Have you 'informed' your property manager/landlord?

By
Real Estate Agent with Dan Edward Phillips

Are you just starting to 'shop' for a home?  Most home buyers are aware of the advantages of early 'loan application'.  The process will determine if you qualify for a mortgage and the amount you qualify for.

Once you have determined you are qualified for a mortgage, take the time to let your property manager or landlord know that you are 'starting' your home search.  The reason; your loan underwriters will be contacting your property manager or landlord before the final approval of your loan to verify your rent/lease payments have been on time etc. And the underwriters tend to make that contact 'at the last minute' and in some cases give your property manager / landlord little time to submit the information requested.

My advice is to notify your property manager/landlord by letter or email as soon as you start shopping for a home.  And if possible, follow it up with a personal visit and hand deliver a copy of the letter or email.  This effort may reduce a potential delay in the closing of your home.

In your letter / email explain that you are just starting the 'home search' process, you have no idea how long it will take to find a suitable home, that the purpose of the contact is to provide a warning that underwriters may be contacting the landlord / property manager and you will contact them again as soon as you know you will be vacating the property.

And do not forget to say 'Thank You'.

Your 'up front' efforts may save you from a delay in the closing on your new home!

And "Thank You" to Wallace S. Gibson of Gibson Property Management in Charlottesville, Virginia for her excellent comment on my post yesterday.  It was very much appreciated.

 

 

 

 

 

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Rainmaker
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Robert (Bob) Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX Real Estate Expert

Dan,

I read the comment from Wallace on your prior blog and thios appaers to be a good idea. Now I will say sometimes these property management company's ( Houston)  get things mixed up and think the tenant is leaving and not just applying for a loan. It is a really good idea so that there is no last minute snafu at closing table.

Take care..

bg

Jul 21, 2011 02:11 PM #1
Rainmaker
588,726
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning Robert, there is always a risk in notifying your property manager / landlord, the tenant should keep copies of any correspondence and of course 'use good judgment'.  Thanks for stopping by and your comment and support!

Jul 21, 2011 02:28 PM #2
Rainmaker
637,787
Sheila Newton Team -- Anderson & Greenville SC Real Estate
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
25 years experience -Residential Real Estate Sales

good tip, Dan.. helps if it is in writing with the notice for the lease too..

Jul 21, 2011 07:45 PM #3
Rainer
170,162
Robert Butler
Aspect Inspection - Montreal West Island, QC
Montreal Home Inspector | Aspect Inspection

Hi Dan. Yoy have definately brought up a point that I was not aware of. It makes sense. Thanks for the heads-up.

Jul 22, 2011 11:38 AM #4
Rainmaker
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Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Thank you for the tip, Dan.

Jul 22, 2011 07:42 PM #5
Rainmaker
494,200
C. Lloyd McKenzie
Prudential Allstar Realtors - Albuquerque, NM
MBA - Prudential Allstar Realtors -

Good Evening Dan:
Givingone's land lord a head's up is a positive thing.  Most of the time it is taken in a positive way. I market to renters in apartments and I always let them know to inform their property manager.  Usually whaqt will happen is that they can do a short term lease until they are able to find their new home.

Jul 23, 2011 12:10 AM #6
Rainmaker
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Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Always kkep your landlord/property manager informed of your current status on a home purchase.

Jul 31, 2011 12:14 AM #7
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Dan Edward Phillips

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