Frequently Asked Questions
$75 per person
Everyone over the age of 18 years of age must be screened who will be living in the property.
- Criminal Background
- Eviction and Rental History
- Employment and Income History
- Children academic standing
- The following felony charges in recent 5-7 years:
- Control Substance
Eviction filed in the recent 5-7 years.
- Outstanding utility bills.
- Employment verification determines if tenant can financial afforded to rent unit.
- Perspective tenant must net at least two – three times the monthly rent.
- Housing verification gives the landlord or landlord’s agent information regarding tenant rent payments and living conditions.
Providing child’s current report card and/or transcript is proof that children over the age of 5 years old are currently in good academic standing at current school.
It frees up your time to do things you enjoy. Reduces your stress level of worrying about problems at the property.
You can choose to disallow pets and smokers. However, you must refuse everyone. You cannot disallow family, children, income source and various other things because of the Fair Housing Act of 1968. It is illegal to discriminate in the sale or rental of housing, including against individuals seeking a mortgage or housing assistance, or in other housing-related activities. The Fair Housing Act prohibits this discrimination because of race, color, national origin, religion, sex, familial status, and disability.
They will be given a 5-days’ notice requesting payment within 5 days. If they fail to pay the eviction process can begin.
All owner disbursements are sent out by the 15th day of the month unless it is a weekend or holiday. It will take 3 business days to post to your account.
Yes, you have the opportunity to review all leases and you sign them as well.
The only protection you have if a tenant damages the property is to withhold their security deposit and sue them for additional damages. If they are excess, you can file an insurance claim.
If the tenant lease before the lease in, you can sue them for the remainder of the lease term.
It is depending on what you as the owner would like the tenant to pay. Ex. They can pay 1st month rent and security deposit or 1st month, last month and security deposit or you do not have to collect a security deposit and request a move-in fee.
As long as the lease term you and the perspective tenant agree upon. Except Section 8 they only allow one- or two-year lease.
The owner holds the security deposit.
No, if we are managing your property. The only rent that we agree you directly collect is Section 8.
In order for the property to be rented it must be habitable. We always ask our clients for the amount of rent you are requesting would you live here if this is all you could afford. If your answer is no, then that means the quality tenant you are looking for will not live here either.
As demand for purchasing goes up, so does the pricing. There are a few factors that causes this such as; interest rates lowering; short-term spike in interest rates; and, low inventory.
In general, every real estate market is different; therefore, the best time to sell a home will be different from community to community. As a rule of thumb, it would be best to sell a home during the warmer months; such as, spring, summer or fall.
Make sure clutter is a minimum, paint, install new carpeting, clean your home, ensure there are no odors before listing your home.
It is important that you disclose to potential buyers anything you are aware of in your home. You are always better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going to the market is best. This could avoid potential issues and/or lawsuits once your home is under contract, after inspections and even years after you have sold your home.
There are a handful of methods that realtors use to determine the value of a home. The most common method is by completing a comparative market analysis. This is an in-depth evaluation of recently sold “comparable” homes in the past 6-12 months. This will not determine how much your home will sale for but should greatly narrow the sale price range.
Commission is negotiable; however, there is the saying that “you get what you pay for.” If a realtor offers a lower commission, it is highly unlikely that they will negotiate aggressively on your behalf when it comes to the price.
The bank appraiser is making sure that the home value is at least what a buyer and seller agree too. If an appraiser determines the value of the property is lower than agreed purchase amount, there a few different scenarios such as, the seller makes concession meaning the seller agrees to sell the home for what the appraiser has determined is an acceptable value; the buyer comes up with the difference; or, the transaction is cancelled.
Typically, closing expenses for home sellers include the abstract and title search, instrument survey, real estate commission and transfer taxes.
The decision as to whether to include appliances or make them negotiable is up to the seller. They do not add much value to the home.
Through the MLS, flyers, company website and social media platforms.
Depends on what you agree to in the lease.
Only with management/owner approval.
No, rent is collected electronically.
No. However, we strongly recommend you be present.
In the condition it was rented to you, broom sweep clean.
We will cancel your application. However, the application fee and move-in deposit are non-refundable.
It is various at each property.
Through the online portal.
It varies with each lease.
Notify management your expected move day. Ensure on the move day that the unit is broom sweep clean when management arrives.
You will pay for the damages in the same manner you had been paying your rent.
Getting a pre-approval is the first step to the purchasing process. This will be determining factor of how much you are approved for; the type of funding you are approved for; determines your down payment and closing cost; and, this demonstrates that you are a serious buyer.
In general, most loan programs require a FICO score of 620 or higher. If you have a higher credit score, you represent less risk to the lender, which often results in a lower down payment and better interest rate. In converse, if you have a lower credit score, you may need to bring more money to the table due to higher interest rate, which is to offset the lender’s risk.
FHA, Conventional, VA, USDA, Cash.
This is up to you. We only recommend that you see the home before putting in an offer to purchase.
The national average for down payments is 11%. In general, a first-time homebuyer usually put down 3 to 5%. Federal Housing Authority loan requires 3.5% down. Some programs will allow contributions from family members and/or friends in the form of a gift. Veteran Affair and USDA loans can be made with zero down. VA loans are only for former or current military service members. USDA loans are only available to low-to-middle income buyers in USDA-eligible rural areas. Conventional loans require a 20% down payment. These types of loans are typically taken out by repeat buyers who can use equity from their existing home as a source of down payment funds.
It really depends on you and you locating a property you are genuinely interested in, making an offer and that offer being accepted. It could take 10-12 weeks from start to finish.
When you make an offer on a home, your agent will ask for a check to accompany it (deposit is typically 1% to 2% of the purchase price). Earnest money is made as a good faith to demonstrate to the seller that you are genuinely interested. Earnest money will take the home off the market. If a deal is struck, the earnest money is applied to the down payment and closing costs. If the deal does not go through, the money is returned to the buyer. Important note: If the terms of the deal are agreed upon by both parties and the buyer backs out, the earnest money may not be returned to the buyer. There are ways to protect your earnest money deposit such as offer contingencies.
This occurs when there are declining home prices, which reduces demand. There are some factors that may cause this such as interest rates are higher; short-term drop in interest rates; and high inventory.
In general, the home buyer does not pay the realtor. There are generally two different realtors (one represents the buyer and one represents the seller). The listing brokers who represent the seller and charge a fee to represent them and market the property. Agents who represent the buyer are paid by the listing broker for bringing the home buyer to the table. When the property is sold, the listing broker splits the listing fee with the buyer’s agent.
The buyer’s agent may require a fee for service to begin the search. The buyer agent shows the buyer several properties and the buyer may never purchase. However, for the time the buyer agent spent looking with the buyer they may require a minimum compensation.
Written offers generally stipulate the timeframe for a response from the seller. Giving them 24 hours to respond should be sufficient.
Sellers can flat-out accept or reject an initial offer; however, it is most common for sellers to initiate a counteroffer. You and your agent will review to determine if it is acceptable. If so, then approving it will bring you one step closer to getting to closing the deal. Please keep in mind that offers and counteroffers can go back and forth many times.
Yes. Home inspections are required for financing your home with an FHA or VA loan. For other mortgage programs, it is not required; however, they are highly recommended in order to reveal defects in the home.
It is not required but it is a very good idea to do so. This gives the buyer a chance to make sure nothing has changed since their last visit. If repairs were requested as part of the offer, a follow-up visit ensures everything was repaired, per the terms of the contract.