You Want to Rent a Foreclosed Home?

You Want to Rent a Foreclosed Home?

I actually got a call from a potential home buyer the other day

and they were considering renting a foreclosed home. The buyer

was having credit issues, so they knew they would have to rent

for awhile before they could purchase a home.

I explained that foreclosed homes are not for rent and probably

never would be. The bank or investor just wants to sell the property

and recover some of their investment. They are not interested in

keeping the home for any reason.

I have seen an increased interest in people renting single family

homes. For many reasons, former home-owners are now renters.

If you have a damaged credit score, renting for 2 years and

getting your score repaired is crucial before you can buy a

home of your own. Speaking with a mortgage loan officer can be

helpful in getting your credit score back into shape so you can

buy that home when you are ready.

Avoiding foreclosure for current homeowners can be found here.

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Syndicated from Grand Rapids Real Estate Blog