Sellers still having to compete with distressed properties

Sellers still having to compete with distressed properties

Despite a drop in the number of bank repossessed homes last month, many sellers today still have to compete with elevated numbers of distressed properties, which attract buyers for their discounted prices. Rent-to-own homes could be a way for sellers to separate their homes from the pack.

The latest report from RealtyTrac showed that banks took back 92,236 properties in October, a 9 percent decrease from the record high set during the previous month. RealtyTrac CEO James Saccacio said that figure likely fell because many banks have had to cease foreclosure sales while they work to perform internal reviews of their foreclosure procedures.

At the same time, banks have repossessed at least 91,000 homes each month this year, adding more distressed inventory to the housing market and giving buyers more reasons to consider purchasing foreclosed homes. Rent-to-own homes can be a useful way for sellers to gain back some of that market, since they can offer attractive terms that might better appeal to buyers.

Additionally, purchasing rent-to-own homes can be a better investment for buyers compared to distressed properties, since foreclosed homes often require repairs or extra work, which offsets much of the savings buyers might enjoy on the front end.

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