Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: How can we help people who want to rent?

How can we help people who want to rent?

Everyone needs a place they can call home. Owning a home is the American dream but with the mortgage crisis it is becoming more difficult for people to buy a home. I have always helped investors find tenants. I hope that they will call me to buy more properties, list with me when they want to sell and the tenants may call me when they are ready to buy. It is getting to be difficult these days.

Consumers have not been saving for a down payment because 100% financing was common. Whether you want to buy a home or rent one, you need money.

Landlords ask for a security deposit which can be a month or a month and a half times rent or more, ( restrictions depending on state law ) and the first month's rent in advance.

Landlords also expect good credit and many do not allow pets and  ask for a pet deposit if there are pets.

I receive calls for rentals all the time and I find I can not help because not all rentals are listed in mls.

The calls I receive are from

1. People who have pets . It makes it difficult to find rentala.

2.The people have bad credit .

3.They do not have enough for a security deposit.

I like to help but I find it difficult. I  look up the mls and if nothing is suitable , I refer them to the local newspaper and tell them to call private landlords.

If you are looking to rent a house in Bucks County, you can call an agent, but not all homes are listed. Please look up the newspaper. www.phillyburbs.com

 

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

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Comment balloon 19 commentsGita Bantwal • October 20 2008 06:49AM

Comments

Gita - I know what you mean.  Having a pet and looking to rent can be challenging, not many pet friendly rentals.  Some landlords or also considering the impact on their insurance when people have certain pets.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 9 years ago

Gita, I hear you. One thing we are doing if we work with rentals is ask for a 100.00 application fee prior to showing them houses. Why? Because the time it takes to reseach homes available that allow pets, take section 8, drive all over the place and then have them go open up a paper is not worth it.

Some of them balk at it and walk away.

That is fine, those that pay it we find a home.

My biggest thing now is researching the home owner is NOT late of payments and the tenants will not be kicked out in 3 months.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 9 years ago

Gita, I go through the same thing.  I get a number of emails from people asking me if I can help them find a rental.  We don't have rentals listed on the Lancaster MLS either, so it's difficult to help them.  I give them websites and contact information for local property management companies and a link to the classified section of the newspaper. 

Posted by Jeannie Kontis over 9 years ago

Gita  That is a universal problem.  The problems you cite make it very difficult at times,  Karen

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 9 years ago

Jennifer, Great tip. Landlords have to consider the liability.

Missy, Thank you for the great tip.

Jeannie, I do the same . I refer them to the newspaper if I can not find anything.

Karen, Thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

Gita - I agree with Karen... We are facing the same issues in Central Florida.  I refer folks to another agent who only does rentals.

Posted by Debbie Summers (Charles Rutenberg Realty ) over 9 years ago

One great way to help is to work with an experienced mortgage specialist who can help them buy their own home with little or no down payment, using safe government loan programs. The pundits on TV may tell people erroneously that they need at least a 20% down payment and perfect credit, and local banks and credit unions may steer people that way because conforming loans are less hassle than government loans, but it simply isn't true. Many renters who have jobs can buy a home, and it's smarter than ever to do so now, when prices are low, rates are low, and Uncle Sam is making it as easy as possible. We get renters fully approved in underwriting with a TBD address, and then send them out house shopping for a speedy closing. Clients love it, and so do Realtors. (We do this in our home state of Florida and 30 other states throughout the country.)

Posted by James Wheeler, Mortgage Professional (I G Lending) over 9 years ago

Gita, The rentals here are often illegal---so people have to look on their own and they are COSTLY.  They almost never allow pets even for an additional fee or security.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 9 years ago

It is very challenging to work with those with poor credit, pets etc who want to rent.  When we have tried to help some people out, unfortunately 100% of the time, it has cost us a bundle!  The apartments were trashed, there were drugs, etc.  It makes one hestitant to take another chance when people don't have references, good credit and will pay a pet deposit.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 9 years ago

Debbie, That is a good idea.

Joan, I agree with you.

Carole, It is going to be difficult for them as rents are going up.

james, I wish it were easy qualifying people . Most people who call me have no money, bad credit and pets.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

Gita - I have done a few rentals over the years but only for folks that are my clients and are looking for a home to purchase and there is nothing available. Rentals are almost like a 2nd business up here. Not something I ahve ever had the desire to focus on.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 9 years ago

Its all true and we are seeing many folks that do not want to commit to buy and actually prefer to rent.


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Posted by Kelly Willey, Florida Keys Luxury Sales, Marathon, Key Colony (Coco Plum Real Estate, Kelly Willey, FLORIDA KEYS) over 9 years ago

Bill, Thank you. I do the same for my clients .

Kelly, Some have no choice. They have  to continue to rent.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

Qualifying is rarely easy, but on the other hand, it's often not quite as hard or hopeless as you may think. Many people in the mortgage business are quick to tell people they don't qualify. That can be due to factors like inadequate knowledge or experience, or lack of initiative, or lack of access to appropriate programs. It can also be due to short-term thinking. In my experience, most people who have steady income and a desire to become homeowners can quickly realize their dreams. If they're not mortgage-ready immediately, however, it can take time and effort to get them there.

If you have would-be buyers who have been denied, I'd be happy to talk through their scenarios. It can be a great way for us to get to know each other. We do business in 31 states, including PA.

Posted by James Wheeler, Mortgage Professional (I G Lending) over 9 years ago

I do my best to help but if they have issues I suggest they search on Craig's List.

Posted by Tina Maraj, #1 Selling Agent in Fullerton 2016 714-403-7901 (RE/MAX North Orange County) over 9 years ago

Tina, Thank you for the tip.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

James, I will keep you in mind. Thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

It's really tough for me - as most agents in my area do not handle rentals other than short term vacation rentals.  You can't post rentals up on the MLS either.  I have lots of people asking me for rental info and the best I can do is give them a link to a page I created with all the local newspaper classifieds on them.

 

Posted by Karen Rice, Northeast PA & Lake Wallenpaupack Home Sales (Davis R. Chant, REALTORS) over 9 years ago

Karen, Thanks for the comments. We have  the ability to post in our mls.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 9 years ago

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