Profile picture for user1246705

Short sale and renting

My husband and I own a house that's in negative equity.  After talking to a lawyer, a couple of realtors, and an accountant, we've decided that our best option is to attempt a short sale.  The property needs repairs to make it livable, but we don't want to sink more money into an upside down house.

We're current on our payments and want to acquire rental housing before initiating the short sale.  What can prospective landlords see about our situation when they run our credit report?  What's the best way to address this situation when talking to prospective landlords?

We understand our credit score will take a huge hit.  We do have money set aside, so affording new housing is not an issue, and we have enough money saved to offer a larger deposit.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2012 - Minneapolis
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

The landlord, or whoever represents them, is not going to see much of anything right now because you are current on your payments.

What I would suggest is drafting up a letter of explanation, which will be very similar to the "hardship letter" you will write for the short sale. Everyone has a story in this situation, and it helps the landlord know what is going on.

As long as the income is there to support the rent and you have a good deposit you should have no issues in my opinion. Millions of renters all across the united states are renting right now after a foreclosure, and so landlords are used to this.

Good luck!

P.S- try to stay current on payments throughout the short sale it will greatly help you down the road if you want to re-purchase a home.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2012
 
Related Questions
How can I reach out to view/walk thru a rental home that I found on Zillow?
Profile picture for RNR Realty  International
Latest answer by RNR Realty International
April 08 | 3 answers
Can a real estate agent help me find a rental property?
Profile picture for Diane Turton Realtors Asbury Park
Latest answer by Diane Turton Realtors Asbury Park
March 22 2013 | 10 answers
How can I search (for a rental unit) under a certain price?
Profile picture for wetdawgs
Latest answer by wetdawgs
March 04 2013 | 1 answers
580 N 2nd Street
Profile picture for wetdawgs
Latest answer by wetdawgs
February 27 2013 | 1 answers
relocating...would like to rent a home or duplex, Should I look for a realtor or rental agency?
Profile picture for Herman Antonov
Latest answer by Herman Antonov
January 03 2013 | 7 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 7236 72nd Ln N, Brooklyn Park, MN Home For Sale
    7236 72nd Ln N, Brooklyn Park, MN 55428

     For Sale: $35,000

    • Beds: 1
    • Sqft: 734
    • Baths: 1.0
    • Lot: --
  2. 6108 Whited Ave, Minnetonka, MN Home For Sale
    6108 Whited Ave, Minnetonka, MN 55345

     For Sale: $275,000

    • Beds: 3
    • Sqft: 1984
    • Baths: 3.0
    • Lot: 21745
  3. 6567 E Fish Lake Rd, Maple Grove, MN Home For Sale
    6567 E Fish Lake Rd, Maple Grove, MN 55369

     For Sale: $255,000

    • Beds: 3
    • Sqft: 1776
    • Baths: 3.0
    • Lot: 11761