Real Estate Blog May Archive

If you have good credit, but not enough income, and you're looking to buy a house, your loan officer may have suggested a "stated income" loan, where you just say how much money you make, but don't actually prove it. Some lenders call this a "liar's loan", but those guys are not to be trusted, since they're plainly telling you to lie.

If such loans meant there was an assumption of mistruth, they would not be offered. These loans are for people who may have non-traditional income, such as from overseas, or self-employment where you're able to write-off a large percentage of your income, or if you have irregular income.

If you have a high-paying commission job, banks won't count your real, true, actual income for at least two-to-three years. On stated income loans, you can count it right away, because you know your income better than they do.

You'll pay a small premium for this type of loan, since the bank really is taking a risk with it, but if you have good credit and truly know you can afford it, you aren't lying, and you won't go bad on the loan, even though you don't want to bother "proving" your income.

Beware though, if you go into foreclosure, and the income you stated isn't defensible, you may get in big, big trouble, and you may lose your house and freedom alike. So seriously, keep it believable. The guidelines are here to protect you too.

Do an Unbeatable Apartment Walk-Through, Even Without Cooperation

It used to be that, when you moved in or out, you had no way of disproving the all-too-common lies told by your landlady. They'd say the apartment was "new" when you moved in, and "ruined" when you moved out, and there was nothing you could do to prove your point. Not true any more, welcome to the digital age. When you move in, you'll get a checklist. Go through it, and be more than diligent. Turn on all the spigots, look under the sinks, open every door and check every inch of everything for stains, damage and any defect. Write it down, but do one step better. Use your digital camera (or cell phone, if you must) to take pictures of every flaw. Missing knobs, stains, wear, tear, bent mini-blinds, filth and absolutely everything else you can find. Print them, save them, and always keep them handy. When you move out, it's too likely the landlord will lie, or not meet you for your final walk-through. Take a second round of pictures to prove there's no filth or damage left behind. There is no court that will believe the landlord when you've got the proof, and once they're caught in this lie, the rest of the fees will be thrown out too. I used this method myself against an unscrupulous landlady. She said dirt and damage, I showed pictures, and every last penny of fee was absolved. She'd robbed dozens before me, but not me. Tags: apartment rentals • walk though • 0 Comments. - Permalink

Slum Apartment Warning Signs By Brian White at 05/31/07 09:16 If you're looking for an apartment, especially if it's in a city or neighborhood you don't know, there are some plain-as-day signs to help you see the building and street for its true nature. It may be cheap, but that savings will evaporate if your car is broken into or you can't sleep due to druggy neighbors. 1 – If you come by during the day, the parking lot should be mostly empty. If it's full, it means nobody has jobs, and you're looking at a no-income building. 2 – Are there obviously dead cars in the parking lot, as indicated by a thick sheen of pollen or leaves? 3 – Look for junk on the balconies. If it's there, the landlord doesn't care about the place. 4 – Are the grounds and common areas maintained? 5 – If the carpets are still wet from shampoo, but also significantly stained, this isn't the sort of property that takes maintenance and upkeep very seriously. 6 – If they also offer month-to-month rental, it means you're likely to find a lot of short-timers, and that's usually a bad sign. 7 – If any portion of the property is run as a hotel, it's a very questionable sign. 8 – Ask how long people have lived there. If there are 5-10 year tenants, that's a good sign, unless they're scary people. Don't be afraid to ask. If you can find somebody's condo to rent, that's usually the best, but don't pay extra for it, and expect neighbors a tad nosier than in an apartment. Otherwise, just keep your eyes wide open while making a decision. Tags: apartment rentals • slums • 0 Comments. - Permalink • Page 1 • Page 2 • Page 3 • Archives: • July, 2008 • June, 2008 • May, 2008 • April, 2008 • March, 2008 • February, 2008 • January, 2008 • December, 2007 • November, 2007 • October, 2007 • September, 2007 • August, 2007 • July, 2007 • June, 2007 • May, 2007 • April, 2007 • 0

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