Jun
30
Should I rent house back to the couple from whom it was repossessed?
By
i bought a repossessed house to rent it out. The couple wsho lost the house have contacted through our estate agent to rent the house with the girl’s father acting as guarantor for rent?
Go ahead or not? Anyone with similar experience?
Thank you in advance.
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3 Comments
July 3rd, 2010 at 4:57 pm
they didn’t pay their mortgage, what makes you think they’re going to pay you?
I wouldn’t.
July 5th, 2010 at 3:35 pm
Not only does “mortgage underwriter” have a very good point, but also, these people may still be bitter. Was the house destroyed when you moved in? Maybe they want to trash it some more if it was? (And no, not EVERYONE who gets foreclosed on trashes their homes, but at least half of the foreclosures I’m looking at buying have CLEARLY been trashed on purpose.
Also, it will still feel like “home” to them. Yes this is WONDERFUL for them, but they may not treat it like a rental. By this I mean- when I rented, I was always extra gentle with everything. If something spilled on the carpet I would fly to it with oxyclean & scrub. I would behave the same way in my own house, but when it comes down to the wire, if something happens in my own house it IS mine & i have no one to answer to but myself. I just feel like this has too much potential to go bad in oh-so-many ways=/. Sorry…
July 7th, 2010 at 6:11 am
I would say that if the only blemish they really have on their credit is this foreclosure, and they make enough money etc, go ahead and consider renting to them.