InnoVest's Foreclosure Forum
Ward takes the stairs.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Annual Reunion

Speaking Schedule

Store

Foreclosure Fundamentals

Code References

Recent Legislation

50 State Foreclosure Basics

Foreclosure Glossary

Foreclosure Statistics

75+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Booklist

Contact / Map | Priceline Tips

About Us

Home

 

Innovest Resource Management BBB Business Review

Re: Why don't banks not rent out instead of paying for preservation?

August 20, 2011 10:32AM
Banks are in the lending business, not the landlord business. The quicker they can sell a foreclosed property, the quicker they can get out from under a serious problem.

As for a quick cleanup before renting, most foreclosure properties have been deteriorating for years. Usually they need more than a couple of hours of cleaning. They need major rehab before thay can be fit to live in.

And speaking as someone who has been there, selling a tenant-occupied property is very different from selling an owner-occupied one. The owner has a huge incentive to keep the property looking good and to help in showing it. A tenant has no incentive to cooperate. I have shown rental houses with dirty dishes in the kitchen sink and a pile of panties on the bathroom floor. I'll never do that again.

When I want to sell a rental property the first thing I do is move the tenants out. The second is to make the property as pretty as I can at a reasonable cost.

Dond
Subject Author Views Posted

Why don't banks not rent out instead of paying for preservation?

namename328 4250 August 19, 2011 02:51PM

Re: Why don't banks not rent out instead of paying for preservation?

Dond 2823 August 20, 2011 10:32AM



Sorry, only registered users may post in this forum.

Click here to login

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2024, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455