Credit Score in Area IV>Question Details

Tasha Lynn, Home Buyer in Washington, PA

I have less than ideal credit score but am looking for a nice rental property in cambridge. How are situations like this handled?

Asked by Tasha Lynn, Washington, PA Tue Mar 11, 2014

I'm told to find private rentals by owners directly but this Is difficult to tease out

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3
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0 votes Thank Flag Link Wed Mar 12, 2014
Unfortunately, sometimes this scenario will result in extra fees, or an escrow account to cover potential unpaid rent, even with private rental agreements without an agent/Realtor involved. Essentially, if you think of it from the landlord's perspective, they want to know that the renter will not be a liability, that they are not making a mistake by renting to a person with a low credit score. But as Lilia said, honesty is the best policy, particularly if it was the result of something beyond one's control. *Even* landlords know what it's like to deal with financial hardships.

One option that may help in such a situation is to have a negotiated, temporary period of time where the rental agreement is month-to-month, a.k.a. "tenant at will." This trial period might be preferable for a scenario in which a tenant is looking to gain the trust of the landlord.

In cases such as this, an off-season rental (ie: not beginning on September 1st) could add to the arrangement's appeal to both parties. If for any reason, the renter pays late, the landlord can terminate the arrangement ASAP, and for the renter, if they want to find a more eager landlord, they'll be looking to start renting in a month when most people are not.

Keep in mind that Cambridge is a highly sought after city for rental properties, so all year round, it may be difficult to find an ideal situation. Somerville is not too much farther and may have more options.

Good luck!
0 votes Thank Flag Link Wed Mar 12, 2014
Dear Tasha, your situation is not easy and explaining to the agent WHY your credit bad is the key. You need to be upfront about that and get your answer ready because an agent will deliver your answer to the landlord.
0 votes Thank Flag Link Wed Mar 12, 2014
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