Home Buying in Naperville>Question Details

Ally Marino, Home Seller in Huntley, IL

Renting a home & credit issue

Asked by Ally Marino, Huntley, IL Sun Aug 5, 2012

Hi,

My daughter and I have been living with my father for the past 3 years. After losing his job, he is facing foreclosure, and we now need to be out of our home soon. My boyfriend and I have excellent credit, good income, and would like to rent a home for a year before buying. The issue is, my father has no where to go, and helps me immensely with babysitting - but his credit is pretty much destroyed. He also recently got a new job, so his job history is a little spotty.

I know every private owners criteria is different for the risk they want to accept with tenants, so we'll have to see what they require and how "strict" they are going to be on a case by case basis. Is it typically for ALL tenants over 18 who will be living in the house to provide a credit check? Thanks.

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Typically everyone 18 and older is background checks. Credit checks are for those responsible for payment. It really depends on the landlord also.











http://www.BrokerTamara.com
0 votes Thank Flag Link Mon Aug 6, 2012
Hello Ally,

Thanks for using trulia.com to get answers to your questions.

Every landlord "Home owner" will have his own way of investigating new tenants and certainly have their own requirements for selecting new tenants. However you will be faced with 3 situations:

1- They do not require that you have everyone fill out an application and in this case you and your boyfriend fill one out and go from there. Please keep in mind, if your father's name is not on the lease then he is not responsible for any of it and there for you and your boyfriend will be responsible for the lease and maintenance as well as deposit. in this case you will need to rent something that will be within range based on your "you and your boyfriend's" credit and income, a good rule to use is that you need to be making 3 times as much as your rent to even qualify for it.

2- They require each person over 18 fill out an application, which what I think the major would be but might not require that all will be signing the lease mandating they do background check on your dad but not include his name on the lease so you go back to you and your boyfriend being responsible for everything

3- They require each person over 18 to fill out an application and want all adults’ names on the lease and then you need to have a good story to tell. Explain what you told us here and do show that you and your boyfriend have good credit and good income and that you are willing to be fully responsible for all of the lease terms. Keep in mind some landlords might request more in deposit to make sure you are ok.

Last but not least, I would advise you not to sweet it too much. The current economic climate left many people in the same boat as your dad, in fact you might even be in a better place than a lot of others because you have some good income and some good credit yourself.

do let me know if you would me to help you look for rentals, I am a landlord myself and I do work with many others as well as home owners whom are trying to rent their homes out..

Thanks,
Inaas Arabi
Option Realty Group
Direct/Text: 630-329-5000
E-mail: Inaas@hotmail.com
0 votes Thank Flag Link Mon Aug 6, 2012
Ally,

If your credit is solid, you definately have options. Your situation is unfortunate, but really doesn't impact your ability to lease a property.

Some landlords will require a credit check for all adults 18 and over. Some won't.

It sounds like your timeline is tight. If you give me a call in the morning, I can help get you pointed in the right direction.

Sincerely,

Ken Gerrans
john greene, Realtor
630-946-4688
kengerrans@johngreenerealtor.com
0 votes Thank Flag Link Sun Aug 5, 2012
Ally,

A smart landlord will not generally reject an application due to one persons bad credit. The landlord, in my experience, will request a written explanation. They will then review the reasons for the bad credit, may ask for additional clarification or supporting documentation and then make a final decision.
0 votes Thank Flag Link Sun Aug 5, 2012
Hi,

Thanks much for the responses. Just some quick feedback on the responses below:

1. Tim - Yes you are missing something. I have been paying my father rent for the past 2 years, but now have come to find out that the money never made it to the bank (as evidenced by the fact that we are now 3 weeks from getting evicted due to foreclosure). As a real estate professional, I'm sure you know that a foreclosure doesn't happen overnight, so obviously my father has not been paying the mortgage for some time. He never told me that he hasn't been paying the mortgage, and I never thought to ask, quite honestly.

2. Nutan, thanks for the advice. However the rent is 1450 per month, and I don't have $17400 to give them in advance for a year's rent.

3. I would be more than willing to pay 1st and last months rent, and a secutiry deposit.

My question was basically - in your experience - what you do generally see in my situation? Will landlords generally reject a family to rent due to one person's bad credit. Or is each situation gauged differently?

Thanks again for everyones help and feedback!
0 votes Thank Flag Link Sun Aug 5, 2012
Only the people who are signing the lease and liable to pay the rent should get the credit check done. If you pay the rent for whole year, owner might not even need any credit check. In this economy, if people have some history because of genuine reason, if they can show coming in income & employment verification should be able to get a rental place. Sometime the landlord likes to have extra security deposit to reduce the future risk.
If you need my assistance, please contact me.
Regards,
Nutan Bansal (Nootun) Real Estate Professional
ABR® | e-PRO®| BPOR® |SFR®|Broker®
630 863 2320
Charles Rutenberg Realty
http://www.egreathomes.com
0 votes Thank Flag Link Sun Aug 5, 2012
Typically Anyone over 18 who will be occupying the home will need a credit (and sometimes background) check. To compensate for bad credit, landlords may ask for 2 months security rather than 1. Or you may have to pay 1st & last months rent along with additional security deposits. I'd be ready to have at least 4 months ready to pay up front.
0 votes Thank Flag Link Sun Aug 5, 2012
Ally,

Call or text me at 224-805-2616 and we can discuss further. It is my experience that professional management companies will require ALL tenants over 18 to provide a credit check. However, many landlords who represent themselves do not required this.

Randy Schulenburg
Managing Broker
Mortgage 1st Realty, Inc.
224-805-2616

http://www.ActiveRain.com/mmortgage
0 votes Thank Flag Link Sun Aug 5, 2012
You need a place to rent to live, your father who has been supporting you and your kid for three years can't make his house payment. Am I missing something, why not make the house payment for him so he can keep the house and you can live there?????????
0 votes Thank Flag Link Sun Aug 5, 2012
I believe that only the persons on the lease would be subjected to credit review; so that would be you and your boyfriend.

Best of luck to you,

Marianne Hofmann
Web Reference: http://MarianneHofmann.com
0 votes Thank Flag Link Sun Aug 5, 2012
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