Is it possible to rent to own a foreclosure property? And with no down payment? I have good credit/no bills.?

Answer 1

It depends on who purchased the property at the sheriff sale. If it was purchased by a third party individual or real estate investment/management company, you can try to negotiate any deal with them that you like. They may be willing to offer you a rent-to-own agreement.

But, most homes are purchased by the lender at the sheriff sale. If this is the case, you will not be able to rent the property from them. This is because of the legal liability involved in being a landlord.

For example, if you rent a property from an individual and suffer some damage that is the landlord's fault, you can sue the landlord. You might get a judgment for $50,000 or less, because the landlord most likely has little assets or money.

However, if you are renting from a multinational bank, and suffer the same damages, you might be able to sue for $2 million. That would be very little money for the bank to pay, if it is doing billions of dollars in business every year.

But, from the bank's perspective, they do not want to collect two months of rent payments, then be sued for over a million dollars. So, they just let the properties sit and fall into disrepair since it's cheaper to do that.

Answer 2

2

Answer 3

If the property has been foreclosed, your only chance at such a scenario would be if the property remains owned by a locally owned bank with which you might deal. None of the major national lenders or banks will work with rent to own scenarios.

Answer 4

I doubt it. A bank that foreclosed wants to get paid in full and move on so they can start collecting the deficit from the original owner.

I doubt a bank will want to be come a rental landlord.

Answer 5

Rent-To-Own Homes - http://RentToOwnHome.uzaev.com/?qzIK

Answer 6

From a lender that is an individual not a bank or other business, yes...it's possible.