Possible to rent after a short sale? (real estate market, apartment)

[mn2vegas]

I have a potential job transfer to move back to MN but that would mean having to short sell our current home in Vegas. We've been told that we won't be able to buy a new home for at least 2-3 years so we'd have to rent and due to our family size and pets we would need at least a 3 bedroom townhome or home (an apartment just would not work for us for that long).

Of the places I've found that we're interested in they will not take us because you must be in good standing with your current landlord/mortgage and if we do a short sale we would not be.

Has anyone been in a similar situation with a bankruptcy, short sale, or foreclosure and was still able to rent a home/townhome? Did you rent the home before this all took place or were you able to rent after the short sale/foreclosure/bankruptcy took place?

[mmhl]

My former neighbor is renting after short sale. I would try to look on craigslist, the newspaper and places like that, where a management company isn't handling the rental. Work with the owners directly & you'd probably have better luck. I'm guessing an explanation of the Las Vegas real estate market would help people understand your situation. More people are having to resort to renting out their homes because they can't sell so I would think you'd have some luck.

[uptown_urbanist]

I haven't been in that situation, but agree with mmhl; there are a lot of people out there these days who are in your situation, and I think many landlords will be willing to take you. There are a lot of landlords out there who really need tenants.

[MnMomma]

I know two families that are currently renting after a short sale. As mmhl mentioned, you'll probably need to find a private rental instead of somewhere with a management company. Craigslist is a good place to start as is driving around neighborhoods that you'd like. My friend found a single family home that only advertised by putting a sign in front.

[west336]

At the end of the day if you can show that you have money and you are not a risk, most people/places should accept your money. So offer a large deposit or prepaid rent or something to show you are a legitimate lessee.

[Texas2010]

In recent years, more and more landlords are renting to tenants who have had a short sale or foreclosure, because that is becoming the norm. I also might suggest looking into a contract for deed. I do know of one company/builder who is putting people in new or newer houses that they can afford, and doing so on a contract for deed. If you think you'd want your "own" house again, this would be a good option too.

Good luck on your move, and I'm sorry you're having to short sale your current home.

[ramsey]

I was in your same predicament this past April. I relocated out west from MN, short saled the home but I signed the lease of an apartment before the short sale went through. That way, your credit is still in good standing and you will get the opportunity to get the apartment before the credit report reflects the short sale. It can be done, just be strategic about it. Good luck to you and enjoy Minnesota.

[mn2vegas]

Thanks everyone! I will keep these things in mind. Right now nothing is for sure as I haven't accepted the transfer yet, just looking at what our options might be if I do decide to accept.

[StilltheSame]

Yes - you can find something - its more common now than ever. My friend did it through a management company because private owners were so uptight. She showed her offer letter and rented something well within her price range. No worries.

[erider2011]

If you can make the stretch financially, try getting the rental before you do the short sale. Also, the hit to your credit may not appear right away on your credit. Maybe 1-2 months.