Why dont they decide to rent foreclosures?

**joebeach** · 05-21-2012, 04:28 PM

Does anyone think there are WAY TOO MANY empty sitting houses that banks own? Just sitting there empty for 2-3 yrs now....and there are so many good people needing affordable houses to rent in this area..,...Does anyone know why banks dont just rent them to get some money for them at least or rent to own??? SEEMS LIKE A GREAT IDEA!

**clindberg** · 05-21-2012, 05:00 PM

I would love to know an answer to this too!

**Zebraspots** · 05-21-2012, 05:17 PM

They are sitting empty because in many cases the banks have not finished foreclosing on them. Until this happens the bank cannot rent them out because they do not have legal ownership.

I agree that renting them out would be better than letting them sit vacant.

**joebeach** · 05-21-2012, 05:52 PM

i have seen houses sit for 2 yrs!!!!!!! and told bank owned on them.....

**beachmouse** · 05-21-2012, 07:39 PM

Being a landlord is a hassle, and few banks want to get into the property management business and the hassles or liability associated with having to deal with tenants.

**beasette** · 05-22-2012, 07:35 AM

I have often thought this would be a great business concept to offer a "service" to banks to manage their foreclosures as rentals......if you end up implementing this idea, you better hit me up with a thought "finder's fee"!
LOL!

**bf89** · 05-22-2012, 02:24 PM

Originally Posted by beachmouse

Being a landlord is a hassle, and few banks want to get into the property management business and the hassles or liability associated with having to deal with tenants.

BEING A LANDLORD IS A HASSLE????? Please....... Dont make it sound like SUCH A DIFFICULT JOB! LOL I was a landlord to two house and if "you know what your doing" and know how to get good tenants......its pretty much like sittin pretty bringing in money!!!! lol Dont make it out to be like were all stupid here. And in this area the people who own houses hide behind "a property management anyways!!! lol TELL THE BANKS TO JUMP ON THE SITTIN PRETTY MAKIN MONEY BANDWAGON.......

**joebeach** · 05-22-2012, 02:29 PM

[QUOTE=beachmouse;765047]Being a landlord is a hassle, and few banks want to get into the property management business and the hassles or liability associated with having to deal with tenants.[/QUOT

""hassle of having to deal with tenants????"" shame on you, we are the ones who make you landlords rich!

**Jdarg** · 05-22-2012, 05:30 PM

There are a few houses in our neighborhood that will most likely have to be torn down- they have been sitting empty for so long that the neglect and damp has ruined them beyond repair. If they had been rented, they would have been maintained and salvageable. Now the banks own a bunch of basically derelict houses all over South Walton.- seems like it would have been cheaper in the long run to hire somebody to manage them as rentals.

**joebeach** · 05-23-2012, 05:07 PM

I totally agree with you Jdarg. It would help SO MANY PEOPLE who are needing to rent and banks would at least make some money! Any property management people or bank people or realty people agree?? any reasons why they dont???

**Zebraspots** · 05-23-2012, 05:24 PM

Originally Posted by Jdarg

There are a few houses in our neighborhood that will most likely have to be torn down- they have been sitting empty for so long that the neglect and damp has ruined them beyond repair. If they had been rented, they would have been maintained and salvageable. Now the banks own a bunch of basically derelict houses all over South Walton.- seems like it would have been cheaper in the long run to hire somebody to manage them as rentals.

Or to have worked with the owners to keep them in the houses and paying something.

**joebeach** · 05-25-2012, 01:03 PM

anyone with the answer??

**Beach Candi** · 05-25-2012, 11:28 PM

I don't have the answer, but I definitely agree that they should allow this. Almost 2 years ago, I was renting a house right off of 30A (near Bloom's). It was a great spot and we loved it. We paid $1200 (for a 3/2) and could walk to the beach. Things were great when we first moved in. We paid our rent and then one day, we were served with foreclosure papers for the owner. We knew right away that we should start looking to move. Eventually the owner started trying to get involved and collect the rent, when before our rental company was collecting it. The owner was not paying his mortgage, but wanted us to pay our rent to him. We probably could have gotten away with staying longer than we did, but we just found another house and moved (we have a toddler). Now the house is is TERRIBLE (I MEAN VERY, VERY TERRIBLE) condition. The lawn is overgrown, the fence is falling over, the well pump house is rotting, the screens are ripped out. But yet, we couldn't stay and continue to pay the bank $1200 rent and upkeep the house. SUCH A SHAME! Luckily we found another home relatively fast, but now we have to pay $1450...which is a lot to maintain during the SLOOOOOOW season. But it is ALL worth it to live a block from the beach! But it is also not fair one bit.

**ray** · 05-27-2012, 09:03 AM

talking to a realator friend the foreclosure inventory is down big time as sales on 30-a have been big for 8 months are more. prices on 30-a have rien fast in some areas like watercolor. theres homes that have sold recently for near $500 a square foot. a house just sold in my neighorhood that was on the mkt 2200 days or so that was bank owned

**bf89** · 05-28-2012, 02:43 PM

Originally Posted by ray

talking to a realator friend the foreclosure inventory is down big time as sales on 30-a have been big for 8 months are more. prices on 30-a have rien fast in some areas like watercolor. theres homes that have sold recently for near $500 a square foot. a house just sold in my neighorhood that was on the mkt 2200 days or so that was bank owned

WHATEVER!!!!! right now I can show you aproximently 35 homes all down 30a and side streets....thats not including all the empty ones on the north side of 98. They are all empty and foreclosed on and bank owned and have been for at least the year and a half i have lived here. That is bias and misinformed info......just cause there are a few houses sold to some rich people here and there doesnt mean foreclosure inventory is down,,,lol

**ray** · 05-28-2012, 03:09 PM

I'm not an agent but i know for a fact inventory has fallen huge and foreclosures are way way down to the point of being ery few as the slection is not good. were have you been the last 6 yrs? we had our debacle in walton county and things have healed. many of those vacant homes are tied up in court or not foreclosed yet. i've asked that question before and always got the same question that banks are not in the renting business. so they get a call every other month like. the ovens broke or the airs out

**Bobby J** · 06-02-2012, 07:42 AM

Inventory is way down. A typically good foreclosure is on the market for only days before it sales. Banks are not in the rental business. Should they be? Maybe. But... I would not rely on the banking business to do anything that makes sense. Why does it take them so long to wrap up a "short" sale when you have a ready and able buyer ready to purchase home at market value? None of it makes sense. I think this type of thinking is how they got in this mess.

**bf89** · 06-02-2012, 08:52 AM

Just get on the internet and pick any site you want.....trulia.....zillow.....distressed properties....etcthere are about 100 or so foreclosed bank owned properties in s walton county.....and I have done this for the past year looking at the market. And the same ones have been there sitting, falling down for a year. I have even went to these locations and looked at theses houses. Its pathetic! And banks should rent them out instead of just letting them fall apart....it makes south walton look bad with all of these empty abandoned houses. And isnt that what these "property management" companies are for????? So the owners can just collect payment without having to "be bothered" that something is broke like the oven etc etc......????????????????

**Bobby J** · 06-02-2012, 10:05 AM

Originally Posted by bf89

Just get on the internet and pick any site you want.....trulia.....zillow.....distressed properties....etcthere are about 100 or so foreclosed bank owned properties in s walton county.....and I have done this for the past year looking at the market. And the same ones have been there sitting, falling down for a year. I have even went to these locations and looked at theses houses. Its pathetic! And banks should rent them out instead of just letting them fall apart....it makes south walton look bad with all of these empty abandoned houses. And isnt that what these "property management" companies are for????? So the owners can just collect payment without having to "be bothered" that something is broke like the oven etc etc......????????????????

If your trying to make sense of how the banking industry runs, good luck. Also, trulia and zillow are not the best indicators for what is "really" on the market. There are only 28 (DSF) foreclosures active in South Walton right now. They are probably the ones you are talking about that are falling apart.
If you consider the size of South Walton that's really not a lot of property. I agree with you that they should rent them out though. But... that would make sense. Sadly, banks have a process in Florida that takes up to two years or more before they have true ownership of the property. Attached is a link that will show homes on the market for sale by banks in Sowal. Otherwise known as REO's.
http://sowalproperties.idxco.com/i/1...h_foreclosures