If you want to make sure no one else beats you to the punch, just put down
the whole security deposit. If we have that, we will move your application
to the top of the stack. We will screen your application before any others
are even considered. If your application is denied, all of your money is
Properties that have security deposits over $600.00 we will accept half
down and move your application to the top of the stack.
The good news is that we don’t have an application fee for online
applications. We will ask you put a min. $100 reservation fee on property in
the form of money order you will need to turn to office before we can
process your application. That will apply toward the security deposit, if
you are approved. If your application is denied, the money order will be
returned to you.
It depends upon how long it takes to get verification from your landlord or
employer. In some cases, we can get you approved same day. In other cases,
it might take 2-7 days.
Not all of our properties will allow pets. You’ll have to inquire about
that if you have one. The weight limit is generally 25 pounds per pet.
We limit the number of pets per unit to two, but may be restricted to one.
No aggressive breeds / dogs are permitted.
The pet fee is $250 per pet. Non Refundable.
1. Your monthly take-home pay must be at least 3 times the amount of the
rent. The quickest way to get verification of income is to bring us your
most recent 2 pay stubs, award letter or income taxes.
2. We take section 8, but not on every property. To find out if we would
take section 8 on the house you are interested in, call our office. If you
are receiving housing assistance, bring that paperwork with you to submit
with your application for qualifying properties.
3. We’ll check your rental reference.
4. We’ll check your background. If you have a felony, it doesn’t
automatically disqualify you. People make mistakes. They shouldn’t have to
pay for them the rest of their lives.
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.
Listen to your real estate agent’s advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home’s condition, how long it’s been on the market, financing terms, and the seller’s situation. By the time you’re ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.
Your real estate agent will assist you in making an offer, which will include the following information:
Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.
It’s not required, but it’s a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you’d like to purchase and it is a good time to ask general, maintenance questions.
An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed.
The Inspector does not evaluate whether or not you’re getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.
It’s a good idea to have an inspection before you sign a written offer since, once the deal is closed, you’ve bought the house “as is.” Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.
There isn’t a set number of houses you should see before you decide. Visit as many as it takes to find the one you want. On average, homebuyers see 15 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you’re looking for. It will help avoid wasting your time.
In addition to comparing the home to your minimum requirement and wish lists, you may want to consider the following:
Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
You can find out by asking yourself some questions:
If you can answer “yes” to these questions, you are probably ready to buy your own home.