Rentals in Torrance>Question Details

Stuart123golf, Renter in Torrance, CA

Concluding a short sale now, naturally, credit report hurt but everything else is OK. Can I rent with a dinged credit report?

Asked by Stuart123golf, Torrance, CA Tue Mar 8, 2011

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Our Office has talked to our renting clients and we have said that if all else looks good, to be a little more relaxed at looking at both foreclosure and short sale families now returning to renting. It is still the Landlord's choice as to how forgiving they will be when it comes to this subject. But in most cases if all else looks good, they will give in and accept you as a tenant.
0 votes Thank Flag Link Wed Mar 23, 2011
Due to the amount of short sales which are taking place, landlords are aware of the short sale crisis and understand your situation. As long as your job history has stayed consistant along with clean credit on everything else you should be able to negotiate something. You need to prove to your future landlord that your income is more than suffucient to pay your monthly rental. If you do find a place were the landlord does not want to lease, offer increasing the deposit amount where the maximum amount would be 2 months. You can also pay for your lease upfront if your income allows you to. Good luck!

Also, here are a few good sites which help you find homes in the South Bay.

http://www.SouthBayrentals.com
http://www.WestsideRentals.com
Web Reference: http://www.ShonaWall.com
0 votes Thank Flag Link Wed Mar 23, 2011
Stuart:

You will be able to rent. I actually help all my short sale clients find and negotiate their rental, if they ask for that help. Speak to your agent and see if they will help you. It often helps to have character witness when dealing with the new landlord. Also, if the major damage to your credit was created by your mortgage, and not by your car payments or excessive credit card debt, you should be in good shape. Unfortunately, short sales and foreclosures have become so prevalent, that most landlords are more accepting of this type of problem on your credit history.

You will, however, need to be very honest with any potential landlord or rental company. You may be required to make the maximum security deposit allowed under California state law (2 months rent for unfurnished and 3 months rent for furnished). Be prepared to provide references. Good luck on your new start and Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
0 votes Thank Flag Link Tue Mar 8, 2011
Be very careful of Craig's List for finding a rental, there are MANY scam artists on Craig's list showing great pictures of a home for an unbelievable rental rate. Do NOT give up ANY of your personal information to someone who will not give you an address 1st, so you can do a drive by or better yet a walk through of a property 1st !!
A phrase to watch out for is this "The owner doesn't want me to give the address out, we've had so many calls on this property, I need to run your credit 1st & you need to pay me a fee, after that I can show you the property" Just hang up the phone if you hear a phrase like that!!

Write a letter about yourself: "Why I had to do a short sale on my home" is a good title. This will represent you as a real person who possibly did a strategic short sale to get out of an underwater home & in your situation possibly missing payments was necessary. "We're good people, not screw ups, I'm employed, I can afford this rent" etc.

Hope this helps.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
Short Sale Expert
0 votes Thank Flag Link Tue Mar 8, 2011
Stuart123golf;
You may want to check listings in Craig's List or the local newspaper. They may not be as strict as the ones listed on the MLS.
Good Luck!
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Mar 8, 2011
Stuart,
Yes you can. Explain up front with the landlord or leasing agent your situation. Fill out any tenant credit application with the detail also. You will find another home their are many to choose from.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes Thank Flag Link Tue Mar 8, 2011
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