If you were being foreclosed on, would you consider renting back that same Centennial home from the new investors?
One of the main problems with getting a former owner out of their home once it has been foreclosed on is that they don’t have any place to go OR they don’t have the money to put down for deposits.
For this segment of the population, Bank of America is looking at the possibility of having investors purchase the home as a short sale (paying less than what the combined loans are).
One of the reasons the housing market keeps spiraling downwards is because of the large amount of vacant properties, that are bank owned and are in disrepair. These distressed homes lower the values of the non-distressed homes that are trying to sell at a non-distressed price.
Plus vacant homes are big targets for vagrants moving in, or major damage due to burst water pipes, or thieves stealing appliances or copper wiring, etc.
Read more about this possibility:
BofA Considers renting REO’s back to former owners
If you need a private consultation on your particular real estate situation, call or text me (Vickie Hall) at 303-944-1153 or email me at Vickie@DreamsCanHappen.com.