PropertyManagementMaven: August 2013

Agents! Let your RENTER/Buyers KNOW that They Need a Verification of Rent

Many of the steps for a first-time or prior homeowner are the stricter requirements for renter buyers to have their landlord(property manager) provide a Verification of Rent.

Over the years, I have formulated a policy on providing these verifications....

FIRST, I charge a $50 forms fee for this process...either the tenant brings me a check OR the mortgage company provides me a check and THEN I will provide the verification VIA e-mail to both the LENDER and the TENANT.

SECOND, I do NOT provide a VoR MORE THAN than 60 days BEFORE the end of the tenants' current lease UNLESS the purchaset is new construction being built; OR there is a replacement tenant in place to take over the balance of their current lease.

WHY WOULD I HELP A RESIDENT MOVE AND BREAK THEIR LEASE?

If there is no replacement tenant in place FOR THE PROTECTION OF MY CLIENT/the property owner, why would I agree to providing a VoR?

Few real estate agents and tenants actually realize that this is NOT a requirement in state landlord-tenant laws NOR is it a requirement in any lease form I have ever seen....most landlords provide this as a COURTESY to their tenants; however, going above and beyond that will assist a tenant and be detrimental to my client is not going to happen.

....so agents, ask your renter/buyers about their current lease end date and make sure they have a discussion with their landlord/property manager on their plans so that their mortgage lender's request for a VoR can be addressed and handled in a prompt and efficient manner.

 

 Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

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Comment balloon 5 commentsWallace S. Gibson, CPM • August 24 2013 04:33PM
Agents! Let your RENTER/Buyers KNOW that They Need a Verification of…
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Many of the steps for a first-time or prior homeowner are the stricter requirements for renter buyers to have their landlord(property manager) provide a Verification of Rent. Over the years, I have formulated a policy on providing these… more