How to Rent a Foreclosure From a Bank
- 1). Contact real estate brokerages in your area that specialize in rentals and inquire about opportunities involving foreclosed properties. These rentals may be for a shorter term—sometimes even month to month—because the bank may also be attempting to sell the property. Brokerages often charge a new fee for rentals, sometimes equivalent to one to two months of rent. To broaden your search, examine local real estate periodicals and websites. Try contacting banks directly about foreclosure rental opportunities.
- 2). Request to view a foreclosure rental property before you sign any leases. Foreclosed properties are often in poorer condition than ordinary homes. If you're concerned about the structural integrity of the home and plan to be leasing it for an extended period, you can hire a general contractor to examine it for you before you make any decisions.
- 3). Review the lease carefully. Ask whether there's been any record of vermin infestations in the property. Take note of the conditions on the lease that can lead to termination. If it is a short-term lease, ensure it specifies how much warning the landlord will need to give you before you have to vacate. Request additional terms in the lease if you desire extra protection.
- 4). Sign the lease and provide payment to the landlord and broker (if necessary).
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