What is a Deficiency Balance?
Deficiency balance lawsuits are an unfortunate part of the aftermath of the real estate boom in the 1990s and early 2000s. During this period of time, banks and other lending agencies were very liberal in their mortgage and loan agreements for new and established homebuyers. In the event that a homeowner is not able to pay back the full amount of his or her mortgage, a deficiency balance suit may be filed on behalf of the bank.
A deficiency balance suit will require the homeowner to pay back the mortgage in full. Rather than go through the hassle of filing a deficiency balance claim, many banks and lending agencies choose to perform short sales. A short sale realtor in Atlanta can help sell a home quickly, and for less than its appraised value. Many real estate companies specialize in this type of real estate transaction. If you need help buying or selling a home, you should be sure to contact a real estate agent in your local area today.
As the owner of a rental property, it is essential to find responsible and reliable tenants that will provide you with total peace of mind. In the event that you find yourself with a vacancy, you may want to rely on the services of a residential property management company. A company offering rental management serving Atlanta can assist you with every step of the tenant screening process. With the assistance of experienced landlords in your local area, you will be able to find a range of qualified applicants during your search. To help you get started on your next property rental, here is a look at some essential tips for the tenant screening process.
Make Initial Contact
The first step of screening for new tenants is to make contact with applicants. Many rental management companies have trusted sources where they post and advertise their properties. After you have received an inquiry from an interested tenant, you may want to ask him or her a series of qualifying questions. By taking the time to make preliminary contact, you will have a better idea of whether you should move along with the screening process.
Create an Application
After initial contact has been made, the next step of screening a tenant is to have him or her fill out a detailed rental application. To ensure that you have a complete picture of an applicant’s rental and credit history, you should make sure to ask questions about their previous rental experiences, source of history, and credit information. After you have performed a background check, you will have a better idea of whether your applicant will be the right choice for your rental.
Review Your Lease
Once you have selected an applicant that seems like a great fit for your property, you will want to make sure that you review and update the terms of your lease. A quality residential lease is designed to provide protection and security for both landlords and tenants. With your newly updated lease, you will be ready to meet with your tenant and sign all of the necessary paperwork.
Running a Credit Check on a Tenant
When you are performing tenant screening, it is essential to run a credit check on each potential applicant. Since the best predictor of a person’s future actions is past behavior, a credit check will give you a complete picture of whether a prospective tenant will be able to pay the rent on time. If you are uncertain about the tenant screening process, you may want to work with a property manager near Atlanta .
Real estate property management companies offer tenant screening and other services that will help you find the right renter for your house, condo, or apartment building. For a complete overview of the steps of running a credit check on a tenant, be sure to watch this video from Howcast.
A Homeowner’s Guide to Choosing a Property Management Company
Whether you have purchased an investment property, or are planning on moving out of your current residence, there may come a time when you need property management services for your home. A residential property management company will be able to provide you with the services you need to find and maintain quality tenants. With the help of a company specializing in rental management serving Atlanta, you can rest assured that your property manager will be there to take care of all of the needs of your rental property. Read on for a closer look at some essential factors to consider when you are choosing a property management company.
Consider Local Reputation
When you are choosing a property management company to represent your rental, it is important to select an agency that has a great reputation in your community. A property management company with decades of experience in your area will understand the unique qualities of the local rental market. By working with a highly rated property manager, you can rest assured that your property will be well represented.
Set Up a Face to Face Meeting
As you are screening potential property management companies, you may want to set up a face to face meeting with an agent. By meeting with a property management professional in person, you will be able to ask detailed questions about the terms and conditions of your contract. During your meeting, you can also get a sense of whether the manager that you are talking to will be the right fit for your property.
Ask About Tenant Relations
One of the most important factors to consider when you are choosing a property management company is the relationship that your agent will have with your tenants. A quality property management company will have a professional and courteous relationship with all of your tenants. In addition, you should also seek out a property manager that values customer service. With these tips in mind, you will be ready to start renting out your property in no time.