Life after BK and foreclosure....renting a home

[Panacea]

I'm aware of all the pitfalls I will have trying to rent with this BK mark in my life. But I was thinking. There are many places to rent around here, and many sitting there, week after week, begging for tenants. They are listed with realtors. I have been looking out for the private landlords of course also, but thought maybe this is an opportunity too.

What do you think of calling property management companies, explaining the situation, and seeing if any of their clients are willing? Has anyone ever done this?

The reason I asked, is because I did put an ad out on Craigslist under "housing wanted". Someone contacted me who rented a condo from a property management company. They were looking to move before their lease was up, and were having a hard time finding someone who would finish their lease, plus sign for another year. Unfortunately, no pets allowed, but I did speak to the property management company who said the "real" owner would've been willing until they found out I had a dog. They will keep my name and needs on file, and contact me if something else comes up that fits my, and any of the other owners needs.

So????

[helpme2010]

Panacea, I am in a similar situation as you. I am waiting for discharge, then foreclosure to boot me out, then a job, then find a place to rent. Housing wanted ad in craigslist may not get you what you want. I am guessing if you have a first and security deposit, and hopefully a job, that many landlords will be open to renting to you. Probably many wont as well, so it will probably be a numbers game. So I am guessing you just keep hunting and calling and explaining (and maybe contacting property management companies to search for you as well).

[AngelinaCatHub]

Watch out for Craigs list. Just my opinion.

In this economy, you should have no problems. The consensus here has been that the bankruptcy has not been a problem. They may depending.......ask for a bigger security deposit but of course that also depends on the person who is renting. The housing around here is begging for sales or rentals. People who are about to lose their places are last ditch efforting to rent.

BEWARE: There is a scam that (on Craigs list especially) a person or entity will rent you a house. It is a vacant bank owned house not theirs, they change the locks, take the sign down, clean it up and rent it. Take your first, last, and security and tell you to pay them by mail. Once the bank or real owner finds out, you then have a problem.

Just know who you are renting from as our economy is opening new opportunities for bad guys too. 'Hub

[helpme2010]

Good warning here AngelinaCatHub, how do you approach the landlord for proof that they are the owner. What type of documentation do you ask for so you know they are the real owner? I was planning on looking at online ads, visiting homes with signs, etc. and then visiting the places, but you bring up a good point in making sure they are not some scammer taking your money for a home they do not own. help help help

Panacea, I am in a similar situation as you. I am waiting for discharge, then foreclosure to boot me out, then a job, then find a place to rent. Housing wanted ad in craigslist may not get you what you want. I am guessing if you have a first and security deposit, and hopefully a job, that many landlords will be open to renting to you. Probably many wont as well, so it will probably be a numbers game. So I am guessing you just keep hunting and calling and explaining (and maybe contacting property management companies to search for you as well).

[Panacea]

Thanks! I will be careful. Believe me, the craigslist ad brought some kooks as well! And outta the many crazies, I only think about 3-4 have been valid possible opportunties. I do still have my job of almost 20 years, so I got that going for me! Thats about it on paper. I will have the money to put down first/last and and deposit if necessary, and have someone co-sign with great credit if necessary. I just haven't had to tell a stranger (landlord) face to face yet about my issues. I'm so dreading that.

[DebtEnder]

When I rented I pulled up the property address on the county online records and confirmed it had his name on it. I also happened to mention in passing how it must be nice to be 5 years into a 15 year loan with a tenant paying the full note in this economy. This was right after he whined about having to replace the fridge and microwave upon move-in as both lit up, but otherwise no worky.

[AngelinaCatHub]

Good warning here AngelinaCatHub, how do you approach the landlord for proof that they are the owner. What type of documentation do you ask for so you know they are the real owner? I was planning on looking at online ads, visiting homes with signs, etc. and then visiting the places, but you bring up a good point in making sure they are not some scammer taking your money for a home they do not own. help help help

'Debtender' answered what I would have said. Many counties have a GIS mapping service. You can by address or search on the map and learn how to use the mapping and when you point on a location, it will give you the registered owner.

For the most part, you won't have this happen as it is relatively new scam, but it is growing. As the landlord asks you for your information, diplomatically ask for his. You're entitled to a phone number so call him with a real or made up question to verify his address. There are many ways to insure yourself. Those who are in too much hurry just skip and ASS-U-ME, stuff and get hooked. 'Hub

[jacksjean]

I found that calling around to a few property management companies was a bit therapeutic. I have heard numerous horror stories about the inability to rent after BK. One property management company flat out told me that they will not approve any applications for tenants with any derogatory information on their credit file. Another company told me that any BKs must be discharged and closed before they will accept an application. Notice I said "accept" and not necessarily "approve". Another property management company advertises on their website that renting to tenants with derogatory information (BK, foreclosure) is on a case-by-case basis. The property management companies who did confirm they will rent to tenants with bad credit also confirmed that - by law in the state of California - they can charge 2 times (unfurnished) and 3 times (furnished) the rent as a security deposit (plus first and last). For me, I'll need at least $5000 just to get into a place that also allows pets.

[researchnerd]

You may have better results with a private landlord than a property management company. In my experience they can be more flexible and more motivated to rent, because it hurts them more when a property sits vacant. I checked our local real estate listings for rental homes (there are a lot of them out there), then I started calling each one individually. We loved the first home we looked at, they were willing to allow pets with an additional deposit, and they didn't even check our credit. All we needed was proof of income and good references. The landlord is local, a part-time RE agent, and has kids who go to the same school as my DS, but I did check the county tax records to be sure he was the rightful owner.