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Will a foreclosure prevent me from renting?

Posted by Rory Vohwinkel | Oct 16, 2018 | 0 Comments

RENTING IN LAS VEGAS AFTER A FORECLOSURE

If you have a foreclosure on your record, finding an apartment can become harder. Yet, there are steps that you can take to make sure that you have a new place to live. Here are some tips to follow for locating an apartment in Las Vegas after you have a foreclosure.

Consider the Type of Building

While you may want to hurry up and rent something before your foreclosure shows up on your record, which normally takes 30 days, there are other things that you can do. According to a national study conducted by RentGrow, high-end apartments are the hardest to get into as the average accepted credit score is 683. Meanwhile, the average credit score in low-end apartments is 624. In areas with a looser rental market, such as found in Las Vegas right now, required credit scores may be even lower.

Look for a Private Landlord

Private landlords may be easier to conduct business with than larger corporations. Going this route may allow you a chance to discuss the particulars of your situation with the individual who makes the ultimate decision. You also may want to offer the potential landlord a larger cash deposit if he or she will rent to you in order to show that you have the ability to handle money properly.

Get a Co-Signer

Often times, a landlord will go ahead with a rental if you can get a co-signer with good credit. Therefore, you may want to consider asking a friend or relative if they will co-sign with you. Just make sure to always pay your rent on time because the other individual will have to make the payment if you cannot make it.

Raise Your Credit Score

There is no doubt that a foreclosure in Las Vegas can hurt your credit score by up to 250 points depending on your previous credit score. Therefore, you need to make sure that your credit is good in other areas, like your car and credit card payments, so that your credit score is still average.

While a foreclosure may impact your ability to rent in Las Vegas, keeping these tips in mind should help you find a place to live. A foreclosure only stays on your credit for seven years, so by spending that time raising your credit score, you can work toward securing a better place to live.

About the Author

Rory Vohwinkel

Rory Vohwinkel began his legal career at one of Nevada's oldest and largest law firms, representing clients in commercial litigation and business transactions. Rory went on to serve as the sole in-house attorney for a national real estate investment and property management company. In 2009, Rory...

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