anonymouse
Posts:103
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| 05/27/2008 2:42 PM |
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| i monitor both the RE and rental markets and i've noticed a growing trend in my area - unsold REOs are getting tossed back on the market as rentals. anyone else seeing the same in their area? who exactly gets the job of managing all of the properties/unsold inventory? one of the REOs (vacant for about a year) we checked out (a ridiculously over-priced property with the slipshod guest house and obviously un-permitted additions listed as square footage) had a water shut-off notice tacked to the door when we showed up (nice touch!). I saw it a few months later listed on craigslist as a ridiculously overpriced rental. If they can't remember to pay the water, whose job is it to pay the property taxes?? and, who is responsible for repairs? I'm curious how the banks are handling this new "job" - anyone have any experience with this? |
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stella
Posts:360
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| 05/27/2008 3:04 PM |
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| I'm not seeing that although I did see an REO sell can come back as a rental and for sale 10% higher than the sales price. |
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waterboy
Posts:21
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| 05/27/2008 3:07 PM |
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| If you saw on craigslist as a rental it could be a scam. |
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PhillipTu
Posts:22
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| 05/27/2008 3:50 PM |
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Haa!! I just saw one this morning on Craigslist! It is located in Mission Hills and I'm not sure if it is pending foreclosure or it is in foreclosure but it is def. on MLS for an outrageous price and I know they are default of taxes.
I've seen quite a few of these and my big concern is
1) is it a legit owner who is renting it or just someone who knows the house is empty and then pretending to rent it out (taking your CC info and 1st and last months rent +deposit)
2)if you do rent out a place what are the chances the landlord is going to tell you next week that he's selling it off and people will be coming through to look at the place while you are at work
3)what if they are in foreclosure and are planning on just taking your rent money and running so that when the sheriff comes your left with nothing?
What is a person to do? |
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Helen
Posts:6
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| 05/27/2008 4:16 PM |
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This article from New York Times tells how buildings with tenants go into foreclosure.
http://www.nytimes.com/2008/04/13/realestate/13cover.html?scp=8&sq=renting%20forclosure&st=cse |
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anonymouse
Posts:103
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| 05/27/2008 8:15 PM |
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| I'm actually talking about properties that have already foreclosed, and are now owned by the bank. I've seen several (already foreclosed and bank-owned) come up as rentals - I imagine they go into property management of course, but who on the "owner" side (the bank) handles details such as property taxes, utilities not covered by the renter, insurance, repairs, maintenance, etc. |
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ElPato
Posts:350
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| 05/28/2008 7:24 AM |
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| Could y'all post some links to the houses? I might be able to dig up some more info with specific examples. |
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anonymouse
Posts:103
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| 05/28/2008 9:15 AM |
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| unfortunately, they get yanked off of the mls. i noticed another yesterday, but again - it's gone off the mls. it's like an inventory wormhole. |
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surferX
Posts:13
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| 05/28/2008 10:23 AM |
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Not sure if this is still bank owned because I think the sale of it is pending, but the pics in this craigslist add are the same as from the old MLS listing of this condo. I was interested in buying it, but decided to let all of these foreclosures set the comps lower. The craigslist add is obviously wrong as it states 22nd floor and the actual property is on the 20th floor. Mess up or scam? Who knows? But I know those pics were from the MLS listing for this condo!
http://sandiego.craigslist.org/csd/apa/697033497.html
http://www.sdlookup.com/Property-8A9FD3F7-300_W_Beech_St_2002_San_Diego_CA_92101 |
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PolarBearKing
Posts:161
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| 10/06/2008 11:01 PM |
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Interesting thread.
I'm searching for a bigger home and one of my neighbors pointed me towards a home that has been sitting vacant for quite awhile with a realtor sign hanging on it and the dreaded "Bank Owned" tag on it. I looked the address up here and the listing isn't active. Where should I go from here. Call the listing agent and have him call the bank and see if they're inteested in a renter?
Any advice would be welcomed. |
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SDNative
Posts:3
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| 10/11/2008 10:19 AM |
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| I'm new to this site, and was going to ask about this, and found this thread. My husband and I are going to be looking at rentals in the area, and wonder how we can protect ourselves from this type of scam? We've read of people being duped out of money and CC info by both scammers who pretend to own a place as well as owners who are in default on mortgage payments. With so much of this going on, how can a renter protect themselves? The prospective landlord can do checks, but how can we? If I look up an address on this site, as a free user do I get up to date info on such things as the status of the owner's mortgage? I want to find a way to know if a house is in good standing. |
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Brian
Posts:2210
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| 10/11/2008 10:50 AM |
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SDNative, go to the County Recorder's office to check out the property. Liens and loans information are recorded with the county.
If the owner is upside-down, you will know it real quick.
http://arcc.co.san-diego.ca.us/qckrfidx.aspx
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SDNative
Posts:3
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| 10/11/2008 10:53 AM |
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Thanks Brian!!
-Susan |
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Caligirl43
Posts:133
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| 10/11/2008 11:54 AM |
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| So why does the bank hold on to these foreclosed houses and turn them into rentals instead of just selling them? I think I know the answer to my own question - because they're waiting for prices to stabilize or go back up or for a bailout - but it seems with the amount of foreclosures they can only do this for so long. I have also noticed that home prices seem to only be trickling downward here in San Diego for more than a few months now after the initial hefty prices drops, at least in my price range, which is up to 300k. I see the same listings continue to sit unsold month after month with no price drops or only a tiny price drop. Why is this? Again, one would think the banks can only hold on to these properties for so long. I am obviously no expert but it seems as though the banks and real estate agents representing San Diego properties simply cannot get their heads wrapped around the idea that the bubble has burst and that they are just not able to command the prices they used to be able to or think they still can. |
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tpc
Posts:498
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| 10/11/2008 1:50 PM |
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[quote] I want to find a way to know if a house is in good standing.[/quote]
SDnative-If you rent thru a realtor then they can provide that info in 5 minutes. Realtors have access to the assessors records thru the MLS and all property's will have a red flag if they are in default. It doesn't have to be listed. |
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tpc
Posts:498
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| 10/11/2008 1:53 PM |
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[quote]Any advice would be welcomed[/quote]
PBK-same advice as given to SDnative. The assessors records will show who the present owner is, who the last owner was, the amt that the bank paid for the property at time of foreclosure, bldg size, bldg age, lot size, etc, etc. |
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SDNative
Posts:3
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| 10/11/2008 1:56 PM |
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Thanks tpc, I actually never thought about renting through an agent, but it does make sense. The main thing we need is to feel protected against being scammed or having a house that we lease suddenly go on auction or something.
-Susan |
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