How To Qualify For And Secure A Lease
1. Let's First Define Your Needs.
Congratulations on your decision to lease a new home! It is important to select a professional real estate agent to work with you before you begin house hunting, so that your agent can help you define what kind of home and neighborhood would best suit your desires and needs. The finer the details on your wish list, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf.
2. You Get Pre-Qualified. Wells Fargo Pre-Approval | Free Annual Credit
Now that you know what you want in a home and neighborhood, you need to prove you can afford the lease. The best way to do this is to get pre qualification of your credit. In most markets, pre qualified lessees are preferred by landlords over those who are not. Your pre qualified status lets the landlord know:
- You have gone through an extensive financial background check.
- Your FICO score has been disclosed and this may allow the Landlord to make their decision quickly.
- The likelihood of unexpected obstacles regarding your credit will be minimal.
3. Let The House Hunting Begin! BOOKMARK > ForSaleMountWashington.com
Now you are ready to embark on your home lease search — an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent to do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email — sometimes as often as daily, depending on the available inventory in your market. Let the Stephen Sakai Team know how you’d like to receive these alerts, whether by phone, email or fax.
You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your lease, it’s important to note that many home leases are the result of agent connections. That means it’s more likely your agent will find your lease through being in the real estate business than you driving around on the weekends.
4. We'll Make An Offer. California Association of Realtors-Application To Lease
When you’re ready to make an offer on a lease, the Stephen Sakai Team will help you determine the offer price by reviewing recent leases of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the landlord accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It’s important to note that if the landlord changes any aspect of the offer, it is not a binding agreement until the lessee agrees to the landlord ’s changes.
5. Strike The Deal.
In most instances, the seller will make a counteroffer. This is where your real estate agent’s experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are leasing a house. This can give you some leverage in the leasing process — that is, if you have adequate information you can use it in an appropriate manner.
Some items you may negotiate:
- Price
- Move-in date
- Repairs
- Appliances and fixtures
- Landscaping
- Repairs
Remain in close contact with the Stephen Sakai Team so you can quickly review any changes from the landlord.
Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.
6. Prepare For The Closing.
When an offer becomes a binding agreement, the Stephen Sakai Team will help you tackle the checklist of action items that you, as the lessee, have agreed to perform. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will:
- Conduct a home inspection.
- Get the required Cashier Checks.
- Secure the remote controls, passwords, and keys.
Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful final lease.
7. You've Closed The Deal.
Congratulations! The moment you’ve been anticipating has arrived.
You will receive keys.
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