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Are applicants with a short sale or foreclosure ok to rent to?

By
Services for Real Estate Pros with Homepointe

Yes!  If you can verify their credit blemish is RE related and their income is verifiable--place them in your rental!  Previous homeowners tend to take better care of the rental than those who never had to pay for their own property maintenance and rehabilitation.  They are more gentle on doors, windows and sink stoppers....they are more apt to replace hvac filters, protect carpets, etc.  They tend to be excellent tenants!

James Safonov

Homepointe Property Management

jsafonov@homepointe.com

www.homepointe.com

#916-781-7075 x650 office

#916-429-1205 x650 after hrs vm

Comments(4)

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Jeff Jasinek
Clients First Realty - Peoria, AZ
Realtor-Clients First Realty, LLC

I'd get used to these kinds of applicants if I were in property management.  I am currently assisting an investor client who will be renting their upcoming purchases to tenants.  I have advised them to be prepared to see short sale and foreclosure documentation on the credit and background checks they perform for potential tenants.  Partly because a family might not be able to afford the loan package they were put into for their previous home, but also might not have the option to downsize to an apartment/condo situation.

 

Nov 29, 2011 06:51 AM
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h

In today's market, of course they are OK to rent to, assuming all other aspects of their credit are solid and they pass the remaining aspects of the qualifying guidelines.

Nov 29, 2011 04:01 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I have new residents moving into a rental home mid-December who have just completed a short sale.  They both said to me that they will not buy again until their youngest child is in highschool!

Nov 30, 2011 10:56 PM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

No checking account no can rent as far as I am concerned, that tells a lot about folks and their credit.

Dec 05, 2011 03:23 PM