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5 Comments on Rentals...
Michael,
I have wondered that for a long time as well...they have poor credit and cannot get a rental...they end up hiding with relatives...where there should only be 4 people, there are 8 or 10, they work it out so they are on different shift's....so each of them has some time in a bed...so very sad!
Thanks for posting!
I had a client last year I attempted a Short Sale for (but the bank was uncooperative), her previous agent (who also did her loan) sold her a home that was overpriced, and a loan she didn't understand. The monthly payments were far higher than she anticipated, and her score plummeted from 780 to 508 within 12 months.
The Trustee sold the home and gave her 2 weeks to vacate, and she called me to say Mike, I don't understand, where do I live now (apartments wouldn't approve her)? I really didn't know what to say.
There will be thousands and thousands of these new breed of homeless people, and no one has ever mentioned it. They just say, they lost their house, as if it's went missing.
The truth is, their homes were taken and sold to big money investors for 50-70% of their value.
PS: read my post on the motor city, and other high forclosure areas.
Rentals are hot here. We don't run credit for our renters, we let the property management company do that. We advise them in the beginning that they need to have the best credit or they will be asked to double or triple up on security deposits. THey usually come clean in the beginning if they do or do not have bad credit sooooooooooo that helps us once they are ready to submit an application.
Also, many insurance companies have banned certain breeds of dogs. Pits, Rots, German (I know, I know I don't make the rules), Chows, etc. I have not met any property management company who has banned the same breeds.
I have found with my rental listings that people try to take advantage of a non-permitted property management offering by coming in with HORRIBLE credit plus those types of dogs. Some times you even see multiple animal households who try to come in saying they would "lease option to buy" and in reality the lease option money would be LESS than all their deposits for animals.
Some renters know how to game the system!
Michael and Renee,
It's sad to see people pushed out of their homes. I mean short sales...with offer's, bank's stalling to approve them (yes I know they are inundated with them right now), going to foreclosure...people evicted with no where to go, no money...families sleeping in friend's homes on floors...
Sad...