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Foreclosure Rentals

You will likely find dozens of rental properties that fit your budget and other requirements by searching traditional rental advertisements and listings. These listings are posted by homeowners, real estate agents, and property managers and typically reflect a fair market value for monthly rental with a year contract. Moving into homes like these is fairly straightforward: you visit the home, sign a contract, leave a deposit, and move in. But if you’re looking for a “better than fair” market value, you might want to roll up your sleeves and research the sub world of foreclosure rentals.

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You may have already heard that it’s a buyer’s market and that means it’s a renter’s market too. Homeowners and investors are realizing they bit off more than they could chew. Facing certain foreclosure, these homeowners and investors have few options other than to sell, rent, or walk away. In most states, foreclosures proceedings can disappropriate a homeowner in as little as three months, hardly enough time to properly market a home for sale. The conditions are perfect for a renter to find a deal on a rental property. Homeowners would sooner rent their homes below the cost of the mortgage than to lose the property outright.

Of course homes in foreclosure are not necessarily on the market as rentals and assuming that a homeowner would accept any offer would be a big mistake. Homeowners are generally very attached to their homes but might be willing to entertain a reasonable offer if it means salvaging their long term investment. The question is how to approach a homeowner in distress and propose a rent agreement. As a result, you will get a great deal on a rental property and you will rescue a homeowner from foreclosure. As the overused cliché says, it’s a win-win situation. There are some pointers you should observe when seeking a foreclosure rental.

Learn about the property
Before contacting someone facing foreclosure, find out as much information as you can about the home. Try to discover things like, how much the home is worth, how much the homeowner still owes and what the monthly mortgage is. This information will give you a good starting point to know what to offer.

Expect non-traditional agreements
It goes without saying that any agreement you make with a homeowner facing foreclosure will probably have unconventional terms. Consider offering a six month agreement or even a month-to-month. If you are willing to tolerate minor inconveniences in exchange for a lower rent cost, propose showing the house to potential buyers while you are renting. Homeowners in distress will probably cover a several hundred dollars a month of the mortgage if it means you provide the rest in rent money in rent. The savings could be considerable for you. Just be prepared to be flexible with the agreement. Make the homeowner aware that you are willing to adapt in exchange for a good deal. Who knows, you might negotiate a rent-to-own deal!

Tactfully propose a fair exchange
How to approach someone facing foreclosures? That’s the million dollar question. Investors who master this skill make a lot of money in real estate. All you are looking for is a good deal on a rental. Remember that these homeowners probably get lots of calls from real estate agents offering to list their property or investors proposing insulting bids on their home. As far as the initial contact is concerned, you can try an infinity of techniques such as just picking up the phone and asking if the home is up for rental or trying to go through a real estate agent. The simplest way to approach the homeowner is with a hand-written letter describing your needs as a renter. Offer to provide references upon request and explain that you are willing to entertain flexible terms. As a negotiator, it is to your benefit that the homeowner be aware that you know he/she is in foreclosure. However, if you wish to maintain a healthy relationship with your future landlord, it may not be such a good idea to ‘rub it in’, so to speak.

Where do you find homeowners in foreclosure?
Homes that have been foreclosed, proper, are no longer in the hands of the homeowner. These are being resold by the original lender and are probably already listed with an agent. These should not be your prime target. The properties you should be looking at are classified as pre-foreclosures. As one might imagine, these properties can be hard to locate. A very comprehensive list of nationwide pre-foreclosures can be found by clicking the link below. It is free to search with your free 7 day trial.

Start your nationwide foreclosure search now:
http://rentalads.foreclosure.com/

 


 
 
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