Rentals in Stanwood>Question Details

Rental Peach, Renter in Stanwood, WA

How do you rent after going through a foreclosure?

Asked by Rental Peach, Stanwood, WA Tue Apr 12, 2011

We are going through a foreclosure, my husband lost his job almost two years ago. Are we going to have any luck at all finding someone to rent to us?

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I would rent from a small operation or someone who only has one rental. I've found most people don't have a hard time finding a rental. Avoid bigger companies.
1 vote Thank Flag Link Tue Apr 12, 2011
Are you working? Without a monthly income coming in, you will find it hard to find a rental. The foreclosure can be challenging, but again millions are or have been in your shoes the last few years. Your best bet is to be up front regarding your credit and situation.
1 vote Thank Flag Link Tue Apr 12, 2011
Hello Peach!
My firm is a property management company. I'm sorry if you have encountered some difficulty while looking. If one of you has established income, you are a desirable tenant and you should be approved.

We have people call periodically and announce that they hear their are jobs here, so they just moved and they ask if they can rent. That's not how you should introduce yourself. Please have a bank statement or a paycheck stub to show you have steady employment.

Many previous homeowners might not have references from previous landlords. Everyone has to start somewhere. There are landlords who will accept tenants without references and that's a good place to start.

Be proactive. Start investigating now so you can be ready to act. Best of luck to you and yours.

PML of Longmont
1 vote Thank Flag Link Tue Apr 12, 2011
I agree with most of what has been said. You need to show that you can make the payments & explain why you did not make the payments before. No BS. It is not fair to the potential landlord & you will never get to first base with stories. Your credit report should not be a major issue if there is a reasonable explanation.
0 votes Thank Flag Link Tue Apr 12, 2011
In many instances it could require double , triple deposits and 1st months rent. Recommend to move prior to foreclosure posted on credit reports OR apt's are kinder on families move in deposits

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Apr 12, 2011
You are in good company in the current market, and I agree with my colleagues that being up front is the first step. You'll find some who will quickly say no, but others who will want to know more and try to understand your situation. If you went through an unavoidable event, that can happen to anyone and have done the best you could, you'll likely find a sympathetic landlord.
Be flexible in what you are willing to find and where you are willing to live to maximize your options. This is temporary. If you take a less than great place for a year or two with a good track record you'll have more choices in the future.
0 votes Thank Flag Link Tue Apr 12, 2011
I agree with Christina, honesty is the best policy regarding your situation and your credit history. Some other advice I have to that you should not wait until the last minute to begin your search. Contact a local real estate professional, search a local area apartment guide. Perhaps you have family or friends who can house you temporarily until your situation gets better.

There a multitudes of homeowners who are going through what you are going through right now. It is a difficult situation. Hang in there.
0 votes Thank Flag Link Tue Apr 12, 2011
It really depends. Proof of stable income is definitely a necessity. The market conditions in the local market you are moving to will also be a key factor, where supply and demand will weigh into the equation. If there are a lot of rentals, chances are the conditions to rent will be less restrictive, and visa versa if the rental supply is low.

A good place to start is with a residential property management company that specializes in the local area you plan to move. Landlords may be more open to rent to someone with past credit issues if there is a larger deposit offered. Demonstrating the ability to pay will be an absolute requirement.

Good luck with your search.
0 votes Thank Flag Link Tue Apr 12, 2011
As a landlord myself, I am only concerned with a prospective tenant's ability to pay the rent. I do not rely solely on the credit score. Can you document income and/or cash in the bank to make the payments? A small landlord advertising on Craigslist will be more flexible than an apartment conglomerate. Good luck!
0 votes Thank Flag Link Tue Apr 12, 2011
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