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Rental Basics in Solano County : Real Estate Advice

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  • Local Info1
  • Home Buying9
  • Home Selling0
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Activity 2
Mon Jan 17, 2011
John Souerbry answered:
As a property manager who sees your situation frequently, I believe you should be able to rent if you have steady employment and your current income/expense ratio now looks good. I usually require a letter of explanation to accompany a rental application from anyone coming out of bankruptcy. You say you filed Ch. 13 last July, are you still in the process or have you completed it? If still in the process, your letter of explanation may need to identify which debts will remain after bankruptcy.
Lenders for your next home purchase will want a Verification of Rent from your new landlord, so it's important that you get a place you can make on-time payments on (don't stretch yourself).
As far as buying another home, I recommend you meet with a financial planner before speaking with any mortgage or real estate people. If you have steady employment, you probably just need budgeting help.
Best of luck!
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Thu Nov 12, 2009
Jason Quintero answered:
What is the question? Are you looking to buy? If you are looking to buy with bad credit you're in trouble. In this market Cash is King but Credit is a strong Queen.
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