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Can I RENT TO OWN that BANK OWNED Foreclosure?
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 ... more

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