Financing in Chicago>Question Details

cgewargis, Renter in Skokie, IL

Renting with bad credit?!

Asked by cgewargis, Skokie, IL Sat Nov 10, 2012

My parents have terrible credit. They are currently going through a foreclosure on their house in Skokie, IL. They are looking to rent a house and would like to stay in the suburbs (preferably Skokie, Morton Grove, Niles, or Lincolnwood). The monthly budget for renting a house is about $1600. Is it possible to get a house (not apartment) in that price range with such bad credit and a foreclosure?

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EdithJasser YourRealtor4Life’s answer
Hi, your parents are probably not alone in this, there are many renters in similar situations.
Really the most important item is what is their monthly income, and can they afford to pay the
expenses on a home, 1600 / mon for rent yes that is possible, but then they need to heat and cool it
and take care of the yard....

So it seems to me that your parents may be should put all their finances together, especially if they
know their credit is not going to come in good, money in the bank, monthly income, monthly obligations, like car payments and other.... and then may be just may be they should opt for a lower
rent, it is just the two of them, and finding something like a 2 bedroom 1 baths apartment should
work out for them, and will make their responsibilities so much easier to take care of. Then they
can save some money and rebuild their credit as well....

They can also opt for having someone co-sign the lease, ie. someone on the lease with them
taking responsibility in case they cannot pay rent.... Just a thought!

Take care and good luck, if you and your parents like to see what kind of rentals are available for
a couple, I gladly send them to you and your parents, just send me your e-mail addresses, that
way you get a good feeling for what they can rent in the areas in and around Skokie...

All the best to you and your parents
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ----

EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com

Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
1 vote Thank Flag Link Sun Nov 11, 2012
Everything is possible, just be prepared to provide a larger security deposit or more rent up front.
0 votes Thank Flag Link Mon Nov 12, 2012
Lots and lots of folks have gone through what your folks have and everyone knows it so while it will not be easy, it is possible. THey might need to give double the security deposit and maybe pay 1st and last month rent at the time of lease signing, but it is possible. THey just need to exlain the situation upfront so the landlord knows.
0 votes Thank Flag Link Sun Nov 11, 2012
Yes, but not easy. They need to show/prove how they are going to make the rent payment, and I would expect they will need additional rent when they sign the lease.
A common way to address this is to have the tenant provide multiple month's rent, not as a security deposit, but as pre-payment of rent at the end of the lease, or pro rated over the term of the lease.
If the tenantq has very bad credit, we actually have some landlords who will ask for this and also leave the tenant as a month to month renter.
Tenancy at will (no lease) is much easier to end than a written leasehold, so if they do not pay, out they go ASAP.
If you have good credit and trust your Parents to make their payment, you could consider co-signing or being a co-applicant for the lease.
0 votes Thank Flag Link Sat Nov 10, 2012
It will be tough but its possible. Try to find a landlord thats understanding and plead your case.
0 votes Thank Flag Link Sat Nov 10, 2012
Hi,

Connect with a good broker who knows those areas and understands your situation. You may want to have your parents download their credit reports from one of the many free sites that allow to download one or two reports a year. Then you can have information that is needed ahead of time so you don't waste money on application fees. I would also have a full explanation prepared as to the foreclosure and any other negatives on their credit that would be a concern.



Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


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0 votes Thank Flag Link Sat Nov 10, 2012
Contact our office. We presently have 6 single family homes in Skokie area. We can discuss exactly what is going on with your parents. The office is open tomorrow from 10am til 5pm. Give us a call and we can chat.


Rusty A. Payton, Broker
iMove Chicago
5650 N Broadway
Chicago, Illinois 60660

773-961-8819 [Office]
773-289-0806 [Fax]
773-682-5210 [Mobile]

e. payton@iMoveChicago.com


http://www.iMoveChicago.com

blog: iMoveBlog.com
0 votes Thank Flag Link Sat Nov 10, 2012
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