"We don't handle rentals" - well, mostly. We do handle rentals in downtown St Petersburg condos, and we do handle rentals for our clients whose homes haven't sold and who want to do a "For Sale of For Lease, whichever comes first." and yes, we do help our clients and their families find rentals when they need them. So - with all these exceptions increasing, we're more involved than ever in getting credit reports on potential tenants.
A few years ago, a Foreclosure or Bankruptcy would have been the Kiss of Death. Today, however, it's the situation for most of the people looking to rent. They were too optimistic, or their business failed, or they lost a job, couldn't make their payments, and lost their house. So now, former owners are potential renters.
In many cases, the mortgage was their only default - the rest of their credit is good.
In many cases, these are people who know how to take care of a home and maintain it.
In many cases, these people really really want to live in a nice home in a nice neighborhood.
So, don't be too hasty to judge - some of these could be great tenants.
Hi, Sharon. I am also seeing 'settled' accounts from short sales in addition to foreclosures. I ask my landlords to look at the entire credit history. The tenants ability to pay as a whole. There are folks out there that have had 800 credit scores... But, have made the business decision to walk away from a property that was causing them to bleed from their jugular.
I like your post here Sharon. As a fellow St Pete business person I have received a lot of calls from good people that have gone through a bad time in history. Well put!
Sharon - Indeed, in this market what used to be a negative situation has slowly become the norm!
Hi Sharon, Yes, some of our best prospective tenants may be credit challenged after being upside down in their home! When possible, I try to see or find out how they left that home they lost or are losing. Tells you a lot about the people. I love it when my tenants stay in a home for more than 1 year and when given time, I can help them buy another one.
BTW I will likely be in St Pete myself some time over the holidays as my sister is having surgery. Pat Argo Class of 1960 Dixie Hollins High, a past President of CRS Florida
Colleen - we're in interesting times.
Scott - that's happening more and more frequently.
Barbara-Jo - sad, but true.
Pat - please call so that we can get together. We move into our new office tomorow.