I have been looking for houses for me and my family and I've found many houses with 3beds and 2bath for about $1,400 a month. This is the right size and the amount is affordable but i found out that it is a foreclosure home. Since they are cheaper is it good to rent one? thanks in advance.
2007-12-13 11:32:21 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
What do you mean by a "foreclosure home"?
If you mean a house that is being foreclosed, no it isn't a good idea because the lender will evict you once they own it. If you mean a house that was foreclosed but now has a new private owner, it doesn't matter.
2007-12-13 11:37:23 · answer #1 · answered by Anonymous · 1⤊ 0⤋
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2016-09-10 02:37:01 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Not sure what you mean by a foreclosure house.
If the house is currently going through foreclosure and the owner is in danger of losing the house, then you don't want to move there. When the foreclosure becomes final, you will be kicked out with little or no notice.
If however, the house was foreclosed upon and the bank is looking to rent out the property, you might be in a better situation.
2007-12-13 11:37:38 · answer #3 · answered by Angie 6 · 1⤊ 0⤋
No! A home in foreclosure is being taken back by the financial group that financed the mortgage. The house normally will be sold quickly and that means you might have to move again on short notice. A lease does not protect you in this case. You can not make a lease with a lender either as they are selling it to who ever gives the best offer.
Wishing you a Happy Holiday, and luck in finding a place to call home.
2007-12-13 11:45:25 · answer #4 · answered by WACVET75 7 · 1⤊ 0⤋
Foreclosure homes are not cheaper. Just because the bank foreclosed on the home doesnt make the property worth less than the market value.
I don't see why it would make a difference when it comes to renting it. f it works for you and you like go for it. It being a foreclsoure has nothing to do with the rental price, since rents are done by market value.
2007-12-13 11:39:26 · answer #5 · answered by ADG 4 · 0⤊ 1⤋
Be careful -- if the home is sold in foreclosure, you may be forced to leave by the new owner without much notice. This varies state by state.
2007-12-13 12:46:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If the size and price are right for you, the only caveat I'd give you is to make sure whoever's renting to you has the legal right to let you occupy the house. Who are you renting from?
2007-12-13 11:37:11 · answer #7 · answered by going_for_baroque 7 · 0⤊ 1⤋
why not buy one? I wouldnt rent it.
2007-12-13 11:48:22 · answer #8 · answered by Winters child 6 · 0⤊ 1⤋