Want to rent from Property Mgmt.,what are my chances?

[Debbie2]

I found a very affordable home to rent, but it's through a Mgmt. Co. I did let them know that I was in Bankruptcy / Ch.7.

They asked me if the home I surrendered was foreclosed on or if I surrendered it in Bankruptcy...I was very honest w/them...

They asked me to do the application+$50 fee and they'll see...

My question to you guys are:

Should I follow through w/application or just try somewhere else?

I really need yall advice/suggestions on this.

Btw, I will be discharged this month around 20th...

Thx in advance

[Flamingo]

I am uncertain about a $50 application charge to see if you qualify to rent a house. I find it funny they could not give you a complete answer after you told them your situation and then said to "apply anyway" and give them a $50 fee. That tells me they don't make the decision, someone else does, or they just see a quick $50.

Have you worked through any real estate agents? They have tons of listings of rentals and can help you in your area.

[HHM]

Flamingo, it is quite common with larger property management companies that they charge an application fee (especially larger apartment complexes etc, credit reports and background checks are not free for them), so that is a non-issue.

I would follow-through if you like the complex and the apartment and could see yourself living there the next 2+ years.

[justbroke]

I charge an application fee too, of $35 per person on the application. This is because a credit check with background check costs me about that (through a service I subscribe to).

When you are considering someone who has a foreclosure and/or bankruptcy, you may want the credit report to determine how they handle other things, outside the real estate. A person could have gone into foreclosure, but had stellar payment records on credit cards... OR, better yet... showed a stellar payment history prior to the foreclosure/BK.

In this way, you can ascertain whether the persons money issues are systemic and has always been the case, or it was temporary.

Only a credit report will give you some insight into the last 24 months of their credit life.

Better yet, the report service which I use, even brings back parking and traffic tickets! A friend of mine rented from me once and I ran her through... and called her and told her she needed to pay those tickets.

[jribe]

I think they should be able to tell you their policy before paying a $50 fee (but the fee is common for property mgmt co's to charge). Obviously, they will have *something* in their policy that says they either do, or do not rent to BK filers. Or it may be a case by case basis. If it's the later, that may be why she said "we'll see". But if that is the case, i would ask her what else they consider. If you have good refrences, a reliable job, rental history, no evictions, etc. Filing for BK shouldn't be the only decline reason.

[justbroke]

I think they should be able to tell you their policy before paying a $50 fee (but the fee is common for property mgmt co's to charge).

Not necessarily true. It's a totality of circumstances. TODAY, rental management companies are looking for stability over most other things.

I'd rather have a person in a job making decent money for the last 10 years (same employer), over someone who has been at current employ less than 1 year, moved around alot, and has a credit score over 750. Just me.

[Debbie2]

Hmmm, Thanks guys...I'm gonna give em a try.

[Flamingo]

Flamingo, it is quite common with larger property management companies that they charge an application fee (especially larger apartment complexes etc, credit reports and background checks are not free for them), so that is a non-issue.

I would follow-through if you like the complex and the apartment and could see yourself living there the next 2+ years.

Yep I am aware of fees and not questioning that but it's the way they did it to her in telling her to "apply anyway" after inquiring about her situation left some question marks floating in the air for me...anyway, this was for a house not an apartment so that is why I mentioned trying some local real estate agents who are working like mad in this economy looking for rentals for folks in foreclosure and are eager for the business.

[Debbie2]

Yep I am aware of fees and not questioning that but it's the way they did it to her in telling her to "apply anyway" after inquiring about her situation left some question marks floating in the air for me...anyway, this was for a house not an apartment so that is why I mentioned trying some local real estate agents who are working like mad in this economy looking for rentals for folks in foreclosure and are eager for the business.

Flamingo,
The home is through REMAX(local Real Estate Co.), just their rental property. I still haven't paid the fee yet because I'm kind of worried about my lates in the past on my Mortgage...I dunno, I may just wait it out and look for a Independent person that's trying to rent their house.

[Scooter10]

i am in same boat and will be looking for a place to rent in abount 4 months.
i think $50 is acceptable and a natural cost of bk.

Having your proof of income and a little extra security deposit may help the situation. With a chp7 bk you should be a good canidate because you have no debt. The current owner and property management company should understand this.

You can also reach out directy to the property owner if you are automatically delcined, really like the place. A simple tax assesment seach should be able to tell you the owner and their mailing address.