banks turning their foreclosed homes into rentals??

[peterb]

In the early 1990’s I knew someone who did quick remodels for REO’s that were about to be put on the market…paint, carpet, landscape type work. He said that there was a standing policy that every couple of weeks they would just knock $5K or $10K off the price until it sold. None became rentals. He said that people would low ball, get rejected and then 6 weeks later the banks were comming back to the offeror to see if they still wanted to buy!!

[davelj]

There’s a precedent for REOs becoming rentals in SoCal from the early-90s. But, it didn’t happen very often. But I recall hearing recently about a bank that held onto about 500-600 SFR properties during the early-90s and rented them out and then sold them in the late-90s. It happens, but it’s pretty rare.

Given what’s happening right now, however, nothing would surprise me.

[davelj]

There’s a precedent for REOs becoming rentals in SoCal from the early-90s. But, it didn’t happen very often. But I recall hearing recently about a bank that held onto about 500-600 SFR properties during the early-90s and rented them out and then sold them in the late-90s. It happens, but it’s pretty rare.

Given what’s happening right now, however, nothing would surprise me.

[davelj]

There’s a precedent for REOs becoming rentals in SoCal from the early-90s. But, it didn’t happen very often. But I recall hearing recently about a bank that held onto about 500-600 SFR properties during the early-90s and rented them out and then sold them in the late-90s. It happens, but it’s pretty rare.

Given what’s happening right now, however, nothing would surprise me.

[davelj]

There’s a precedent for REOs becoming rentals in SoCal from the early-90s. But, it didn’t happen very often. But I recall hearing recently about a bank that held onto about 500-600 SFR properties during the early-90s and rented them out and then sold them in the late-90s. It happens, but it’s pretty rare.

Given what’s happening right now, however, nothing would surprise me.

[davelj]

There’s a precedent for REOs becoming rentals in SoCal from the early-90s. But, it didn’t happen very often. But I recall hearing recently about a bank that held onto about 500-600 SFR properties during the early-90s and rented them out and then sold them in the late-90s. It happens, but it’s pretty rare.

Given what’s happening right now, however, nothing would surprise me.

[Deal Hunter]

The REOs turned rentals in SoCal in the 90’s happened in Lancaster and Palmdale. However, it was no longer bank owned by the time the renters moved in. The banks did the fix up and hired the property manager to screen applicants and sign leases.

Once a lease was signed and deposit secured, the bank would sell the property to HUD. HUD would then place the property under Section 8 and take over the lease. This happened to about 500 properties in the Antelope Valley and some in San Fernando Valley.

After a year, the neighborhoods protested to the section 8 housing popping up on their blocks and HUD had relocate all the renters and put the properties up for auction. Don’t you kids remember the HUD auctions??

[Deal Hunter]

The REOs turned rentals in SoCal in the 90’s happened in Lancaster and Palmdale. However, it was no longer bank owned by the time the renters moved in. The banks did the fix up and hired the property manager to screen applicants and sign leases.

Once a lease was signed and deposit secured, the bank would sell the property to HUD. HUD would then place the property under Section 8 and take over the lease. This happened to about 500 properties in the Antelope Valley and some in San Fernando Valley.

After a year, the neighborhoods protested to the section 8 housing popping up on their blocks and HUD had relocate all the renters and put the properties up for auction. Don’t you kids remember the HUD auctions??

[Deal Hunter]

The REOs turned rentals in SoCal in the 90’s happened in Lancaster and Palmdale. However, it was no longer bank owned by the time the renters moved in. The banks did the fix up and hired the property manager to screen applicants and sign leases.

Once a lease was signed and deposit secured, the bank would sell the property to HUD. HUD would then place the property under Section 8 and take over the lease. This happened to about 500 properties in the Antelope Valley and some in San Fernando Valley.

After a year, the neighborhoods protested to the section 8 housing popping up on their blocks and HUD had relocate all the renters and put the properties up for auction. Don’t you kids remember the HUD auctions??

[Deal Hunter]

The REOs turned rentals in SoCal in the 90’s happened in Lancaster and Palmdale. However, it was no longer bank owned by the time the renters moved in. The banks did the fix up and hired the property manager to screen applicants and sign leases.

Once a lease was signed and deposit secured, the bank would sell the property to HUD. HUD would then place the property under Section 8 and take over the lease. This happened to about 500 properties in the Antelope Valley and some in San Fernando Valley.

After a year, the neighborhoods protested to the section 8 housing popping up on their blocks and HUD had relocate all the renters and put the properties up for auction. Don’t you kids remember the HUD auctions??

[Deal Hunter]

The REOs turned rentals in SoCal in the 90’s happened in Lancaster and Palmdale. However, it was no longer bank owned by the time the renters moved in. The banks did the fix up and hired the property manager to screen applicants and sign leases.

Once a lease was signed and deposit secured, the bank would sell the property to HUD. HUD would then place the property under Section 8 and take over the lease. This happened to about 500 properties in the Antelope Valley and some in San Fernando Valley.

After a year, the neighborhoods protested to the section 8 housing popping up on their blocks and HUD had relocate all the renters and put the properties up for auction. Don’t you kids remember the HUD auctions??

[bob007]

personally if i was running a bank like Countrywide I would consider turning some properties into rentals. Of course if they were that smart we would not be in this mess to begin with.

[bob007]

personally if i was running a bank like Countrywide I would consider turning some properties into rentals. Of course if they were that smart we would not be in this mess to begin with.

[bob007]

personally if i was running a bank like Countrywide I would consider turning some properties into rentals. Of course if they were that smart we would not be in this mess to begin with.

[bob007]

personally if i was running a bank like Countrywide I would consider turning some properties into rentals. Of course if they were that smart we would not be in this mess to begin with.

[Author]

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