Home Buying in Norwood Park>Question Details

Vicki Voigt, Renter in Chicago, IL

Renting with a foreclosure, and not because of a job loss. What's the best course of action to get a landlord to even consider you?

Asked by Vicki Voigt, Chicago, IL Mon Mar 25, 2013

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11
be ready to pay a premium.. you made some mistakes and the risk is higher..which means a higher price in the short term
0 votes Thank Flag Link Tue Mar 26, 2013
Hi Vicki,

Honesty is the policy, old cliche I know, but so true.

Many people experienced foreclosures, short sales, credit decrease, loss of income, etc... furing the past 7 - 8 years. Reasons vary, including allowing the home to go into foreclosure because they were upside down, didn't either short sale due to lack of knowledge or find a buyer for a short sale.

Submit an honest letter explaining your scenario along with your application. You're not the first or last to do so.

Good luck!
0 votes Thank Flag Link Tue Mar 26, 2013
I have had situations like that with renter clients of mine. Usually the best approach is honesty, and putting all the best assets forward, in other words, income information in writing, any bank savings,
any rental payment history, sometimes offering an extra month of security deposit, or an automatic
bank transfer of the monthly rent, and a lot of good references from work, friends, former employers
anyone you can think of.
And if none of that works really well, although it should, find someone who would co-sign with you with
good credit etc.

You should definitely work with a Realtor who does rentals, to be really well prepared when filling out the
application, actually you should fill a generic one out with your Realtor, so that you have all the information and references ready when the time for application comes.

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & 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 Chicago & suburbs, and with her trusted Partner
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HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Tue Mar 26, 2013
Dear Vicki,

It has bee my experience having done rentals for the past five years that landlords and even many property management companies will overlook foreclosures. However, what they will be looking at is, have you been paying all the rest of your bills on time. Make sure you have no collections or judgments on your credit. The key Vicki is to be honest upfront.

I hope this is helpful and Best of Luck
0 votes Thank Flag Link Tue Mar 26, 2013
Vicki

Each landlord is going to have a different spin. Best bet is to have your agent (assuming you have one) ask in advance what the requirements are. Depending on where your overall credit stands, prepayment of rent is generally the best way to get in the door. It truly is all in the negotiation.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Mon Mar 25, 2013
Many or most private landlords will work with you. If you have enough income and no evictions you will find a place. Stay away from the big real estate management companies. They have higher credit standards. We are just getting out of the worst economy since the depression, most people should have a clue and understand your position. Don't pay a cent more than the first months rent and security, unless you have to. I bet you won't have to.
0 votes Thank Flag Link Mon Mar 25, 2013
Be honest about what happened - Prove via your income that you can afford the rent - If possible prepay 2-3 months of rent or more - Write a Letter of Explanation - Work with an experienced Realtor
0 votes Thank Flag Link Mon Mar 25, 2013
Send a good letter with your app explaining your case.
0 votes Thank Flag Link Mon Mar 25, 2013
Send a good letter with your app explaining your case.
0 votes Thank Flag Link Mon Mar 25, 2013
If you are willing to double/triple your security deposit, that should do the trick. It also helps to write a letter to the landlord or the agent explaining your situation. There are many others in your same situation. It is very common. Good luck.
0 votes Thank Flag Link Mon Mar 25, 2013
They tend to consider you more than you might expect, but offering a higher security deposit can help. They look at your overall financial picture, not just the foreclosure.
0 votes Thank Flag Link Mon Mar 25, 2013
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