I have a neighbor who walked away from her property. She said she just can’t afford to keep it. My daughter asked to rent it but she said she just don’t want to be involved. Is renting a foreclosure possible? I have seen several home in my area get vandalized so bad they had to be torn down. This is a very nice home and my daughter would like to take over it. What should she do? Fifth third holds the mortgage on this home.
It is true that some homes can be vandalized after they are vacated by the owner. Generally, this happens because the foreclosure process takes some time and the home is generally left vacant. Many banks will assign a real estate agent or property management company to watch over the home while it’s in the foreclosure process. It is their responsibility to monitor to the home, make sure it remains secured and report any issues to the bank or asset management company.
As for renting the property from the bank, I have not seen this done before except in the instance where there is a tenant already in place in a home that has been foreclosed. Tenants that have valid leases for possession of homes that have been foreclosed have rights. These rights vary per state. Often banks take care to make sure they don’t displace a tenant who has a legitimate right to occupy a property.
As for your daughter, it may be impossible for her to rent the property from 5/3 Bank. 5/3 Bank works through asset management companies to manage their foreclosure properties. They don’t publish any contacts for their REO Department. You may want to talk to your local 5/3 Bank branch to see if they’ll be able to connect you to someone internally that can answer this question. As mentioned above, there should also be a real estate agent or property manager that is responsible for the property. They may also be a good contact for you to engage if you see them around the property.
If you are looking to purchase a 5/3 Bank foreclosure property, check out our post on these bank owned homes at this link.