how hard is it to rent after a short sale?

Asked by Max1673, New York, IA Sun Nov 7, 2010

I'm thinking of short sale my house.how hard is it to rent after a short sale?

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10
Joycelewis412, Home Buyer, Sacramento, CA
Tue Aug 13, 2013
Short sale will affect your credit score negatively; some landlords do not want tenants with bad/low credit rating.



Check if you qualify for mortgage. Try http://www.whywaitbuytoday.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sun May 12, 2013
Hi Max

Landlords and Property Managers understand what you are going to go through.

They may ask you for a Higher Deposit or a few months rent in advance or a year
In advance.

Go with the flow, you will be fine.

Good luck.
Perry
0 votes
Patti Kane, Home Buyer, Boulder, CO
Sun May 12, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes
Gloria Lu, , Saint Louis, MO
Fri May 13, 2011
We do a lot of short sale and have many rental and management business. Please give us a call about your situation, we will have the answer for you. It depends on your individual case.
0 votes
Leticia Soto…, Agent, Chino, CA
Tue Nov 30, 2010
YOUR CREDIT WILL BE AFFECTED HOWEVER IF YOU ARE HONEST AND UPFRONT WITH THE LANDLORD MOST SEEM TO BE QUITE UNDERSTANDING GIVEN THE CURRENT MARKET AND EVERYONES SIMILAR SITUATIONS.
0 votes
Neeltje Maxw…, Agent, St louis, MO
Tue Nov 30, 2010
Try to avoid the short sale if possible. Many people now look at it as an easy out of their home. If you have to be honest with your potential landlord. If you were paying twice as much as what you now would pay in rent many a landlord will understand. But your credit score will take a big hit just like with foreclosure. See linked article.
0 votes
Phil Hunt, , Saint Louis, MO
Mon Nov 8, 2010
in the st. louis market you would not have too much of a problem,i cant speak for other markets, however know that you are not alone, i'm told that your credit score will be at the best after the short sale around 520ish, so that may impact you a bit. there is a lid for every jar so to speak so, my best advice would be to contact property management companies and ask if they have owners that would consider you as a tenant, i'm sure they will have options, best of luck to you
0 votes
Connie Trinc…, Agent, Melbourne, FL
Sun Nov 7, 2010
It will likely depend quite a bit upon the supply and demand of rental properties in your area. If there are relatively few properties available, landlords and property managers might be pretty selective. If there are a lot of choices, they may be more willing to work with prospective tenants that have a blemish or two on their credit report. Keep in mind that a short sale itself does not actually show on your credit report. Late payments, or non-payments will. If you have an otherwise good payment history, and a consistant, reliable source of income to support a lease payment, you will have a good chance of being considered. Best of luck to you!
0 votes
Terry Gannon, Agent, Saint Charles MO 63301, MO
Sun Nov 7, 2010
I found it depends on the reason for your short sale. In these times, it is hard to find perfect tenants. If you lost your home due to illness, job loss, or other explainable reason, sellers may take that into consideration, especially if your situation has improved since the short sale.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Sun Nov 7, 2010
Not easy in my market. The potential landlord can only judge you by your credit. Try to see if you rent through a referral from a friend or family member.
0 votes
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