OfflineI have heard that some states are passing legislation that discourages investors from renting the property back to the homeowner. If this is true, is there a list of such states? Also, why would the state government do such a thing.
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That sounds odd. I imagine their backwards thinking is they believe investors will take advantage of the original owners. Honestly if I were losing my home I'd rather be able to stay in it with the option to reown it if/when I had the means instead of uprooting my family to somewhere else. Sounds like a bad deal for the owners and investors if this happens.
"I have heard that some states are passing legislation that discourages investors from renting the property back to the homeowner." - I haven't heard anything about that on foreclosure, however, I do know that if a short shale is negiotiate, then yes, you CAN'T rent back.
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Thank You,
Robert Enriquez
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Thank You,
Robert Enriquez
I have read recently about short-sale buyers offering to rent back or lease/option the home back to the previous owner. Now after reading this post, I'm wondering. IS there a law against it? CAN we advertise to do this? I don't see why not. When ownership has been transferred to another party, why would the government care WHO they have as a tenant?
I understand this could be viewed as a pre-planned plot to jip lenders out of their money, but once the sale is done, would it really matter WHO is living on the property?
Rina
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Re-Re(Rina), think your on to something, thats exactly what i think too, the reasoning behind them not allowing you to RENT the property back to the "old" homeowner is because the lender just took a HUGE LOSS on agreeing to a SHORT SALE and the "old" homeowner stated that he was "INSOLVENT" and gave reasons to the lender on why he couldn't afford to pay his bills, but now just after the lender took that HUGE HIT, the investor goes and RENTS/ or does a LEASE OPTION on the same property, they suspect foul play is involved.
YOUR HERO, SULLY
does anyone know any thing about goverment foreclosures? We just had one up th street but I didn't know enough to do anything. I would have gone to it but had to be at my insurance office. Help. Rita
I am a newbie. Just read the books (twice) and now studying this website--what a great resource! Thanking you all in advance...
There are two homes down the street from my current residence with orange posters on the door that say "Danger Closed. This structure has been determined to be unsafe, unfit for human occupancy, or unlawful, and is ordered closed by the city of Omaha and planning dept...." I have called the phone number several times and left messages for info--but no response. The neighbors tell me they were foreclosures and now the city or county mows the yard about once a month--they look very distressed. What are these homes and how do I get more info? I am not opposed to buying lists--just want to know the best company or way to proceed. Do not want to miss the auction or opportunity to buy these two houses.
I am in Omaha Nebraska--not the most distressed market--but we are starting to see "trickle down" from the coasts and some unemployment...Nicer home prices down very little-but I am sure there will be opportunities. Thanks!
Michele