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Rental Basics in Naperville : Real Estate Advice

  • All386
  • Local Info15
  • Home Buying104
  • Home Selling23
  • Market Conditions22

Activity 5
Mon Jan 6, 2014
Laurie Christofano answered:
Hi Ally, each agent / company has their own policies, and there is no "standard" commission rate. You should make sure that whoever you hire is proficient at getting homes rented quickly - ask about their tenant screening processes as these can vary from agent to agent as well. I would ask the agent you already spoke to to clarify their policies and procedures, and then decide if they're the right person for the job. Best of luck to you. ... more
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Sun Aug 5, 2012
Terry Farnsworth answered:
Hi, is what I use. It's around 30 dollars, and the site will email them a consent/release form for you to view their information. Once they agree, you'll have access to review their credit history/criminal info. Hope that helps!

Terry Farnsworth
Prospect Equities Premier
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Tue Mar 6, 2012
Michele Nixon answered:
Here in Illinois, the rental market is very competitive. So, my first tip would be, don't dally around too long if you like a place. Also, in our area, rentals are averaging about $1/sq. ft per month. Not everywhere but, it's a good rule of thumb to keep in mind when deciding to negotiate a rental price.

For the lease, I always write in that the owner maintain a home warranty. It makes the owner's and tenant's life easier when it comes to repairs to the home.

For tenants, owners are still wanting good credit scores but, the credit report tells the story. Maybe your scores aren't the best but, if the report shows good, recent payment history, it helps soften the bankruptcy or foreclosure or charge offs that may have killed your score.

If your score isn't the best, the owner may ask for a larger security deposit - 2-6 months rent.

I'm sure there will be many other good tips provided by my colleagues.

Michele Nixon
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Tue Dec 17, 2013
Dan Tabit answered:
It depends on when in 2010 you declared bankruptcy and if you filed chapter 7 or 13. If 2 years has gone by the possibility exists that you may get approved for a mortgage if you otherwise qualify. Have you re-established any credit? This is key to getting approved post BK.
Lenders will look at both borrower’s credit and income. As a married couple your BK will reflect on her and without her having established employment she won't likely qualify without your income.
Ultimately it will come down to applying with a good local lender and seeing what may be possible. You can start with your own bank, but share with the loan officer your circumstances. When I was an Loan Officer I kept close track of my lenders requirements and wouldn't have you apply if I already knew you couldn't meet the guidelines. But I did then review the steps necessary to help a borrower qualify sooner. Talk to a lender and see what may be possible.
As to renting, each landlords sets their own guidelines as to what they feel is acceptable credit. There are many renters out there with BK's & Foreclosures right now so there are landlords willing to rent to tenants with credit issues. Some may require a larger deposit and a letter of explanation of what caused your credit problems and some assurances it won't happen again.
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Mon Apr 4, 2011
Michael Hagen answered:
It depends on what you are looking for. Is it a 1 bedroom condo, a 3 bedroom town home or a 6 bedroom house. These have ranged in price from $800/mo to over $4000/mo. It depends on how long you want to rent for: 3 months, 6 months, 1 year, 3 years? It becomes more difficult to rent something with poor credit as well as pets. If you are in either of these scenarios, you might be better off renting with an option to buy. ... more
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