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We just sold our house up here on Long Island and are relocating to the Apex/Cary area. We went down this past weekend to see some homes to rent. We plan on renting for 1-2 years, before buying or building a home. We have to rent because we didn't get enough money out of our home due to the bad housing market. I own a business here on Long Island and will be traveling back and forth while my family lives in NC.
The biggest problem we are coming across is because we were late on a couple of mortgage payments this past year due to the economy, is that some places think we are a risk. We paid our mortgage on time for for the past 10 years and have a good credit history. We are all caught up and back on track. They also say that because I don't have employment in NC that it will be harder for me to be accepted. I make more money with my business than I could make working in NC (even with flying back and forth every other week). We are willing to pay an extra 2-3 months rent up front in order get approved.
The sad thing is some places say that credit doesn't have to be perfect, but that the past 12 months need to be. THE PAST 12 MONTHS IS WHEN EVERYBODY HAD PROBLEMS! Business was great up until last year, but things are great again.
Has anyone here run into this problem and does anyone have any suggestion?
I see it all the time. Offer to pay a couple months rent up front maybe? Seem open to the possibility of a larger deposit? That's all I can think of off the top of my head right now, sorry. And please try to look at it from the other side of the fence; Bankers, lenders, whatever have had a awful past 12 months too, with people defaulting on everything, declaring bankruptcy and everything else that's in the pile. What I'm trying to say is that they're not going out of their way to hassle you or make things more difficult, they just need to make absolutely sure allowing you to rent said home is going to be a sound and concrete investment. But I feel your pain though, it feels like we're in the age of disqualification where sneezing wrong can result in you not getting a home. Sucks.
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