How to lease a home when you have bad credit (after short sale or foreclosure)
- Pay a higher security deposit
- Paying several months in advance
- Showing high income, money in the bank
- Reference from previous landlord
- Foreclosure or Short Sale but few to no other derogatory items
- Getting a co-signer or lease guarantor
There are advantages to leasing to a tenant who has just short sold their home
- They tend to be less picky because they feel grateful you’ve selected them.
- They tend to stay longer as they don’t want to go through this process again.
- It takes several years to repair credit so they tend to stay renters for a long time.
- The credit issues are normally due to a specific cause and a specified time frame-verify
- Usually the credit affects only certain accounts and not all the other accounts-verify
