Rentals in 92656>Question Details

Diana Chandl…, Other/Just Looking in Aliso Viejo, CA

Our home is in a short sale, and we had a BK a year ago, is it possible to rent property with these credit down falls? credit score around 670 -617

Asked by Diana Chandler, Aliso Viejo, CA Mon Aug 9, 2010

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Scott's answer is very good Diana. We assist many of our short sale seller's in obtaining new housing (leasing) and each landlord and/or complex is different. Most are well aware that potential renters are likely to have less than perfect credit considering the current state of the economy and the housing market.

We focus strongly on demonstrating how much lower the new proposed lease payment will be compared to the house payment the client has just exited out of and this usually is quite compelling for people that do have stable income (albeit reduced from prior levels) but simply could not afford an inflated house payment.

If your income source is unreliable, though, be prepared for difficulty. Stable income is the primary criteria upon which you are being looked at.
4 votes Thank Flag Link Mon Aug 9, 2010
I've done a lot, and I do mean a lot of leases over the years, and I concur with the others that with a good explanation, there are landlords out there who will take your family assuming the income is consistent and you have a cushion of money in the bank. Your credit scores are good enough for FHA to sell you a house, and these days there are lenders who will lend 1 day after the close of a short sell (subject to review) with credit scores in the 600's. So to answer your question, absolutely. I'd be happy to take on your cause.

Elizabeth DeBiasi
Windem Real Estate
0 votes Thank Flag Link Fri Jan 17, 2014
I'm sorry this has happened to you. It's been a rough time for a lot of homeowners. Yes, it's possible to rent with a credit score in the mid 600K. I always ask my clients to write a letter explaining their circumstances and why it happen. You are not alone. There have been many people in your situation. Also, some landlords will take up to 6 months in advance for the rent to offset the hiccups in your credit. Good luck!
0 votes Thank Flag Link Sun Jul 7, 2013
We have a rental property located at 29 Via Bacchus in Aliso Viejo, 92656. Approximately 1400 square feet. 2 bedroom, 2 1/2 bathroom. 2 car attached garage with direct access. Washer/dryer and refrigerator included. New stainless steel appliances. New carpet, new paint. Deck off the master bedroom. Large patio with beautiful view. Pool, Jacuzzi on site.

The rent is $2495 and a $2000 deposit. Like to do a one year lease.

Thank you.

Please call me.
Steve Meyer
CFG Investments, Inc.
0 votes Thank Flag Link Thu May 16, 2013
I have had worse credit scores and people with BK and foreclosures who have rented. To make it even harder they had pets.

Therefore, my answer is yes. However, you will need to look far and wide. Not just one city or town.
Web Reference:
0 votes Thank Flag Link Sun Aug 29, 2010
Hello Diana;
Sure you can rent. If you have someone to co-sign would be much easier. If not still fine. The market condition is now different than four years ago. Home owners are willing to work with distressed situation of the renters.
Good Luck
Shadi Kian
0 votes Thank Flag Link Thu Aug 12, 2010
I just recently assisted an owner rent out his home, I know we were probably the only listing out there stating "everyone deserves a 2nd chance, even if you're coming from a short sale". Any property that you're interested in renting, have the following items available & ready to give to any property manager or landlord.

1. Letter of explanation regarding why you filed BK
2. Letter of explanation about your short sale (tell the landlord, it wasn't ALL because you couldn't afford the HIGH payments, but that the decision to short sell was better for you & your family's equity position looking ahead 10yrs into your future.
3. Show the landlord that you & your spouse (if any) ARE generating an income that is sufficient for the new rent amount you'll be paying.
4. I like the answer below: take pics of your current house to show how well you keep it.
5. Get a TRI MERGE credit report & use that one & only that one as you go around to different rental properties. Demand that you don't want your credit run over & over again, so long as your report has been run in the past 30 days, tell them, Please just use this one.

I hope this information helps....any landlord just wants to know that you'll pay, pay on time & keep the house in great condition.
562-430-3053 cell
0 votes Thank Flag Link Tue Aug 10, 2010
Hi Diana,

I have found that some landlords have maintained a strict "no BK" policy in the past but now seem to be softening because of the number of vacancies on the market. You may have to pay an extra money at the start but you might be able to negotiate those extra dollars over 2-3 months instead of at the start of the lease. In addition to the suggestions in other posts about letters and photos, a strong employment background and even a letter from your current employer(s) might do the trick.
Web Reference:
0 votes Thank Flag Link Mon Aug 9, 2010
Diana -
Looks like you're getting lots of good advice, and I concur. You should have no problem finding a rental property. They will vary by their requirements, but my clients that have moved into a rental after a short sale have all done so without a problem.

Good luck with the sale of your home and if you need help finding a rental, like the other agents here, I would be happy to help you.

0 votes Thank Flag Link Mon Aug 9, 2010
To add to what Scott wrote, if you have additional money available,
offer the owner or landlord pre-paid rent for so many months.
Also, in your letter (if this applies to you) that you are a non-smoker without pets.
Good Luck!
Steven Abraham
Licensed Real Estate Broker
"25 Years of Professional Real Estate Experience"
Prudential CA Realty
Laguna Beach, Dana Point, San Clemente, Newport, Corona Del Mar,
Laguna Niguel, Laguna Woods, San Juan Capistrano
949.378.4005 Direct
0 votes Thank Flag Link Mon Aug 9, 2010
Take pictures of your property to show the condition of your house, for prospective landlords.
Web Reference: http://www.callwarner.ft
0 votes Thank Flag Link Mon Aug 9, 2010
With the many vacancies in south OC you probably have your choice on where to live. In addition to references, obtain letters of payment history from utilitiy companies to show the landlord your payment history. On Golden Lantern/Moultan alone I know of three large rental complexes wtih many vacancies.
good luck to you. You may contact me with question via my website.
Web Reference:
0 votes Thank Flag Link Mon Aug 9, 2010
Diana, there are quite a few rentals right now in AV and the surrounding towns. Because of this, and the volume of short sales and foreclosures, some landlords have loosened their guidelines. It's a case by case basis, but if you are interested in finding a rental locally, I'd be happy set you up to receive the latest new rentals available. I just need to know your price range and search requirements, i.e. minimum # of bedrooms, towns of interest, etc. Or you can search online at: Under Property Search select Rental Properties. Let me know if I can assist with your real estate needs.
0 votes Thank Flag Link Mon Aug 9, 2010
Diana rental requirement differ between landlords, individual owners renting their own property may not have a strict of a credit requirement as a large complex, but some complexes if the have a high vacancy rate, may lower their guidelines. The best thing you can do is tou have some great references and a letter of explanation and go find a great property to rent with those in hand. Some people will look at it as a postive if you have been a year out of bankruptcy as you should have limited debt.
Web Reference:
0 votes Thank Flag Link Mon Aug 9, 2010
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