5 warning signs when screening tenants
The rental screening process is just getting more and more complex. Some property owners are getting out of this rental market as a result of regulations and yet how can you walk away from one of the hottest growth areas in the country! Seattle has had the highest crane count in the country for months. As you may or may not be aware, Aug 14, 2017 - Landlords will be forbidden from screening tenants based on criminal records, under an ordinance the Seattle City Council approved Monday. This is just another owner burden on top of many recently added by government. Seattle’s City Council has passed a controversial new measure that will require landlords there to accept security deposits and other move-in fees — like last month’s rent — in installments. In addition, the law caps total fees — including the security deposit — at no more than one-month’s rent. Landlords can charge for tenant screening reports, but only the precise amount used for that purpose. Liens and Judgements to stop reporting on credit files has much of the mortgage and tenant industry wondering. There may be a potential gap in the information that is being reported this coming July 2017 and beyond. So the Question is how do you screen tenants? Screening tenants properly involves more than just using intuition, instinct, and gut feeling—some of the nicest applicants could be trouble. The best way to achieve this is by screening tenants using a full service screening company that does things the old fashion way, physically calling to verify employment and using a seasoned property manager. Today’s technology is making things less personal. Renting to a tenant is all about the occupants character and you do not get that from a no contact screening process. In today’s world of fake news why trust a technology based screening process? What’s going to happened to a tenant diagnosed with cancer after move in? The wrong tenants in your rental property can cost you dearly. The right tenants should keep you in business. Here are five warning signs that a potential tenant is likely to be problematic and what you should do about it. 1. They’re too nice Interviewing applicants is always wise. But you should do this in addition to other screening methods. Why? Because some people lie. Some people are naturally nice, would make great tenants, and have nothing to hide. Such people will probably make a good impression on you. But people who are hiding something could also make a good impression. Such people are simply on their best behavior in the hopes that you’ll buy what they’re telling you without doing your due diligence (checking up on them). Checking references is a good practice, but the references could be fake. If you were a fan of the Seinfeld TV show, you might remember that George made up a person, Art Vandelay, who would vouch for George as a reference. There was no Art Vandelay—it was George himself or a friend pretending to be the reference. Applicants who are hiding something have been known to use their own “Art Vandelay” to trick you when you call to check references. Make sure you crosscheck references. If a reference is supposed to be the applicant’s boss, for example, don’t just call the phone number on the application. Internet search the place of employment, and then call to see if that person really does work there. 2. Not everyone applies If you will be renting to people in a roommate situation, get everyone to fill out an application. If they don’t want to do this, it signals a red flag. Even though you could make one person responsible for paying the entire rent, if everyone fills out an application and is on the lease, you’ll have more people to choose from if the rent isn’t being paid. If you’re renting to young people who will have a parent be responsible for paying the rent, make sure you have the co-signer fill out an application and be on the lease as well. 3. The application isn’t complete If the applicant leaves out information such as rental history, job history, or references, this probably signals a problem. They may be trying to cover up that they tend to get fired from jobs or leave rentals after a short period. The same goes if they decline the background or credit check, making the application incomplete. 4. They don’t make enough money Applicants should make enough money to afford to rent your property. They need to show you proof of income, and you should call their employer to verify that they really work where they say they do. Ideally, your tenants should make three times the rent, more if they have a huge debt load. 5. Move-in costs in installments Most landlords charge at least first month rent plus security deposit for new tenants to pay before they move in. If an applicant asks to pay this in installments, it signals that they could have trouble paying rent. Move on to the next applicant instead of trying to bargain at this stage. The challenge here is Seattle is requiring this option so we are back to character The bottom line Getting responsible tenants in your rental properties is one of the most important things you can do to ensure success with your rental business. Don’t cut corners here, and be on the alert when you see warning signs. To pay a professional a months rent to properly perform this process alone is a bargain. Let the property sit vacant, it’s cheaper than getting rid of a nightmare. Walter Northfield ARE YOU USING THE CORRECT I-9 DOCUMENT?On July 17th a new I-9 form was published and it is required, as of September 17, 2017, that the document with the revision date of 7/17/17 N be used. Although most of the changes to this document are minimal, employers need to begin using the new form to remain in compliance. A copy of the new form and additional information can be found at: https://www.uscis.gov/i-9 The biggest change in this most recent I-9 revision by USCIS (U.S. Citizenship and Immigration Services) is in the acceptable documents allowed. There were also some changes made in the wording of the instructions as well as the list C documents were renumbered. It is important to note that Section 1 of the I-9 must now be completed no later than the 1st day of employment. Employers must continue to follow existing storage and retention rules for any previously completed Forms I-9. Snohomish County homeowners will see bigger tax bills
Homeowners in almost every community will have bigger bills to pay in 2017 compared to last year. Most increases owe directly to school, public safety or transit levies that voters approved in 2016. The most significant for many will be the Sound Transit 3 measure that passed in November. It levied the agency’s first-ever property tax, along with higher car-tab fees and a sales tax. The taxing district covers urban areas from Everett to the south, taking in more than half the county’s tax parcels. The new tax of 25 cents per $1,000 of assessed value is earmarked to help pay to expand light-rail and commuter-bus service over the next quarter century. In addition to the transit tax, homeowners in Everett and Mill Creek also will see the effects of a school bond and capital levy voters passed in April. Across southwest Snohomish County, property owners will start paying on an Edmonds School District levy that passed a year ago to pay for technology, building improvements and sports fields. In Mountlake Terrace, a levy lid lift contributed to the city having the highest average increase anywhere in the county. Overall, Snohomish County voters passed 18 of the 22 property-tax measures on the ballot last year. Half were for school districts. Tax statements were mailed Tuesday. Half of the taxes are due by the end of April and the second half by the end of October. The average tax bill is set to go up almost everywhere in the county, with the exception of the city of Arlington. Countywide, property owners can expect taxes to be 11.1 percent higher on average compared to last year. The largest average increases are in Mountlake Terrace (15 percent), Everett (14.2 percent), Woodway (13.9 percent) and Mill Creek (13.7 percent). The average property tax in Arlington is due to drop by 0.3 percent. In Lake Stevens, taxes will be almost static, inching up just 0.1 percent. The largest share of a typical tax bill, by far, goes toward public schools. The next-largest portions typically fund fire districts and municipal services. The total amount of taxable property in the county increased to $105 billion in 2017 from $96 billion in 2016, a rise of 9.4 percent. The total amount of taxes collected this year is due to rise 8.2 percent over last year, to nearly $1.2 billion, for all taxing districts. For more info, go to the county treasurer’s website: www.sno homishcountywa.gov/Treasurer. Elderly and disabled homeowners can apply for property-tax exemptions. To learn more, call 425-388-3433 or go to www.snohomishcountywa.gov/328/Property-Tax-Exemptions. Noah Haglund: 425-339-3465; [email protected]. Twitter: @NWhaglund. |
We Rent Homes! At Northfield Property Management. We specialize in property management. We handle everything including:
Specializing in property management for the small investor-Free quotes! Why Choose Northfield Properties Inc?? If you own or are thinking about purchasing Investment Property, you need our services! Our years of experience will save you thousands of dollars and give you the peace of mind that your investment is being properly handled. We make owning rental property an enjoyable experience. Your Personalized Full Service Management Company
Financial Regulations
Members of the new administration have promised, and have already begun, an overhaul of our financial regulations. Many leaders in the housing finance industry, regardless of their political leanings, believe the market would benefit by some selective regulatory relief. While nobody wants a return to the irresponsible lending that proliferated in the last decade, pulling back on a few regulatory levers would stimulate demand, especially in a number of markets where an increase in qualified buyers is most needed. Consumer Confidence In the years following the Great Recession, many would-be homebuyers have been understandably cautious to leap back into the housing market. This has been especially true for our minority and millennial populations, whose introductions to the housing market were likely during the worst market conditions in a century. While the shortage of housing inventory has made this issue less noticeable, as the market continues to normalize, a shortage of buyers will become more problematic. The new president could help improve this perspective by using his formidable promotional talents to advise the country that it is safe to get back into the housing market, and that purchasing a home is still one of the best ways to build wealth and improve your quality of life. Because purchasing a home is as much about emotion as anything else, one of the best things our new commander-in-chief can do for the housing industry is to also be the “cheerleader-in-chief” for buying a home. Given that housing represents about 16 percent of our overall economy, President Trump should have the appropriate motivation to do exactly that. America’s affordable-housing stock dropped by 60 percentThe report by Freddie Mac examined loans that the corporation had financed twice between 2010 and 2016.
The number of apartments deemed affordable for very low-income families across the United States fell by more than 60 percent between 2010 and 2016, according to a new report by Freddie Mac. The report by the government-backed mortgage financier is the first to compare rent increases in specific units over time. It examined loans that the corporation had financed twice between 2010 and 2016, allowing a comparison of the exact same rental units and how their affordability changed. At first financing, 11 percent of nearly 100,000 rental units nationwide were deemed affordable for very low-income households. By the second financing, when the units were refinanced or sold, rents had increased so much that just 4 percent of the same units were categorized as affordable. “We have a rapidly diminishing supply of affordable housing, with rent growth outstripping income growth in most major metro areas,” said David Brickman, executive vice president and head of Freddie Mac Multifamily. “This doesn’t just reflect a change in the housing stock.” Rather, he said,affordable housing without a government subsidy is becoming extinct. More renters flooded the market after people lost their homes in the housing crisis. The apartment vacancy rate was 8 percent in 2009, compared to 4 percent in 2017. That trend, coupled with a stagnant supply of apartments, resulted in increased rents. Freddie Mac buys mortgage loans from a network of primary market lenders, and issues mortgage-related securities. This helps lenders provide loans to developers and owners for the purchase, refinancing, rehabilitation and construction of multifamily properties. The study defined “very low income” as households making less than 50 percent of the area median income, and “affordable” rent as costing less than 30 percent of household income. The report found a significant drop in the percentage of affordable units in seven of the nine states where Freddie Mac financed the most rental units. Colorado and North Carolina had the greatest gaps. At first financing, 32 percent of the units in Colorado were considered affordable for very low-income families; at second financing, only 8 percent in Colorado were deemed affordable. Most of the rental units analyzed in Colorado were in thegreater Denver area. In North Carolina, the percentage of affordable apartments dropped from 10 percent to 0.3 percent — mostly in the greater Charlotte area. Rental affordability for very low-income families also declined in Arizona, Georgia, Nevada, Texas and Washington. In California and Florida, the poorest households were already shut out of the rental market before the period covered by the report. And those on the next level up were quickly being squeezed out. In California, 56 percent of apartments were affordable for low-income families at first financing, compared to 10 percent upon second financing. In Florida, the number of affordable apartments dropped from 60 percent to 39 percent. The significant decrease in affordability typically occurred within just a few years, said Steve Guggenmos, vice president of research and modeling at Freddie Mac Multifamily. Most of the units remain affordable for people making the median income in the area, with the exception of California, where only a quarter of the units were affordable for them. Most new construction of multifamily housing generally serves high-income renters, according to Freddie Mac. The corporation — along with Fannie Mae, another government-sponsored enterprise with a similar mission — significantly reduced its role in financing multifamily housing after the Great Recession. Together, they had financed about 70 percent of all original loans for multifamily properties in 2008 and 2009 as private capital pulled back, said Karan Kaul, a research associate at the Housing Finance Policy Center at the Urban Institute. By the end of 2014, their market presence declined to 30 percent. “The affordability issues are becoming more severe at the lower end of the market,” said Kaul, a former researcher at Freddie Mac. “Absent some kind of government intervention or subsidy, there is just not going to be any investments made at that lower end of the market.” Kaul said that in the past three years, Freddie Mac introduced a “small balance loan” program targeting smaller multifamily buildings that have the most trouble securing private financing. The initiative could help stem the decline in the supply of affordable housing, he said. “By increasing this financing, Freddie Mac for the first time has been able to crack this market in a meaningful way, given its inherent challenges,” Kaul said. housing |
|
Tenant Guarantee
We now offer a TENANT GUARANTEE! If a tenant is approved for your rental home and you get a vacancy during the first three months of the lease term, Northfield Properties will find another tenant for you for FREE! This includes all of the advertising, showings, and placement of the tenant.
This is designed to be a win-win situation
Application Process and Tenancy Criteria
. When the screening report is completed, if your application can only be approved with conditions, these conditions must be met within 24 hours in order to maintain first position for the property. After 24 hours we will start processing other applications. Thereafter, once you meet the conditions, your application will join processing behind any application currently being screened.
6. If your application is approved, one of our property managers will contact you in order to confirm your desired move in date and discuss lease terms. The property manager will then prepare a lease agreement for you to review and sign.
7. The lease agreement must be signed and returned, together with the first month’s rent, within 48 hours in order to retain first position for the property. If the lease and deposit are not returned within 48 hours, then we will continue to process other applications on the property. Thereafter, once you return the lease and first month’s rent, your lease will be accepted subject to any application currently being processed.
8. All move in funds (rent, deposits and/or fees) must be paid by money order or cashier’s check. Cash and Personal checks will not be accepted under any conditions. Personal checks will be accepted starting with the second rental payment.
9. All rental payments are due on or before the first business day of each month and are late if not received by the 3rd day of each month. This means they must be received by the due date. A Northfield Properties late fee is ten percent (10%) per month, it is important that your payment is received by the close of business on the due date. There are no exceptions to this policy.
RENTAL CRITERIA
1. Twelve months of verifiable residence history from a third party landlord required. Rental reference must be from within the past two years to be considered recent.
2. With good credit, rental history demonstrating residency, but not by a third party or not for sufficient term, will require an additional Security Deposit equal to 70% of months rent. Pet deposits start at 250 with ½ never being refunded
3. Home ownership will be verified through the tax assessor’s office or credit report.
4. Three or Four late payments or NSF checks for rent or mortgage within a twelve month period will require an additional Security Deposit equal to one month’s rent.
5. Two late payments or NSF checks for rent or mortgage within a Twelve month period will require an additional Security Deposit equal to one half month’s rent.
6. Any unlawful detainer action or eviction within the past three years results in denial, unless perfect credit and current good rental references can be obtained, in which case one month’s additional Security Deposit will be required.
7. Rental history showing between $50.00 and $750.00 in damage will require an additional Security deposit equal to one month's rent, if the amount has been paid in full.
8. Rental history with complaints (disturbance or other) will be denied if the previous manager would not re-rent or if there are more than three complaints.
9. Added Security Deposit equal to one month’s rent is required for any instance of unauthorized persons or pets in a unit rented by the applicant.
10. First time renters, with no established credit, will require additional Security Deposit equal to one month’s rent or a co-signer.
11. First time renters, with established credit, will require additional Security Deposit equal to one half month’s rent or a co-signer.
INCOME REQUIREMENTS
1. Monthly household income must be equal to or greater than three times the monthly rent. In most cases Roommates are qualified together. However, we will only allow the combining of the top three (3) separate incomes to qualify for the income requirement.
2. Monthly household income of two and one half times the rent or better, but less than three times the monthly rent, can be approved with an additional Security Deposit equal to one month’s rent or co-signer, if total debt does not exceed 66% of income. Monthly household income of less than two and one half times rent cannot be approved.
3. A current paycheck stub, showing a minimum of the last 30 days, will be required if we are unable to verify income over the phone or fax.
4. Some form of verifiable income will be required for unemployed applicants.
5. Self-employed applicants will require proof of income by tax returns and bank statements.
6. Select properties will accept household income that equals 2.5 times the amount of monthly rent.
EMPLOYMENT REQUIREMENTS
1. Verifiable employment is required.
2. Added Security Deposit of one month's rent will be required when employment does not meet the stated criteria.
3. Self-employed individuals must be verified through tax returns and bank statements.
4. Prepayment of last month's rent is needed for temporary or seasonal employees.
5. Military income may require an allotment.
6. Must have been previously employed in the same industry for at least the past 6 months at current or previous employment, if not added Security Deposit of one month's rent or a co-signer will be required.
CREDIT CRITERIA
1. Good credit required.
2. Outstanding bad debts being reported on credit report which total more than $100.00 but less than $1,000.00 will require an additional half month's rent Security Deposit.
3. Outstanding bad debts being reported on credit report totaling more than $1,000.00 but less than $2500.00 will require added Security Deposit equal to one month’s rent.
4. Outstanding bad debts being reported on credit report totaling more than $2,500.00 will result in denial, unless the poor accounts are more than three years old and positive credit has been established since then. In this case, an additional Security Deposit equal to one month’s rent will be required.
5. Excessive unpaid collections (6 or more) will result in denial.
6. After a discharged bankruptcy, applicant must show at least six months of positive established credit. Any negative credit after a discharged bankruptcy will result in denial. Rental history will be considered for established credit. Added Security Deposit equal to one month’s rent will be required.
7. After a discharged bankruptcy, an applicant showing at least three years of perfect established credit may be approved without additional security. Rental history will be considered for established credit.
8. Applicants with less than 6 months worth of established good credit will require an additional security deposit equal to a half months rent.
CRIMINAL CRITERIA
1. Any criminal offense which has taken place within the last seven years is a consideration for denial based on the following:
o If there is a criminal conviction and the applicant has been out of jail/prison less than five years they will be denied.
o If the criminal offense was of a physical or violent nature against either person or property, the applicant will be denied.
o If the criminal offense took place more than seven years ago, or if the person has been out of jail/prison more than five years and has perfect credit and rental history, they may be approved. (They may only be approved if this was a one time offense and was not of a physical or violent nature. Multiple offenders will be denied no matter what the credit and rental history shows.)
AUTOMATIC DENIALS
1. Any collection or judgment filed by a property management company or landlord within the last three years for over $300.00 will result in denial. If longer than three years and paid, will result in one month’s added Security Deposit.
2. Rental history reflecting more than $750.00 damage will result in denial.
3. Any current 3-day notice or unlawful detainer action or eviction will result in denial.
4. More than four late payments or NSF checks for rent or mortgage within a 12 month period will result in denial.
5. If unemployed and unable to verify sufficient income to pay rent, applicant will be denied.
6. False information or a gross distortion of the truth will result in denial.
7. Any applicant with a bankruptcy not showing as discharged is denied until shown otherwise.
8. Any criminal activity involving selling or possession with intent to sell drugs will result in denial, unless it was a misdemeanor and only one case over 3 years old.
9. Any criminal activity of a physical or violent nature will result in denial
10. An employment reference, in which the employer indicates that the employment will end and/or the income level will drop below 2.5 times the rent, will result in denial.
11. Any undisclosed previous rental address will result in denial.
12. An incomplete application will result in denial
13. Lack of response from the applicant for additional information after the 2nd business day will result in denial.
GOOD CREDIT Good credit means that all accounts are in good standing and paid as agreed and that total debt to income, including rent, does not exceed 66%.
We now offer a TENANT GUARANTEE! If a tenant is approved for your rental home and you get a vacancy during the first three months of the lease term, Northfield Properties will find another tenant for you for FREE! This includes all of the advertising, showings, and placement of the tenant.
This is designed to be a win-win situation
Application Process and Tenancy Criteria
. When the screening report is completed, if your application can only be approved with conditions, these conditions must be met within 24 hours in order to maintain first position for the property. After 24 hours we will start processing other applications. Thereafter, once you meet the conditions, your application will join processing behind any application currently being screened.
6. If your application is approved, one of our property managers will contact you in order to confirm your desired move in date and discuss lease terms. The property manager will then prepare a lease agreement for you to review and sign.
7. The lease agreement must be signed and returned, together with the first month’s rent, within 48 hours in order to retain first position for the property. If the lease and deposit are not returned within 48 hours, then we will continue to process other applications on the property. Thereafter, once you return the lease and first month’s rent, your lease will be accepted subject to any application currently being processed.
8. All move in funds (rent, deposits and/or fees) must be paid by money order or cashier’s check. Cash and Personal checks will not be accepted under any conditions. Personal checks will be accepted starting with the second rental payment.
9. All rental payments are due on or before the first business day of each month and are late if not received by the 3rd day of each month. This means they must be received by the due date. A Northfield Properties late fee is ten percent (10%) per month, it is important that your payment is received by the close of business on the due date. There are no exceptions to this policy.
RENTAL CRITERIA
1. Twelve months of verifiable residence history from a third party landlord required. Rental reference must be from within the past two years to be considered recent.
2. With good credit, rental history demonstrating residency, but not by a third party or not for sufficient term, will require an additional Security Deposit equal to 70% of months rent. Pet deposits start at 250 with ½ never being refunded
3. Home ownership will be verified through the tax assessor’s office or credit report.
4. Three or Four late payments or NSF checks for rent or mortgage within a twelve month period will require an additional Security Deposit equal to one month’s rent.
5. Two late payments or NSF checks for rent or mortgage within a Twelve month period will require an additional Security Deposit equal to one half month’s rent.
6. Any unlawful detainer action or eviction within the past three years results in denial, unless perfect credit and current good rental references can be obtained, in which case one month’s additional Security Deposit will be required.
7. Rental history showing between $50.00 and $750.00 in damage will require an additional Security deposit equal to one month's rent, if the amount has been paid in full.
8. Rental history with complaints (disturbance or other) will be denied if the previous manager would not re-rent or if there are more than three complaints.
9. Added Security Deposit equal to one month’s rent is required for any instance of unauthorized persons or pets in a unit rented by the applicant.
10. First time renters, with no established credit, will require additional Security Deposit equal to one month’s rent or a co-signer.
11. First time renters, with established credit, will require additional Security Deposit equal to one half month’s rent or a co-signer.
INCOME REQUIREMENTS
1. Monthly household income must be equal to or greater than three times the monthly rent. In most cases Roommates are qualified together. However, we will only allow the combining of the top three (3) separate incomes to qualify for the income requirement.
2. Monthly household income of two and one half times the rent or better, but less than three times the monthly rent, can be approved with an additional Security Deposit equal to one month’s rent or co-signer, if total debt does not exceed 66% of income. Monthly household income of less than two and one half times rent cannot be approved.
3. A current paycheck stub, showing a minimum of the last 30 days, will be required if we are unable to verify income over the phone or fax.
4. Some form of verifiable income will be required for unemployed applicants.
5. Self-employed applicants will require proof of income by tax returns and bank statements.
6. Select properties will accept household income that equals 2.5 times the amount of monthly rent.
EMPLOYMENT REQUIREMENTS
1. Verifiable employment is required.
2. Added Security Deposit of one month's rent will be required when employment does not meet the stated criteria.
3. Self-employed individuals must be verified through tax returns and bank statements.
4. Prepayment of last month's rent is needed for temporary or seasonal employees.
5. Military income may require an allotment.
6. Must have been previously employed in the same industry for at least the past 6 months at current or previous employment, if not added Security Deposit of one month's rent or a co-signer will be required.
CREDIT CRITERIA
1. Good credit required.
2. Outstanding bad debts being reported on credit report which total more than $100.00 but less than $1,000.00 will require an additional half month's rent Security Deposit.
3. Outstanding bad debts being reported on credit report totaling more than $1,000.00 but less than $2500.00 will require added Security Deposit equal to one month’s rent.
4. Outstanding bad debts being reported on credit report totaling more than $2,500.00 will result in denial, unless the poor accounts are more than three years old and positive credit has been established since then. In this case, an additional Security Deposit equal to one month’s rent will be required.
5. Excessive unpaid collections (6 or more) will result in denial.
6. After a discharged bankruptcy, applicant must show at least six months of positive established credit. Any negative credit after a discharged bankruptcy will result in denial. Rental history will be considered for established credit. Added Security Deposit equal to one month’s rent will be required.
7. After a discharged bankruptcy, an applicant showing at least three years of perfect established credit may be approved without additional security. Rental history will be considered for established credit.
8. Applicants with less than 6 months worth of established good credit will require an additional security deposit equal to a half months rent.
CRIMINAL CRITERIA
1. Any criminal offense which has taken place within the last seven years is a consideration for denial based on the following:
o If there is a criminal conviction and the applicant has been out of jail/prison less than five years they will be denied.
o If the criminal offense was of a physical or violent nature against either person or property, the applicant will be denied.
o If the criminal offense took place more than seven years ago, or if the person has been out of jail/prison more than five years and has perfect credit and rental history, they may be approved. (They may only be approved if this was a one time offense and was not of a physical or violent nature. Multiple offenders will be denied no matter what the credit and rental history shows.)
AUTOMATIC DENIALS
1. Any collection or judgment filed by a property management company or landlord within the last three years for over $300.00 will result in denial. If longer than three years and paid, will result in one month’s added Security Deposit.
2. Rental history reflecting more than $750.00 damage will result in denial.
3. Any current 3-day notice or unlawful detainer action or eviction will result in denial.
4. More than four late payments or NSF checks for rent or mortgage within a 12 month period will result in denial.
5. If unemployed and unable to verify sufficient income to pay rent, applicant will be denied.
6. False information or a gross distortion of the truth will result in denial.
7. Any applicant with a bankruptcy not showing as discharged is denied until shown otherwise.
8. Any criminal activity involving selling or possession with intent to sell drugs will result in denial, unless it was a misdemeanor and only one case over 3 years old.
9. Any criminal activity of a physical or violent nature will result in denial
10. An employment reference, in which the employer indicates that the employment will end and/or the income level will drop below 2.5 times the rent, will result in denial.
11. Any undisclosed previous rental address will result in denial.
12. An incomplete application will result in denial
13. Lack of response from the applicant for additional information after the 2nd business day will result in denial.
GOOD CREDIT Good credit means that all accounts are in good standing and paid as agreed and that total debt to income, including rent, does not exceed 66%.
1-30-2016
The next time you need a home inspection remember these simple tips on what to ask and what to look for.
When buying a new house, its all to easy to get enamored with all the pretty new features, the shiny granite, the glistening new appliances in the kitchen and the new mosaic tiles in the master bathroom. But don’t fall in love too fast because more often than not, there is more to the house than what you first see. Not checking the house out carefully, could end you up in a house that is a money pit, where you spend most of your spare time and money fixing the problems with your new house.
But how are you supposed to know if a house has foundation problems, faulty or old wiring, bad pipes or a plethora of other hidden problems that you would not know about or even consider?
Two words: home inspection.
It is extremely important that you get your house inspected as soon as you plan to buy a house, regardless if the house is new or a fixer. A professional home inspection needs to be done before you sign the contract and make the final purchase because with out it you may not know for months or even years of a potentially huge problem that will creep up after you have moved in, and are the legal owner.
How do you find a good inspector?
When you hire a home inspector, you also need to ensure that the inspector isn’t cutting corners, and is thoroughly checking every aspect of the house.
These are some of the most important items a good home inspector should look at and report on.
The next time you need a home inspection remember these simple tips on what to ask and what to look for.
When buying a new house, its all to easy to get enamored with all the pretty new features, the shiny granite, the glistening new appliances in the kitchen and the new mosaic tiles in the master bathroom. But don’t fall in love too fast because more often than not, there is more to the house than what you first see. Not checking the house out carefully, could end you up in a house that is a money pit, where you spend most of your spare time and money fixing the problems with your new house.
But how are you supposed to know if a house has foundation problems, faulty or old wiring, bad pipes or a plethora of other hidden problems that you would not know about or even consider?
Two words: home inspection.
It is extremely important that you get your house inspected as soon as you plan to buy a house, regardless if the house is new or a fixer. A professional home inspection needs to be done before you sign the contract and make the final purchase because with out it you may not know for months or even years of a potentially huge problem that will creep up after you have moved in, and are the legal owner.
How do you find a good inspector?
When you hire a home inspector, you also need to ensure that the inspector isn’t cutting corners, and is thoroughly checking every aspect of the house.
These are some of the most important items a good home inspector should look at and report on.
- Foundation - Foundations can be one of the most expensive problems and if left undiscovered, you could end up with a house that is sinking into the ground, with shifting and cracking walls and ceilings, sticking windows, floors that sag and so much more. The foundation is the rock on which your house stands, if it has problems so do you.
- Plumbing - Your home inspector is mainly going to be looking for leaks or signs that water has been dripping from pipes. These signs include things such as corrosion and stains on the bottom of the cabinet, warped floors and stains on walls and ceilings.
- Electrical systems - If you have an electrical issue, you could experience many signs of a problem. Signs of an issue include breakers and fuses burning out often, dimming and flickering of lights, buzzing or charring of electrical outlets, burning smells, and shocking but some signs are often overlooked by homeowners which result in 100s of electrical house fires every year.
- Heating and cooling - These systems have a limited life span, usually between 10 and 20 years, if they’ve been well maintained. Your home inspector should let you know whether there are any problems or whether the systems have exceeded their lifespan.
- Roof - A roof inspection is another vital area. With any roof problem can come leaks, and leaks can lead to many problems, including water damage and dangerous mold.
At the end of your home inspection, the inspector should not tell you whether to buy the house or not, but should just report the facts to you. In the end, you must decide whether the problems found by the home inspector are a deal breaker for you. One final thing to think about is this, it can be useful for the you to hang out while the inspector performs his inspection. Often the inspector will point out little items or maintenance tips that might not make it into the report.