We are moving to the plano area in July for a new job. How difficult will it be to find a rental given that we are going through a short sale?

Asked by Jenna Pieper, Edgerton, WI Mon Apr 25, 2011

on our current home in Wisconsin and are delinquent on our mortgage in order to get a short sale approved? Our income will triple from what it is now with this new job and our credit history is fine except for the mortgage delinquiences for the past couple of months.

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Don Groff’s answer
Don Groff, Agent, Austin, TX
Sat Apr 30, 2011
I just completed a short sale for a client and also helped them move into a rental home while they get their finances back in order.

What I did was call the potential landlords and explained the situation. My clients were good people who got behind on a house that was a little too much for them after the husband lost his job. Because of this they were unable to complete a loan modification and we had a successful short sale on their home.

The home they were looking for was smaller and their income supported the rent with plenty of disposable income. Some landlords were skeptical but others were very understanding. My clients needed to get back on their feet. I was able to show pictures of their beautiful home to show they took care of it even thought they were losing it. In the end we found them a great home and now they are rebuilding their credit and finances.

Make sure your agent can talk with these potential landlords before you file an application so you can weed out the ones who are not interested. There are plenty of people who understand what you are going through and will be willing to give you a chance.

Best of luck to you.


Don Groff
REALTOR | Mortgage Broker | Consultant
Buy - Sell - Lease - Invest
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Apr 26, 2011
Contact my office where I can obtain additional infor. 95% of my real estate practice is Dallas homes for rent OR Dallas Apartment locator service we need to explosre all your options

I represent many families with same situation you are currently in

Direct Link for Plano homes for rent
http://www.lynn911.com/Web/AR287090/CustomContent/index/5041477


Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Carrie Lin, Agent, Richardson, TX
Tue Apr 26, 2011
It is better short sale than foreclosure.
I have listed some properties for lease, and lot's of the tenants have some kinds of difficulties.
Be honest, landlords still willing to negociate with you if you have others good to tell them.
0 votes
Linda Lorenzo, Agent, McKinney, TX
Mon Apr 25, 2011
Jenna, you are wise to prepare now for possible problems. Many renters these days have not so great credit and landlords may be willing to be somewhat lenient.
Here are some things to do to prepare:
1. Write a letter explaining the circumstances of the short sale and emphasizing your previous good credit.
2. Proof of the new job and income
3. As said below be prepared to perhaps put up a larger deposit
4. References from anyone you have had financial dealings with
5. Pets - if you have none it is much easier to find a rental
6. Non-smokers - again easier to rent

Depending on how much you are willing to spend on rent will determine what you will be able to find. I have shown many homes in the Plano area and unfortunately for you unless you can spend more than $1500 a month you won't find much that is decent. If you would like a list of Plano rentals, let me know what you are looking for - number of bedrooms, garage size, monthly rent, school district if applicable - I would be happy to help you and set you up with a search.
Web Reference:  http://www.LindaLorenzo.com
0 votes
Patrick Jack…, Agent, McKinney, TX
Mon Apr 25, 2011
Hello Jenna,

Landlords will consider your credit history including a short sale. The choices of rental properties that are available are shrinking because there are lots of tenants who are unable to qualify for a loan and are turning to the lease market. Typically a higher deposit will help overcome a landlord's fear of your short term credit challenge. However, landlords have their choice of tenants so come into the market prepared to move quickly, pay top dollar, and possibly a higher deposit. Moving quickly means that the best properties get multiple applications the day they go on the market. You will probably not get the first or second property that you apply for. But hang in there. Be open about your credit history and get a reference from your new employer to confirm your employment and salary. Congratulations on your new job and welcome to Texas!

Patrick Jackson
REALTOR, ABR, E-PRO, GRI
0 votes
Bruce Lynn, Agent, Coppell, TX
Mon Apr 25, 2011
Jenna,

Every landlord/owner is different. To some it might be a problem, to others it won't matter.
You might want to write a letter
To Whom It May Concern:
and outline what has happenned and the details.
I think many owners will look at what makes sense. You might also be willing to pay several months
rent up front. That will make many owners listen.
The income difference will also help.
I think another thing that might make sense is don't lease up to your maximum potential, but
be very moderate in your choices.
0 votes
Tracey Martin, , Salinas, CA
Mon Apr 25, 2011
It has been my experience that my short sale clients don't have a really hard time finding someone who will rent to them. It is very important that you tell the landlord or property manager about the short sale up front. If you don't tell them and they find out by running your credit, they probably won't rent to you because they will wonder what else you are hiding. If your honest about it, they usually understand, especially if you had to short sale your home because you were moving out of the area for work. If you have paid the rest of your bills on time, you should be o.k.
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