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Daily Real Estate News  |  January 29, 2009  |   Rules for Renting to Post-Foreclosure Tenants
Property managers considering renting to someone who lost a home to foreclosure should determine whether a potential tenant was a good renter prior to the foreclosure and could be again.

Maurice Ortiz, marketing director of Apartment People, a Chicago-based apartment-finding service, suggests setting up a procedure to consider applicants with extenuating circumstances individually. He suggests landlords consider these issues:

Did the tenant leave the foreclosure before he was evicted? Taking control of the situation and moving on is a sign of a reliable person who got in trouble because of the wrong mortgage.

Is the potential tenant upfront and honest about his problem? A tenant who admits his situation and explains it is likely to be a reliable tenant.

Ask for full, documented financial disclosure. Make sure the applicant has a job and a steady income and car and credit card loans are paid on time.

Ask for references and check them.

Seek a larger deposit – two months is not out of line – or ask for a lease co-signer.

Source: Chicago Tribune, Sharon Stangenes (01/25/2009)

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