Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
Every landlord has had the feeling at one time or another that a prospective Milton tenant may not be a good choice. Call it a hunch, or intuition—but something tells you that this tenant may be trouble down the road. There is more than enough riding on the decision to make you want to pay attention to your instincts, but that’s where being aware of the dos and don’ts of tenant management comes into play. You need to protect your business and property, but in so doing, you also need to heed outside factors.
Chief among those factors is the housing laws and regulations. This is a realm where there’s no shortage of fine print—and since I don’t offer legal advice, we needn’t wade into the technical weeds. But there are some common sense concepts that should shed light on the subject.
One of the key things to remember is that it is frowned upon to arbitrarily accept or reject tenants based on personal preferences or whims. Of course, a landlord does own the property whose use the tenant is asking to borrow, but nevertheless, most people understand why anti-discrimination laws have been created. Some feel they go too far—some, that they don’t go far enough—but at any rate, one fact is indisputable: ignoring the rules can have bad consequences.
One easy-to-follow idea is to prepare your own written standards for accepting prospective Milton tenants (standards that are certain to not contravene discrimination guidelines). Another that is universally considered good practice is to require every applicant to fill out an application form with the kind of information that state and federal guidelines allow. When everyone is required to complete an application in full, failing to do so becomes grounds for rejection. The kinds of information should be relevant to the landlord’s business needs; and the standards may be high or low, as long as they are evaluated evenly for every applicant. Some common criteria:
· Prospective tenants should never have been evicted from a property.
· Prospective tenants should have a credit score above a certain level
· They should have no record of any judgments having been levied against them for failure to pay utilities.
· They should have proof of employment and enough income to reliably pay rent (the national average income level is 3 times rent).
· Prospective tenants should supply references from previous landlords—references that can be verified over the phone.
Of course, none of this means a landlord is required to rent to just anyone who comes by. The key is to define the ideal tenant, make sure that ideal isn’t based on random discriminatory criteria (like race or sex or religion)—and then to adhere to a consistent evaluation process. And the fact is, the potential financial rewards should more than compensate for heeding the basic ground rules.
If you will be taking a look at the inviting opportunities that Milton income properties currently offer, I’d like to show you some of the best ones. Give me a call!
If you’re looking for a superior deal on a new home, you may find that a Sussex County bank-owned home is a serious contender. Today’s real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.
Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: “Nearly 65% of buyers say they’re likely to buy a foreclosure today compared to 25% who said that in October 2009.” And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
If you think a Sussex County bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.
Pre-qualification not only speeds up the purchase of a Sussex County bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is — so ordering a thorough, professional home inspection is an absolute must.
Buying a bank-owned home in Millsboro can precede on a different timetable than does a regular home buy, so be prepared to be patient. It’s also particularly helpful to have a buyer’s agent on your team to help answer questions as they arise.
If you are in the market for a new home in 2015 whether it is a bank-owned home or not — I’m here to advise my clients from beginning to end. Getting started is just a phone call away!