Basics of Property Management: Screening Potential Tenants
How To Find A Ranch House Property In A Tight Real Estate Market
Jesse Obrien
When you are ready to look at ranch properties for sale, the market is not always going to be full of a lot of homes that are within your price range and ready for you to submit an offer on for purchase. Sometimes the real estate market is going to be slim pickings, and there may be several buyers all fighting to make an offer over the same homes. So when you find yourself in this type of hot seller's real estate market, here are some tips to help you be able to get the home you want.
Submit a Strong Offer
One of the best ways to help you get the home you want above any other buyers is to make your purchase offer the most attractive to the seller. And one way you can do this is by limiting or eliminating any special concessions when you write your offer. As your counsel with your real estate agent, they may recommend you make your offer for the full price or even a bit more, especially if you know for sure there are other interested parties looking at the home.
If you have a home in mind that has an interior that needs some work or its carpet replaced, offer to buy the home as-is without any repairs or money toward repairs for a reduction in the offer price. If you are comfortable doing so, you can also make your offer without an inspection contingency, which can cause delays in the purchase of a home and can potentially require more seller expenses before closing.
Pre-qualify for Your Loan
Another way to help you get the home you want is to make sure you complete as much of your
Your mortgage broker can also provide you with a verification letter, which you can include with any offer you choose to make on a home. This pre-qualification verification letter will show a seller that you are qualified for a mortgage, which makes your offer more solid.
Use these two recommendations to help you strengthen your offer and increase your chances of buying a home in a seller's market.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.