HOW TO RENT A LOVELY HOME rather than a Small Apartment!

By
Real Estate Broker/Owner with Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

 

Yes, That's right, the Grand Rapids Multiple Listing Service has Just Added a Brand New Category to their On-line Profile for real estate agents.  Your Realtor can now search for Homes on-Line that are available for Rent, Lease to Purchase Options AND Land Contracts!

This has happened in response to the market conditions in our area.  It All started with the ARM craze...short mortgagease for Adjustable Rate Mortgages.  Since the year 2000 there has been a 25% increase in the number of homes financed through Adjustable Rate Mortgages according to the Mortgage Bankers Association.  Most of these mortgages were set to adjust between 2-5 years.  Subsequently, we are seeing the "first wave" of sometimes pretty hefty increases in mortgage payments and this will continue for the next 2-3 years.  This coupled with a household debt increase of approximately 36% as consumer debt now exceeds $2 trillion dollars has forced some homeowners to recognize that it is too expensive to live in their homes.  As a result, there has been a 30% increase in the number of homes for sale in the Greater Grand Rapids area.

In addition, the loss of jobs in our area has forced a lot of people to relocate and this has left many homes vacant of inhabitants.  of course many homeowners have decided for personal reasons to move and this desire is always a little more tempting after a major blast of frigid winter air. This has prompted creative solutions to selling a home or at least trying to avoid not being saddled with a crippling mortgage payment.  I recently attended a seminar by a company called Agent Short Sale Service LLC which negotiates with banks on behalf of homeowners who have to sell but owe too much on their homes to pay off the current debt.  It's a sign of the times, that this sort of service is increasingly sought after. The rental option has also relieved financial strain of homeowners who now find themselves saddled with not just one but 2 mortgage payments. 

Renting your home on-line through a Realtor in Grand Rapids can be very easy.  In fact you can have your home For Sale and For Rent at the same time thereby markedly increasing your exposure in the market.  You will have access to 3,500 members of the Grand Rapids Real Estate Board who are working with buyers who now have an additional option to consider when making a home choice.  We are finding that many buyers are somewhat hesitant to make offers because they are afraid of offering too much!  This can be an opportunity for a Buyer to "try it before you buy it". 

A few things to keep in mind include making sure you have a full credit check prior to allowing someone to move into your home.  It is also important to have a good lease to protect your interest as you now take on the additional role of landlord.  Leases can be obtained on-line or in the store, but one of the best I have seen is offered by the Rental Property Association of Grand Rapids.  Membership in this organization is worth every penny if you are a landlord or investor.  You can contact them on-line at: http://www.rpoaonline.org/

Lastly, this is not an exhaustive analysis about the steps to take to list a home for rent or to screen potential renters.  if you have a home that you would like to market with this option as a means or selling and/or leasing it or if you are a buyer who would prefer the comfort of a home rather than an apartment, please contact our office for Free, No Obligation Consultation.

Visit our website on-line at: http://www.auduhomes.com/ to meet members of our Client Care Team or to review what others have said about our services!  For A FREE LIST OF ALL HOMES FOR RENT in your area please call or e-mail:  616-791-0511 or info@auduhomes.com.

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Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Lola...About time you received a comment on this post.

Who would have known how timely this would still be. 

Kate

Dec 09, 2008 10:51 AM #1
Rainmaker
387,816
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

LOL Kate, you are so kind!  It took a little while for my blogs to start getting comments.  That's proof that one should never give up!. :)  You're right about the renting of a home...it's amazing the difference 24 months makes.

Dec 09, 2008 11:04 AM #2
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Wow....you were great back then...and bloomed even more now!

Dec 09, 2008 03:16 PM #3
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Rainmaker
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Lola Audu

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