As a rental property investor, a good practice is to take the time to qualify or even pre-qualify your potential renters. First Start out with a very thorough application. Rule of thumb is to go back 3-5 years in both employment and rental history. By going back three to five years, you can see stability in a person’s income and job, or if they then to be “house hoppers” or “job jumpers.” Always take the time to call references. Too many landlords feel the rush to fill the vacancy rather than taking the time to make sure the prospective residents is the right choice for the property.
If a buyer gets a loan,the loan closer prepares and reviews all the legal documents involved in completing the mortgage lending transaction. Then you and most normally your agent will arrive at the office to meet with the loan closer. (Some agents do not attend but it is a good idea that you request their presence or at least for them to be available by the phone for questions) Next, the loan closer will bring out a stack of paperwork that she will roughly go over and request signatures. This is why it is so important to have your agent there or a phone call away for any questions that may arise.
As a landlord, if the prospective buyer is local, then you take the time to drive by their current living address several times to see the outer appearance of the property condition, again in doing so, you can see how your property is going to be cared for. Will there be trash everywhere? Are there three junk cars in the driveway on blocks? Do their animals destruct your yard? Etc. You also take the time to do a “pop in; you was just in the area visit.” Though this can be uncomfortable for some, you have personally used that approach as a finalization of the application process and a way to deliver the news of yes; they are approved for your property.
You may set your rental guidelines to your specification as far as income. If a prospect receives Government or State rental assistance, you can not require their income to be as sufficient as private pay. A good rent to income ratio, and again another that you use personally is that a household’s combined income must be 3.5 – 4 times the monthly rental amount.
Every person over the age of eighteen regardless of student, or employment status, must fill out an application for any of your properties, because in signing the application, it allows you permission to do a background check. Certain criminal misdemeanors and most usually all violent type felonies are immediate grounds for denial. You look at it like this; you do not want a person who is a drug dealer or engages in serious criminal activity living in your homes. The excessive traffic, and constant fighting, loud music, etc., is not appealing to other neighbors in the home, and will most always bring down your properties “perceived” value.
Anyone who has experienced trying to put their property up for sale can always bear witness to the fact that the entire process is anything but easy. From the first step of decision-making (whether to sell the property or not) until someone closes the deal, the process can be so tedious, even everything in between. Selling your property can be a struggle especially if you don’t have enough experience in the field. Here are some points to consider when you are planning to sell your property and tips on how to spot an excellent buyer.
But while everyone believes that the entire process of putting up the property for sale is such a struggle, many people agree that finding property buyers – those that are credible enough – is the most challenging thing to tackle with in this particular business.
Many people love to look at different options, and property that is presented attractively and promoted the appropriate way is always the property that gets the most attention from potential property buyers, regardless of the current economic stand at the time of the sale. The most difficult part in dealing with buyers is that you won’t easily spot which of them are credible and which ones don’t even qualify for a mortgage.
Of course you, as the seller, will not only wish to consider potential buyers but also serious ones. Serious buyers are those who are sincerely interested in a property and are willing to offer reasonable terms for the home purchase. You wont sell your home fast when deal with buyers using a mortgage loan. In most cases, property sellers agree that the best buyer is one who offers a reasonable buying price for the property. It would be unreasonable if a seller expects to deal with a property buyer who asks to buy the property at the exact amount that they have set. This may not happen all the time, but most sellers expect buyers to make reasonable counter-offers. A seller will not consider a potential buyer as a serious one when the asking price and the Albuquerque property buyers offer are too far apart!
Many property sellers believe that the best buyers are those that quickly close the deal. These people who close deals fast are the exact opposites of those people who wish to buy the property and make a decent offer, yet would take forever for them to make up their mind whether to close the deal or not. When this happens, the seller may be stuck at one point, unable to deal with other potential buyers because he is currently on hold with someone who takes long to make a final decision. Lastly, property sellers believe that the best buyers are people who can pay the amount up front upon closing on the deal. Nothing can be more annoying than a buyer who shows interest in buying the property, makes an agreement with the buyer, and even signs the contract, only for them to have second thoughts when payment time comes up. This could cause you huge implications so tread carefully or you could face a property repossession if you are continuously stalled.