Rentals in Huntersville>Question Details

Shery30, Home Seller in Huntersville, NC

We just started the process of selling our home as a short sale. Will we be able to qualify to rent a house as our credit score is in the low?

Asked by Shery30, Huntersville, NC Sun Feb 12, 2012

600's?

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6
Nathan Wolf’s answer
I've found that other homeowners who are in similar situations and renting their homes are very understanding these days. We are ALL going to have to take this into consideration in the future. Everyone needs somewhere to live. Ability to pay the lease (income) is usually more important to rental agents.

Let me know if I can help: 704-858-2345
Web Reference: http://natewolf.com
0 votes Thank Flag Link Thu Mar 8, 2012
I am not sure if you have found a home to rent yet. But if I may put my two cents in... As a tenant, you have to protect yourself from shady landlords. You are not the criminal, but you may get into a bad situation if you are rushed, as I was. My landlord rented me her home in a nice neighborhood, at $1300/mth. KNOWING at that time that she had not been paying HER mortgage. So guess who gets served with foreclosure papers? YOU GOT IT! ME! Now that this has happened, I have heard many say this is common. If possible, ask for a current mortgage statement from landlord showing proof of on time payments. A Realtor cannot protect you from this, nor can the Property Managers. I wish you luck, and would never wish this on anyone. I am new to the area and at a loss for where to go next. So far, Not liking Charlotte!
0 votes Thank Flag Link Thu Mar 8, 2012
Long story short, unless you are a MULTI-millionaire, STAY OUT OF CHARLOTTE! Oh and FYI:The house we foreclosed on is directly beside a golf course..literally the fence line was our property line..so in CLT you can be on a golf course in a $500k+ home living next to crackhead rent hoppers - I could throw a rock and hit a $half mil house from the rental we owned. Thats CLT for ya! And in a decent area except now its been ruined by those who don't appreciate property value etc..I don't think any area in Mecklenburg Cty compares to where we live now.(SOUTH Carolina) shhhh don't tell! We don't want any junk moving down here.. Its nice and quiet and very clean. The house we live in and own now (bought before we were forced to foreclose on the CLT rental) is out in the country somewhat, and is very convenient to everything, on over 5 acres. We paid 4X as much taxes on 1/10 of an acre in CLT! CLT is overrated. Nothing special. You couldn't GIVE me a house in CLT for our house now. NO WAY!
Flag Tue Nov 18, 2014
Cool story.. Our situation unfortunately was complete opposite.. We were leasing our house to a "rent hopper" i.e.: someone who plans NEVER to pay rent. We did our homework, checked refs etc. and the very 1st month they were late then another until they quit paying.. Well a year and a half later, now forced into foreclosure and almost lost everything we own we had no choice but to file for bankruptcy. Our previous neighborhood(the one we couldn't sell because the builder went bankrupt 3 years after we bought our 1st home. We tried to sell once the trash started moving in selling drugs, walking/ casing the houses that the original owners worked hard to afford and build a life in, was now surrounded by thugs who moved into foreclosures and given to them under Section 8 funds RUINED our dream home.. So to protect our children, our property, and move out before things got worse all we had was my husbands immaculate credit score which now is worse than a crackhead.
Flag Tue Nov 18, 2014
gross income is the best indicator at this time for tenant and what we focus on. Many current good tenants have low credit score
0 votes Thank Flag Link Tue Feb 14, 2012
I read somewhere that property management companies look at the monthly gross income, and ideally it should be 3 times the rent. Is this true?
Flag Wed Dec 26, 2012
I read somewhere that property management companies look at the monthly gross income, and ideally it should be 3 times the rent. Is this true?
Flag Wed Dec 26, 2012
It all depends on a number of factors. Our rules for approving a tenant are a little more open minded than some others. We will take a look at the big picture instead of just focusing on the short sale. If your past credit was clean and you had some event (job loss, medical reason...) for the short sale, and that issue has been resolved (got a new job....got well...etc) and everything else checks out, we would give the owner all the information and let them make the decision. Typically, we are able to work with someone that has an unfortunate event happen in their credit history, but are basically financially responsible people.

Some management companies will deny you just based on credit score.
0 votes Thank Flag Link Mon Feb 13, 2012
It really will just depend on the renter. Some will check your credit and others won't.
0 votes Thank Flag Link Sun Feb 12, 2012
Having been a landlord in the past I can say that depends. It could depend on the rental demand in your area, how nice a place you will be renting, how long the rental has been on the market, how much you are willing to sooth the nervous landlords nerves, your overall financial situation, your job, your demeanor, and the landlady's mood.! Seriously!

I am guessing you aren't feeling very strong and confident right now, it doesn't help to tell you how many other people are in the same situation either. The good new is, it will probably get better. It will probably be a huge load off your heavy shoulders to be out from under all that pressure and to be able to look to the future to move on. I'm sure you've heard you should be saving as much as possible right now. I can't stress this enough because of my following strategy.

Some places could very well turn you down flat, if so, take note and move on (check back with them in the unit is still on the market another 2 weeks). Smaller landlords will have more flexibility to make their decisions out of the box and they could be your best bet. I have rented to people I felt sorry for. This always made me regret my decision, yes more than once or twice! So I don't do that anymore, I need to pay my own bills and keep the utilities on.

I recommend that you be honest about your situation (which sounds like my previous mistakes) but the difference is you have enough of a deposit to cover the risk for the landlord. In the Seattle area it takes 3 months to evict a tenant IF the landlord does all the right paperwork on all the right days etc.(that means 3 months lost rent plus over 1K in legal costs).

I had a young lady approach me, said she had made mistakes, but was on a good track again.I believed her. She was tidy in appearance, was polite and respectful, I met her boyfriend (same adjectives) so I made a deal if she paid 3 months rent up front I would take the risk. I got 3 months notice before she moved out, and a great tenant who left the place in good condition. She got a strongly positive reference in return when she moved to a larger place. It made me feel good she appreciated me taking a chance on her and that I could help her on her way.

Sorry for the long response, just wanted to let you know the landlord's perspective. I recommend looking for the landlord that only have to abide by their own rules and intuition. My advice is to clean up your debts as much as possible in the meantime and still have a cushion of cash for deposits and background check fees. Best of luck to you!
0 votes Thank Flag Link Sun Feb 12, 2012
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