FHA Mortgage After Short Sale

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Get an FHA mortgage one year after short sale

The FHA recently released a letter stating that it was reducing the waiting period to get an FHA loan after a short sale, bankruptcy or foreclosure to 1 year.  This is a big deal because the waiting period had been two years after a bankruptcy and three years after the completion of a foreclosure or a short sale.

However, not everyone will qualify. Borrowers will be required to prove that their household income fell by 20 percent or more for at least six months. That the decrease in income was  because of unemployment or another event beyond their control. That they have now recovered and reestablished their credit by making at least 12 months of on-time payments on debts such as a mortgage, rent, or credit account.

Bayview Estates Realty is here to assist you in all your real estate needs.

Call (516) 777-0146!

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President Obama Speaks on the Housing Market

In a video presented by Zillow, President Obama sits down with Zillow CEO Spencer Rascoff and discusses the housing market and his plans for further recovery. He touches on rising interest rates, Fannie and Freddie, student loan debt, immigration reform, and how they all affect the housing recovery.

Watch the video HERE

Bayview Estates Realty is here to assist you in all your real estate needs.

Call (516) 225-1468

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Apartment Hunting Tips

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Having trouble finding an apartment to rent?

I recently had a discussion regarding apartment rentals with Realtor Sean Jay Bennett and Realtor Michael Areephituk. They informed me that the rental market is extremely competitive! They explained that it can be difficult just to get an appointment to view an apartment. Additionally, when a renter does find an apartment that they like, they may be up against some stiff competition. The competition is so great that some Landlords are taking time to meet with, and “interview” several of the apartment applicants before deciding which one they will rent their apartment.

Depressing?

Well, finding a home to rent can be even more difficult! A person looking to rent a home is experiencing some of the same issues as an apartment seeker, but there are a lot less rental homes on the market.

There’s Hope!

Don’t be discouraged because there are some things you can do to increase your chances of landing a great apartment in today’s competitive rental market.

Sean and Mike’s Apartment Hunting Tips

  • Be Prepared! You should bring all of the documentation that landlords normally request with you to the initial apartment viewing. You will be able to immediately complete and submit a very thorough apartment application packet. This can give you an advantage over less prepared apartment seekers.
  • Avoid Scams! Make sure the person renting you the home or apartment is the actual owner. Be careful who you give your money and personal information to. Be wary of deals that sound to good to be true.
  • Know a good deal when you see one! You should be familiar with what apartments typically rent for in your target area. This will allow you spot an apartment that’s well-priced.
  • Get help if you need it! It may be in your best interest to have a real estate agent help you navigate this rough rental market. While it may have been easy to find an apartment on your own in the past, it appears things have changed. Having the right agent, and receiving the right advice before you begin your search can make all the difference.

These are just some of the tips I received from Sean and Mike.  Most of these tips also apply to whole house rentals.

If you need assistance finding an apartment or house to rent,  you can reach Sean or Mike at (516)-777-0146.

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Landlord Won’t Let Tenant Move Into Apartment

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Landlord won’t turnover apartment to new tenant.

First, we suggest that Tenants get a signed copy of the lease (signed by you and the Landlord).

Second, there is a major difference between a Landlord not being able to turnover possession of an apartment, and a Landlord unjustifiably refusing to turnover possession of an apartment.

Landlord unable to turnover possession of an apartment

This commonly occurs when an existing tenant fails to vacate the apartment at the expiration of their lease. The Landlord is then forced to bring a bring an eviction action against the existing tenant. Thus, your entry into your new apartment is delayed. Most leases contain a clause which states something like:  “The failure of Landlord to give Tenant possession of the Unit on the Commencement Date shall not create liability for Landlord.” You may/may not have legal recourse in such a case.  The facts should be closely examined by you and your attorney.

Landlord unjustifiably refuses to turnover possession of an apartment

This sometimes happens when a Landlord finds someone willing to pay a higher rental amount after already having signed a lease with someone else. You may have legal recourse in such a case.

Legal Advice

You may want to contact an attorney for legal advice if you are in a situation where a landlord has refused to turnover possession of an apartment to you. This not legal advice.

For real estate assistance call Bayview Estates Realty at (516) 777-0146.

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