF in Manchester NH
3. Spotlight on ROSEGATE FARM in Manchester NH
4. Spotlight on NEWTONS MEADOW Condominiums in Manchester NH
5. Spotlight on EAST MEADOW Condominiums in Manchester NH
6. Spotlight on SunView Condominiums in Derry NH
7. Spotlight on the Trolley Crossing Neighborhood in MANCHESTER NH
8. Spotlight for STONE TERRACE CONDOMINIUMS in Manchester NH

9. Spotlight on the OAKBROOK CONDOMINIUMS in Manchester NH

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME

SUPPORT LOCAL BUSINESS!!!

ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 08/08/2012 06:53 AM
  2. Gabe Sanders 08/13/2012 03:30 AM
Topic:
Home Buying
Location:
New Hampshire Hillsborough County Manchester
Groups:
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Diary of a Realtor
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Tags:
real estate
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new hampshire
nh
short
foreclosure
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selling
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tips
purchase
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Rainmaker
2,016,806
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good post, Scott.  People that ask these questions really need the services of an agent that will guide them to the desired results.


Have an outstanding week with your camera in hand.


Aug 08, 2012 06:45 AM #1
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - Even when the market was very slow, we saw very few lease/option deals. The general attitude here is that these carry way too much downside for the seller, both in terms of liklihood to ever close and legal issues if the deal goes sour. I think I might have done one or two over the years, but we do get occasional requests for them.

Aug 08, 2012 07:05 AM #2
Rainer
276,890
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

In my experience, the people wanting a rent to own home are those who can't really qualify for a mortgage so they want the seller to take on their credit risk.  

Aug 08, 2012 08:15 AM #3
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Scott- I haven't heard "rent to own" in years, unless it was connected to the companies that do that with appliances or furniture. Interesting information to get out to buyers. 

Aug 08, 2012 08:51 AM #4
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Scott,  I too have received those calls.  This should clear things up for those buyers/renters thinking this is a good alternative to their situations..it isn't.  Hard to find any rent to buy scenarios in my neck of the woods.

Aug 08, 2012 09:17 AM #5
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

     
  Thanks for the Ah-ha moment!
Featured you in my Weekly Post!

Aug 11, 2012 05:17 PM #6
Rainmaker
337,093
Lynn Pineda
Imagine Your House - Coral Springs, FL
Coral Springs REALTOR- Promises Delivered

Hi Scott, rent to own availability seems to be far and few between. It's funny how some will try almost anything, just in case, it works out their way!

Aug 12, 2012 12:30 PM #7
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Rainmaker
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Scott Godzyk

One of Manchester NH's Leading Agents
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