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Will a short sale keep me from renting a house?

asked by steffie (37)

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related questions

Does anyone have good information regarding short sales and 1099?

Is it okay for a landlord to hold an open house to sell the house while we are renting it?

What are my chances of buying a home that is a short sale?

What are some good tips for renting a house?

What bank would want to approve a short sale offer?

What is the property tax liability for a short sale of a home?

What should I know if I am thinking about buying short sale with a FHA loan?

Tags:  finance  home  legal  money

answers

A short sale doesn't necessarily affect a person's ability to rent a house. A short sale will have a lowering effect on a person's credit score, and a landlord may take the renter's score into consideration when deciding whether or not to rent the house out. Landlords may be wary of someone who wasn't able to pay their mortgage.

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posted by triciag (128)
7 votes

Selling a house for less that it's worth leaves you with an unsecured and non-performing loan with a lender. This could affect your credit score and your rental options. Check your current score. If it's above 700, you should be OK. If not, attempt to rent a house directly from the renter who will bypass a credit check.

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posted by Att4372 (851)
5 votes

There are a lot of factors involved. Much depends on the requirements of the renter. It's also important to consider how the shortfall was handled.

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posted by patti (17701)
5 votes

A short sale will ding your credit, but it will not prevent you from renting - especially if you find a private rental (instead of a rental property owned by a company) or provide a large rental deposit. You could get a better deal renting from someone who has had trouble selling their own house.

5 votes

Some landlords run a credit report in the process of evaluationg a renter. A short sale may impact your chances of renting a property depending on the landlords criteria. Being honest with your potential landlord on what is in your credit report is the best way to overcome any negative items in your credit report.

4 votes

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