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We are currently going through a short sale on our home in Virginia and looking to relocate to the Charlotte area to be closer to family (and be somewhere it's more affordable to live). We will be looking for a rental home, as we won't be able to buy right away after doing a short sale.
I'm wondering what the rental market is in the Charlotte area - we have been told that areas in south Charlotte are probably best. Our rent range is $2,000 - $2,500 per month. I'm also wondering what it's like trying to get approved for a rent once our short sale goes through, as it will drop our credit score a bit. We have flawless credit other than the short sale - no collections, judgements, etc. We pay all of our credit cards and bills on time and have absolutely nothing negative on our credit report. We will have at least two months plus security to put down on the rental, but not sure if there are strict requirements from landlords in this area.
Has anyone tried to rent after doing a short sale and have any info/advice to offer?
You can almost certainly find a suitable home in the 1500- 1900 dollar range. I would suggest checking out different property management or realty sites that offer rental homes. Fill out the application on line and see where it goes. I know of two people who had similar situations and were able to rent with little or no real problems. Be willing to explain you're situation and have security and first month's rent available. Good Luck.
What is your timeframe? We may be moving away for one year for my wife's career. It would likely begin in July We plan to really get the ball rolling on this process in the next 6 weeks or so (research, listing, etc).
JP- hopefully it will be within the next 3 months, but we are going through a short sale right now on our current home. So, depending on how long that takes, it may be longer. I've heard the quickest timeframe for a short sale is around 3 months and our situation is pretty cut and dry so we're hoping it won't be much longer than that.
We were in a similar situation, although it was a short sale on a secondary property, not our main home. We found a rental fairly easily, through a property management company. We did have a homeowner who said no to us after seeing the short sale on our credit report, which was perfect other than the short sale. However, the property management company had no problems approving us (for a different property), and we only put down one month security. Hope that helps.
I would think you should have no problem as long as you can prove your source of income is adequate and secure. Good single family homes seem to go rather fast in the nicer areas of South Charlotte so keep an eye on the websites (trulia, cragislist, zillow, etc.) daily.
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