Renting back to the seller?
Yesterday I had a phone call from our Chase negotiator to counter at over full asking price per the instructions of the PMI company Genworth. They also asked if my seller who is an owner occupant would be willing to rent the property back and if so for how much. Obviously this is an owner occupied situation. Does anyone have a homeowner who ended up renting the property back from the bank?
Replies to This Discussion
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Permalink Reply by Lynn Pineda on
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Dana, I've been hearing about this lately yet I haven't run into this yet I believe that we'll be seeing more of this option. It may provide Lenders the ability to reduce their losses by receiving rental monies now and perhaps selling in a year or two if the chance may exist for improved values.
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Permalink Reply by Margaret C. Taylor on
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I have heard that Fannie Mae is implementing a "Deed For A Lease". It is basically a a deed in lieu, where the title is transferred back to the Lender, then Fannie Mae will Lease the property back to the owner (now the former owner). Is this the same thing? Margaret C.
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