Many home owners who have lost their homes to foreclosure are facing the same difficulty as others who are trying to move into a certain area to be closer to work or trying to find better schools for their children.
What should you do as a potential tenant to increase your odds so the landlord will accept you as their next tenant? Be prepared.
One of the first things you should do is go to www.freecreditreport.com and have copies readily available. If you have already filled out an application to rent, make extra copies of this as well.
Make sure to have good references so the landlord or their respective real estate agent/property managers can do their due diligence.
And lastly, write a letter to introduce yourself and explain why you have had some difficulties in the past. With the way the economy is right now, it’s more common than not.
I’ve received a lot of calls from investors and past clients asking how the rental market is doing? Over all, I would say that the market is down 10-15% in some areas. Less in better locations where the schools are best.
I’ve had no problems renting my listings as long as you are realistic and pricing it right. Kind of the same rule of thumb as when you sell.
The reason is twofold. There are more rentals to choose from and a lot of tenants are trying to take advantage of the low interest rates and tax breaks for first time home buyers and would rather pay for their own mortgage instead of someone else’s.
If you are thinking of renting your property, make sure it’s light , bright and very clean. It won’t hurt if it smells nice too.
We recently received a question regarding a certain status on a listing in the area so we figured that we would explain what each status means and what it means to you (the buyer and seller).
ACTIVE - Means “Buy Me” or “I’m for sale”, “please make an offer!” An active listing could be a new listing, or it could have sat on the market for 30 days or more. Or, it could be a re-list where the home was listed before at a higher price, or listed with another agent. It could have also been listed and expired. Please note: Make sure you work with an experienced agent who knows the area where you are looking.
PENDING - means the property has sold and there are no contingencies and is waiting to close escrow.
PENDING W/ RELEASE - means the buyer has agreed to purchase the home subject to selling their own home, or another contingency that allows other buyers to make an offer on the home. If the seller receives another offer, the buyers in contract usually have 72 hours to determine if they would like to move forward with the purchase and remove their contingencies, or bow out and do a release of contract.
PENDING W/ OUT RELEASE - means the buyer and seller have agreed to terms and the buyer has a set time frame to do their inspections and or get their loan approved. Other buyers cannot make an offer and push the buyer out of first position, but they may make a back up offer. Please note: If a buyer really likes a home that is Pending, they should have their agent contact the listing agent to see if they can write a back up offer. If the seller agrees, the buyer would go into first position without the home going back on the open market. The seller does have the right to renegotiate the terms and conditions unless specified in the contract.
EXPIRED - means the property did not sell within the time frame set in the listing agreement. Please note: When a home expires, it is almost always because the home was over priced. Many sellers who have had their properties expire believe it was the fault of the listing agent, not the price.
WITHDRAWN - means the property was taken off the active market (the MLS) but the listing agent still has a valid contract. Please note: Sometimes sellers decide to remodel or do some clean up and painting before re-listing their home and putting it back on the open market.
CANCELED - means the seller and listing agent have agreed to terminate their relationship.
SOLD - means that property has closed escrow and transfered ownership. This is often music to a buyer’s ears, the house this finally theirs! For more information, on the transfer of ownership read this post.
Recently we have had questions asked of us about different real estate terminology and jargon. Here I will define all the different Real Estate Classes. This is beneficial for both consumers and Realtors.
Class 1 = Single Family Homes (1-4 Units)
Class 2 = Common Interest Developments (Condominiums & Townhouses)
Class 3 = Multi-Family Residential (More Than 4 Units)
Class 4 = Mobile Homes
Class 5 = Residential Lots & Land
Class 6 = Commercial Lots & Land
Class 7 = Commercial and Industrial
Class 8 = Business Opportunities
Class 9 = Commercial Rental Property for Rent
Class 10 = Residential Rental Property for Rent
Almost two weeks ago our manager informed us about new forms needed to advise and disclose California residents of the new High Speed Rail plans.
Earlier this week, an associate of ours from Cashin Company shot out a company wide e-mail describing a Palo Alto city council meeting. At this meeting, many residents and business owners were concerned about the appearance of this new system. Below is a YouTube Video of a Palo Alto architect (Jim McFall) of the proposed location and appearance of the system in Palo Alto.