Why don't banks just rent homes that are sitting empty or they can't sell right away?

Why don't banks just rent homes that are sitting empty or they can't sell right away?
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1 Answer

Answer :

Being a fan of real estate I try to pick the brains of investors whenever I can get and ear from them. There are some good points why banks do not rent property they have on their books. Banks do not want to own houses, that is the first thing. They only have the housed because the person who agreed to buy the house could not keep up with the payments. Seeing they do not want to be in the landlord business, they want to re-sale those houses, sooner rather than later. If there is someone in the house, it can make it more difficult to sale, or the home could be damage, or further damaged by the renting occupants. Then there is a chance the renter won’t leave, then you have to go through eviction, which may take a while. The potential buyer might not want to wait another 30, 60, 90 days on that property. All around it is not in the best interest of the bank to rent or lease it. Banks want to be in the money business, lending and gaining interest, not trying to run around collecting rent from people.
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