Is about this time of the year that most folks who are planning to move, look for a new place. I help many renters in the Germatown and Gaithersburg area and I find that most of them have failed to do their homework to find their new home.
Rentals are typically very competitive at this time of the year, and with the high number of foreclosures and short sales in the last year, we find many more applicants competing for good housing. I often get requests for a townhouse in Germantown for under $1200 or $1300 dollars. I tell my clients it is almost impossible to find a townhouse in that price range; and if you do find one it may not be in the condition they expect and/or it will go very fast. The most economic townhomes in Germantown start at around $1400 for a small 2bedroom/2bath or 3bedroom/1 bath. Very few have basements and most will be either back to back units or quads.
At around $1600 you will start finding full size townhouses and they vary in condition with the more updated ones going really fast. Single family homes start right around $1800.
Applicants who do their homework before they start their search will have a better chance of getting the right home. I advise my buyers to take the following steps before they start:
- Get a copy of your credit report – you can get a free copy of your report once a year from www.freecreditreport.com
- Review it and/or bring it to your realtor to help you read it and determine if there are items on your credit report that would need to be disputed for accuracy or if the information is correct and explanation is needed.
- If there are items on your credit report that need to be corrected by the credit beaureus this can take up to 60 days.
- In order to get items on your credit report corrected, you need to provide proof that payment was made
- If the items affecting your credit are true, the best thing you can do is be up-front and provide a letter of explanation of what circumstances forced you to default on payments.
- Many management and real estate companies request the last two paystubs to support income, or a Profit and Loss statement for your business, if you are self employed.
- I have found many landlors who will accept letters from employers stating cash earnings. If you need to get one, ask your employee to prepare one and use company letterhead to give it more credibility.
- If you get paid by check, make copies of your checks to prove income for the last month.
- If you have a good bank account it is a good idea to provide a copy of your statemetn. It is not required but if the applcation is weak in other areas, having available savings always helps.
- Many previous homeowers who have lost their home are asked to provide two months deposit, and/or two months pre-paid rent.
- Get a copy of your drivers license and/or passport if you don’t have a license
- Talk to the people that will be used as references, for employment and personal references, and get their correct infomration so that you have it readily avaialable when you are ready to apply, and so that they know you will be using them as reference.
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