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Should I lease my home or try to sell it?

Posted By Patrice Miles on Wednesday, January 12, 2011 12:14:00 PM  |  0 Comments

Why not do both? With The Miles & Smith Real Estate Group we offer not only to sell your home but to lease it at the same time. This helps our Sellers take full advantage of the market. We do not want to leave any stone unturned. Who would lease my home? Relocation clients make up 50% of our tenants right now. These tenants are relocating to Louisville and want to get to know the area before purchasing a home. The other 50% of tenants cannot qualify for a loan so they have to rent. The lending industry has changed a lot in the past 3 years. Self employed individuals and business owners normally cannot get a loan on a home unless they show good income on their tax returns. Also, due to the short sale and foreclosure crisis we have been going through, homeowners are now homeless. These individuals have recovered from their loss and make adequate income now but because they have not met the 3 year guidelines they cannot get a home loan. How will I know they will be a good tenant? We take care of everything. All applications submitted to lease your home will be screened. We run criminal, employee, and credit checks on every individual. What do I do once I have an accepted lease? At this point you can either take over or our property management company can. Property management takes the pressure off of you. Here are a couple of ways that a good company can keep you out of trouble while your home is in the tenant’s hands: Most landlords know it only takes one bothersome tenant to cause major legal and economic headaches. A good property manager is equipped with the awareness of the latest landlord-tenant laws and will make sure that you are not leaving yourself defenseless to a possible law suit. Each state and city has their own laws, these plus federal laws cover a number of areas as well as but not limited to:

  • Safety and property conditions of the home
  • Evictions
  • inspections
  • Lease addendums
  • Terminating leases
  • Managing security deposits
  • Rent collection
  • Maintenance of the property.

Don’t be discouraged with the Buyer’s market. We have options for every homeowner. Visit www.TheMilesTeam.com for more information on our leasing and property management options.

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