Month: August 2023

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Use interesting décor: A vintage mirror in the bathroom will add an artisanal touch. Use glossy navy blue tiles paired with grey animal print wallpaper. Add some plants fore exotic style. You can add two mirrors in the bathroom. This will increase the sense of space and reflect light in the bathroom

Source: freepressjournal.in

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As if things couldn’t get any worse for BankUnited, its stock trading at a mere 32 cents, its regulator demanding it raise a hefty amount of capital, and now this.

The Coral Gables, Florida-based bank and mortgage lender was the victim of what they say was a fake press release, involving a handful of companies claiming to be working with BankUnited on loan modifications.

The press release claims, “BankUnited through Eagle Nationwide Mortgage Company’s affiliate offices, along with Ryan Boyajian, President of Mortgage Modification Legal Network, announced a partnership to stop foreclosures and move homeowners into loans that both the bank and the homeowner can comfortably live with.”

However, just hours later, a BankUnited spokesperson said the release was false and that the bank had no agreement in place or any intention to sign one.

It turns out Eagle Nationwide Mortgage was simply an approved broker with BankUnited when it launched its loan modification program, while “MMLN was never approved to work with BankUnited in any way.”

The spokesperson even noted that the quote attributed to Eric Darmanin, Senior vice President of BankUnited, was fake (perhaps the use of exclamation should have tipped us off).

BankUnited has requested that Business Wire remove the press release, though it still appears to be available via Marketwatch.

In early August, BankUnited legitimately launched a loan modification program aimed at refinancing borrowers out of risky option arms and into more stable loan programs.

A month later, the OTS reclassified the bank as “adequately capitalized” and demanded that it terminate its option arm lending program and raise at least $400 million in capital.

The future is still unknown for BankUnited, but it’s hard to say it looks bright.

Update: Monica Peterson, an outside spokeswoman for MMLN, said the company obtained permission to run the release, but not the quote from Darmanin.

She added that MMLN is working with Eagle Nationwide, but not directly with BankUnited, and apologized for the confusion.

(photo: senorcodo)

Source: thetruthaboutmortgage.com

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Former lending giant Countrywide Financial has agreed to refund $11.5 million in cash to overcharged borrowers as part of a settlement with the North Carolina Office of the Commissioner of Banks.

An investigation launched in 2007 found that a total of 3,800 borrowers were illegally overcharged on first mortgages, and another 1,000 on second mortgages.

Those affected by the settlement will receive checks for any illegal charges identified in the investigation within the next 60 days.

Additionally, Countrywide has agreed to provide $2 million in grants to North Carolina nonprofit housing counseling agencies active in foreclosure prevention, and another $900,000 to the Nationwide Mortgage Licensing System.

If you think you may be due a refund, you can contact the banking commissioner’s consumer hotline at 888-384-3811.

The Calabasas, California-based mortgage lender has faced a number of lawsuits in recent months, with the latest coming from investors in Countrywide mortgages who claim proposed loan modifications leave them footing the bill.

The company has also been sued by six state Attorney Generals for alleged deceptive lending practices, including those in California, Connecticut, Florida, Illinois, Indiana, and West Virginia

In late July, the city of San Diego accused Countrywide of consumer lending fraud, which it claimed pushed a sizable number of city residents to the brink of foreclosure.

As part of the settlement, San Diego City Attorney Michael Aguirre called for a foreclosure moratorium for all owner-occupied properties involving a Countrywide-issued subprime loan.

I think we’ll be hearing from this company for years to come…

Source: thetruthaboutmortgage.com

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A new analysis from Zillow revealed that 1.4 million mortgaged homeowners got their heads above water during the third quarter, the largest quarterly drop in negative equity (and fastest pace) ever recorded by the company.

While this is certainly good news, another 10.8 million Americans with mortgages remain in negative equity positions, meaning they owe more than the value of their property.

However, 4.9 million have gotten back in the black since the beginning of 2012, thanks to impressive home price gains that seem to be making their way back to pre-crisis levels.

The negative equity rate fell to 21% in the third quarter, down from 23.8% a quarter earlier and 28.2% a year ago.

It peaked at 31.4% in the first quarter of 2012, before everyone simultaneously realized real estate was the greatest thing since sliced bread.

If you factor in all homeowners (not just those with mortgages), the negative equity rate dipped to 14.7% in the third quarter from 16.7% three months earlier.

Not Out of the Woods Yet

As mentioned, nearly 11 million homeowners are still underwater. And if you consider homeowners with 20% or less equity in their homes, the so-called “effective negative equity rate,” 39.2% remained underwater during the third quarter.

Zillow notes that selling a home and buying a new one generally requires equity of 20% or more to cover expenses such as moving, down payment, and real estate commissions.

So nearly 40% are still handcuffed to their existing properties, assuming they don’t like where they’re currently at.

This explains the massive shortage of housing inventory, though ironically enough, as home prices rise, more will be free to sell, which could eventually slow price gains or even cause values to fall.

Also consider the fact the recovery rates vary based on the area of the nation, as some metropolitan areas have experienced larger price declines since the boom. And some have recovered quicker than others.

Others never saw much of a boom to begin with, so negative equity wasn’t as much of an issue.

Highest Percentage of Negative Equity During the Third Quarter

1. Las Vegas – 39.6% (peak: 71%)
2. Atlanta – 38.2% (peak: 55.2%)
3. Orlando – 34.2% (peak: 53.9)
4. Chicago – 32.3% (peak: 41.1%)
5. Tampa – 32% (peak: 48.4%)

Lowest Percentage of Negative Equity During the Third Quarter

1. San Jose – 7.6% (peak: 22.7%)
2. Denver – 11.9% (peak: 32.5%)
3. Pittsburgh – 12.1% (peak: 17.5%)
4. Boston – 12% (peak: 22%)
5. San Francisco – 12.4% (peak: 30.7%)

Largest Number of Homeowners Freed From Negative Equity Since Peak

1. Los Angeles – 285,535
2. Phoenix – 256,679
3. Dallas-Fort Worth – 188,226
4. Atlanta – 179,705
5. Detroit – 168,233

Read more: Can you refinance if you’re underwater on your mortgage?

Source: thetruthaboutmortgage.com

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During the early 2000s, you didn’t need to prove much to qualify for a mortgage.

In fact, it got to a point where it was kind of rare to provide “full documentation” when applying for a mortgage.

The most common doc type at that time was stated income, where a borrower would simply write in their monthly income on the loan application form, without the need for tax returns or pay stubs to back it up.

This was designed for the self-employed and others with complicated financials that didn’t want to provide hundreds of pages of documentation to get the deal done.

These types of loans became extremely popular when home prices surged in value and mortgage payments were no longer manageable for some borrowers.

In order to comply with DTI limits, borrowers simply stated their income and moved on.

Unfortunately, this eventually led to the advent of no doc lending, which didn’t require income, asset, or employment documentation. Instead, it simply required a credit report to determine eligibility.

That Was Then, This Is Now

Today, it’s quite the opposite. Because of the obvious missteps made during the housing run-up, lenders now require all types of documentation to get the deal done.

Most borrowers now need to provide two years of tax returns and two months of bank statements, along with countless disclosures that seem to be growing in number year after year.

In fact, the paperwork situation has gotten so bad that the average mortgage application file now contains some 500 pages, according to Mortgage Bankers Association (MBA) CEO David Stevens.

Included in that estimate are the tax returns, which can easily be 100 pages, along with disclosures, which can total 50 or more pages.

Then there’s the credit report and the asset documentation, the latter of which can be quite extensive depending on how many accounts are submitted to the lender.

And once those accounts are verified, the underwriter might ask for sourcing of funds, or LOEs (Letters of Explanation) for anything unusual.

Along with all that there’s the home appraisal, natural hazard disclosure, title and escrow documents, purchase contract (if applicable), insurance documents, closing documents, and much more.

How You Can Reduce the Paperwork

At the end of the day, you’re not buying a microwave, you’re buying a house, and so the documentation is going to be great no matter how you slice it.

But there are ways you can reduce the load. The best way is to get all your ducks in a row before you even apply for a mortgage.

Yes, disclosures will need to be signed, and reports will need to be ordered. But you can cut down on the amount of paperwork by keeping things clear for the underwriter.

Run your credit a few months before you apply for a mortgage. If there are unwanted surprises, clear them up before the lender pulls your credit.

And don’t apply for any new credit before or during the loan process. That could be grounds for more paperwork and/or flat-out denial.

The same goes for your bank accounts and other assets. Don’t move money around or it’ll just beg for an explanation, aka paperwork.

The cleaner your original loan file, the less you’ll be asked to provide once the underwriter lays eyes on it.

Put simply, be boring and normal. Anything perceived as out of the ordinary will be scrutinized. And you’ll be faxing and scanning documents until the cows come home.

Also remember to provide all pages when asked to submit statements and other documents. Failure to do so will require the re-sending of documents until you get it right.

Finally, create a folder on your computer and label and organize all your loan documents so they can be re-sent to the lender if necessary. Things do get lost in the shuffle, so it’s best to have everything in one convenient place if it’s needed once more.

(photo: Caitlin Childs)

Source: thetruthaboutmortgage.com

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When considering where to go to college, a young adult has a dizzying array of choices, including public vs. private schools and colleges vs. universities. There are also liberal arts colleges, which can be appealing to creative types and those seeking a broad education resulting in exemplary problem solving and communication skills.

But what exactly is a liberal arts college? And how are liberal arts colleges different from other colleges and universities?

Liberal arts colleges tend to put more focus on broad academics and personal growth than on professional training programs. An education from a liberal arts college is still valuable in helping students start their careers, but the emphasis is more on producing well-rounded individuals than putting graduates on a specific career track like engineering.

Students can major in a wide range of subjects at a liberal arts college, including the arts, literature, philosophy, social sciences, natural sciences, and even math or engineering. However, these colleges are meant to be a place that values learning, without strictly limiting what students are learning.

Read on to learn more about liberal arts colleges, including what they offer, how they compare to larger schools and public universities, and how you can cover the cost of a liberal arts education.

A More Personal Vibe

Though both universities and liberal arts colleges will help prepare students for entering the working world, there are some differences in what the experience will be like:

1. Liberal arts colleges are smaller. Most classes will have far fewer students than is the case at a university lecture hall, which can have hundreds attending at the same time.
2. Because of the smaller size, it may be easier for students to bond with their professors. The faculty members often have more time to spend with their students.
3. The focus of a liberal arts school is undergraduate education. At universities, there will likely be graduate programs and major research efforts.

A liberal arts college may be the best college fit for students who prefer a more personal experience where they can get to know faculty members and other students.

Those trying to decide which college is right for them can take this eight-question college personality quiz.
💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

The Admissions Process

The application process for getting into a liberal arts college is similar to other schools. Students will have to submit the usual components: an application with transcripts, test scores, essays, and letters of recommendation.

Liberal arts colleges may have a different focus when it comes to reviewing applications, though, so it’s essential to keep the following information in mind when applying to a liberal arts college.

When it comes to test scores and grades, liberal arts colleges don’t always have specific requirements. Admissions can still be very competitive at these schools, but they’re often more interested in whether or not students challenged themselves in high school. Generally, they want to see that applicants are well-rounded but also have an area of interest they specialize in.

Extracurriculars are important when applying to any college, but liberal arts colleges often value a wide range of activities, not just those that involve leadership.

A liberal arts college may be more likely to value extracurricular activities that are outside the box, so students applying to these schools have more options for what they can get involved in.

The Common Application, which can be used to apply to more than 900 schools, only requires one essay. However, many liberal arts colleges will require at least two supplemental essays. The reason is that these schools tend to put a high value on writing and critical thinking. This can be beneficial for students who have strong writing skills but may be weaker in other areas.

Many liberal arts colleges are also interested in a student’s character and how they’ll contribute to the school, so they may put more weight on letters of recommendation and interviews than other schools.

Top Ranked Liberal Arts Colleges

According to U.S. News’s National Liberal Arts Colleges Rankings for 2022-2023, the top ten liberal arts colleges are:

1. Williams College
2. Amherst College
3. Pomona College
4. Swarthmore College
5. Wellesley College
6. Bowdoin College
7. Carleton College
8. United States Naval Academy
9. Claremont McKenna College
10. United States Military Academy at West Point
11. Middlebury College

Financial Value of a Liberal Arts Education

There’s a stereotype about people who pursue a liberal arts education: that they won’t find financial success and their degree could be useless. This claim isn’t backed by evidence, though, so students who feel like a liberal arts college is the right choice for them shouldn’t be scared away by this false narrative.

The gap in income between those who attend a liberal arts college and those who attend other schools isn’t necessarily linked to the institution.

Instead, it’s determined more by a student’s career path and the market forces at the time, according to two economists who analyzed the payoff of a liberal arts college education.

Another reason for this misconception is that people are unaware of the diverse selection of topics that are studied at liberal arts colleges. If people don’t actually know what is being studied at these colleges, they’ll have a more difficult time conceptualizing what a student’s future could entail.

Though graduates of liberal arts colleges may not earn as much as those from STEM-oriented institutions right away, the economists’ study found that 60% of students ended up in the top 40% of U.S. income after graduation, even if they started out in the bottom 60%.

Choosing where to attend college and whether or not it will have a “payoff” is personal to each student.

Attending a liberal arts college can lead to upward mobility, but students also have to take into account the cost of the education and the availability of financial aid when choosing which school will have the most value for them.

Paying for College

Along with the painstaking process of choosing where to apply for college and making a final decision, there is another difficult process: figuring out the cost of tuition and how to pay for it all.

Luckily, students usually have access to a few options that may help fund the yearly cost of attendance, which goes beyond tuition and fees to usually include room and board, books, supplies, transportation, loan fees, costs related to a disability, and reasonable costs for eligible study-abroad programs.

To figure out financing, a good place to start is by filling out the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for federal financial aid, which includes grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized).

Some private colleges use a supplemental form called the College Scholarship Service (CSS) Profile, to determine how to give out their own financial aid. The form is more detailed than the FAFSA. Almost every college that meets financial need for all enrolled students without federal student loans uses the CSS Profile.

Most liberal arts colleges are private and carry a relatively high “sticker price,” which includes tuition, fees, room and board. But students will typically pay less, and sometimes far less, when grants, scholarships, and other benefits are factored in.

If students will require loans to cover the cost of college, it’s recommended they take out federal loans before private loans, because the former come with benefits that the latter usually do not, like lower fixed interest rates and income-based repayment plans.

Private scholarships are also widely available. Some are need based; others are merit based. They’re offered by schools, companies, community organizations, religious groups, and more.

Private student loans are an option as well. Eligibility usually depends on a student’s income and credit score or those of a cosigner. These loans are available through banks, credit unions, and online lenders and rates and terms vary, depending on the lender.
💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

The Takeaway

Whether you choose to go to a state university or a private liberal arts college, the experience will be enriching and can set you up for long-term career success.

Though a liberal arts school isn’t solely focused on teaching students a profession, a Bachelor of Arts from a reputable liberal arts school can lead to a rewarding career. The skills students learn at a liberal arts college — which include communication skills, analytic skills, the ability to work in a team, and a strong work ethic — are ones that often highly valued by today’s employers

While liberal arts colleges are known for their high cost, keep in mind that your actual cost of attendance will likely be much lower than the “sticker price,” once you take grants, scholarships, and other types of financial aid into consideration.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

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Some parents want their children to follow in their footsteps, and even choose the same career. Others, however, want their kids to aim higher, and achieve more. This can be especially true for parents that were not able to go to college.

Being a first-generation college student is something to be proud of, but it can also be nerve-racking. There might be high expectations that come with being the first in the family to attend school that add to the normal stress of attending college. On top of that, there’s the fact that, if nobody else in the family has done it yet, there are no family members to give advice or provide guidance.

Fortunately, there are a number of things you can do to not only survive but thrive as a first-generation college student. Below are some strategies that can help you prepare for college and manage the pressure of being the first in your family to have this opportunity.

Challenges of Being a First-Generation Student

What exactly is a first-generation college student? Being a first-generation college student means the student’s parents either did not earn a college degree or did not go to college at all. Since their parents may not understand much of the college experience, these students are embarking on a somewhat unknown path, which can lead to challenges that other students don’t face.

Lacking this direct source of advice can affect the student’s ability to complete school. It may be more difficult for a first-generation student to adequately prepare for college, both financially and socially. College can be stressful, and without a support system that understands these experiences, the student may find it difficult to continue with school.

Some first-generation students may have other demographic characteristics, such as low economic status or being enrolled in a less-than-full-time course load, that also increase their risk of not finishing college. The usual stressors of college are enough to make it a challenging experience for anybody, but first-gen students may find these factors make it even more difficult.

Another factor that makes being a first-gen student difficult is not understanding the financial aid system. Students whose parents have gone to college may be more familiar with the process of applying for aid and looking for scholarships and grants. If first-generation students are already from a lower socioeconomic background, as well as being the first person in their family to go to college, the financial strain could be more difficult to manage than it is for others.

There are other reasons that first-gen students may have difficulty completing their four-year degrees: They may be less prepared for the rigorous academics at the college level, they could be working full-time jobs, or they could be attending college later in life, after having children.

First-generation college students can still be successful despite these additional difficulties. With the proper preparation and support, they can not only achieve their four-year degrees, but thrive in college.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Thriving in College

The saying “C’s get degrees!” describes students who get by in college by simply passing their classes, not looking to achieve anything other than that piece of paper at the end of it all. But if you’re a first-generation student looking to make the most of your college years, here are some tips to keep in mind.

Study Tips

If you want to crush your academics, instead of being crushed by them, you’ll need to develop proper study techniques. The lessons will be more difficult in college, and students have to depend more on their own self-discipline than they did in high school. If it’s been a while since you have been in school, implementing good techniques and habits can help you adjust to the work again.

Here are some study tips that may help first-generation students adapt to college-level learning:

•   Pick a consistent study location, one that is comfortable and free of distractions. Once you’ve found the perfect spot, you might consider studying there consistently.
•   Write down deadlines and important dates in a planner — this may help prevent you from feeling overwhelmed and being caught by surprise when deadlines are approaching.
•   Schedule consistent study times instead of cramming the night before an exam. This has been proven to be a better method of remembering subjects for the long term.
•   Find a study group — this can make it easier to learn more difficult material.
•   Review notes each day. This repetition can help you remember them.
•   If you’re struggling with a certain class, ask professors for help during their office hours or seek out available tutoring services on campus.

Recommended: 5 Ways to Start Preparing For College

Building Relationships

The connections you make while in college can become invaluable after graduation. Getting to know professors and classmates can not only provide a source of social support during the stressful college years but may also provide opportunities for future networking.

Most professors will have regular office hours when they’re available to meet with students. These office hours can be used to talk about class material, get to know your professor better, or get their advice on your future. Usually, professors are happy to help students excel in class or discover the next steps in their journey.

Taking the time to get to know your classmates is also beneficial. When students make connections in class this helps give them support. Classmates can take notes for each other when someone needs to miss class, they can study together, and assist each other in the post-graduation job hunt.

Befriending classmates will not only provide academic support, but emotional support, too. Nobody understands what a college student is going through as well as another college student.

Avoiding Avoidance

Students who are juggling work, family, and school may feel overwhelmed by their college workload. Planning ahead and staying organized can help you stay successful in school despite these extra responsibilities.

Like all students, first-gen students might benefit from keeping a planner and scheduling study sessions ahead of time so they don’t fall into the trap of ineffective, last-minute cram sessions.

Staying ahead of schedule can also help in case other problems arise. Students who are parents might have child-related reasons for missing a class, but if they have assignments started ahead of time and are already on top of their study schedule, the absence will be less likely to negatively impact their grades.
💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Paying for College

College costs are an important piece of attending college, and it’s good to start planning as soon as possible. First-generation students may not have any immediate family members who have been through the process, possibly making information on how to pay for college more difficult to come by. There are a variety of ways students can finance college, including grants, loans, and scholarships.

The first step to financing your college education is filling out the FAFSA® (Free Application for Federal Student Aid). This application will determine your eligibility to receive federal aid for college, which includes scholarships, grants, work-study, and federal student loans. Federal grants usually don’t need to be repaid, but federal loans generally do.

Students must be able to demonstrate financial need to receive most federal aid, along with meeting other eligibility requirements .

If you aren’t eligible for federal aid, or if the federal aid you receive isn’t enough to cover all of your costs, you might also consider applying for private scholarships, which are available through a variety of sources, including schools, community organizations, and corporations. Eligibility varies for each one. Some scholarships are need-based, whereas some are merit-based. There are also scholarships available specifically for first-generation college students.

Another option available for financing college is private student loans. These are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Getting tenants settled into your property is about more than signing the lease and setting a move-in date. One key component, that doesn’t involve a lot of paperwork, is the property walkthrough.

Ideally done before anyone moves in, and then once again after they move out, this is the time for everyone, landlord and tenant alike, to take note of the state of the property.

Because it’s important to check everything, having a rental walkthrough checklist is a big help. Don’t rely on your tenants to bring one with them — protect yourself and your property as a landlord with one of your own.

When to do a rental walkthrough with your tenant

There are two times when you should do a walkthrough of your property — right before new tenants move in and immediately after they move out. Keeping both inspections on the same rental walkthrough checklist will enable you to see exactly how well your tenants took care of the property.

The pre-move-in walkthrough helps you take note of starting conditions within the home. You’ll note damage that’s already there, if any. Then see whether things worsen beyond normal wear and tear once your tenants move out.

Keeping the results of each walkthrough on the same checklist makes it easier to notice these changes. If the doorframe to the bedroom was in pristine condition before move-in but is full of sizable scratches after move-out, you know it’s something you can charge your tenants to repair.

Thankfully, with a security deposit from your tenants, it’s easy to manage the reimbursement for the repair without having to wait on funds.

How to do a rental walkthrough

Rental property walkthroughs should occur with your tenant(s). This is an opportunity for both of you to protect yourselves against paying for damages you’re not responsible for. Your tenant won’t want to get charged for issues already present in the home, and you don’t want them to contest a repair you believe should get covered with their security deposit.

Once you schedule a time with the tenant, come prepared with your own landlord walkthrough checklist. Your tenant might have one as well, but let them know that your copy, which you’ll both sign off on, will go into your files.

As you walk through and observe, take notes, pictures and video to document all conditions that are less-than-normal in the home. Make sure you note the things your tenant notices as well as what you see yourself. It’s best to put all the information right onto the checklist so everything is in one place. The pictures can then provide additional evidence should it become necessary later on.

Follow these steps to ensure you complete a thorough walkthrough. You can also jump ahead to download our rental walkthrough checklist.

1. Inspect certain items in every room

No matter what room of the rental you’re in, there are certain areas you should always inspect. Most of these suffer from normal wear and tear so take that into account as you go.

You can note small, common imperfections, but only take detailed notes when there’s a significant issue. If, for example, the previous tenant left a huge hole in the wall from a heavy mirror they hung, make sure to write that down (and make time to fix it).

In general, you should look at the following in each room:

  • Floor
  • Walls
  • Ceiling
  • Doors
  • Windows, screens, window frames
  • Light fixtures
  • Outlets and switches
  • Lightbulbs

Make note of anything you can fix or replace immediately and offer to take care of that before the tenant moves in if you can. When you do so, go back to your rental walkthrough checklist and cross it off as an issue.

2. Check for safety

In rooms where it’s relevant, you’ll also want to check the safety equipment in your rental property. That means testing the smoke detectors and checking to ensure any fire extinguishers haven’t expired. This should also be something your tenant is particularly concerned with, since having all the safety equipment in working order directly impacts them and their stuff.

3. Test the plumbing

In bathrooms and kitchens, make sure to look for leaks and water damage while also testing that facets and toilets all work. Inspect tubs and sinks to make sure there aren’t any oversized cracks or chips present as well.

If your rental property has a hose hook-up outside, it’s best to look at that too. Whether or not you have a hose there, test the faucet to make sure it works and doesn’t leak as well.

4. Turn on/off appliances

While you’re in the kitchen, test all the appliances with your tenant present. Turn everything on to show them how they work, but also that they work. This includes the stove, oven, microwave if there is one, dishwasher, refrigerator and washer and dryer.

5. Open cabinets and drawers

Since wear and tear can happen anywhere, check cabinets and drawers by opening and closing them all. Make sure pulls and handles are still firmly attached and hinges are working properly. Everything should close all the way and not look like it’s about to come loose.

While you’re opening these all up, you should also make sure drawers, cabinets and closets are empty. Remove anything you might find, although you don’t have to write that on the checklist.

6. Make note of any unique features to your property

If your rental property has any unique features like stairs, a backyard, garage, deck or balcony, make sure they’re a part of your walkthrough as well. Note any issues found in those areas and check to make sure everything is nice and safe.

Downloadable rental walkthrough checklist

There’s a lot to cover when doing a walkthrough of a rental property. Download this checklist to help you stay focused and not miss anything. Take detailed notes, then have you and your tenant(s)s sign off on the document. This ensures you agree with the condition of the property at the start, and conclusion of the lease.

A perfect rental walkthrough

Conducting a thorough walkthrough of your property both before a tenant moves in and after they move out gets everything noticed. However, it may not be the only time you need to give your property a once-over. Don’t discount a mid-lease home inspection should you suspect any issues with your tenants. This lets you make repairs as necessary instead of waiting until the end of a lease term.

No matter how often you need to break out your handy rental walkthrough checklist, a careful eye and attention to detail will help you maintain your property. It also makes it easier to properly assign repair charges where they’re due.

Categories: Landlords

Source: rent.com

Apache is functioning normally

When embarking on the exciting journey of buying a new home in Washington, there’s a crucial step that should never be overlooked: the home inspection. A home inspection is a complete assessment of a house’s condition. Whether you’re buying a house in Tacoma or hunting for homes in Spokane, a thorough inspection can mean the difference between a smooth transition into your dream home and unexpected post-purchase challenges. That’s why we reached out to Washington home inspectors to get their best insights. Here’s what they had to say.

Why should you get a home inspection in Washington?

“Every home has its quirks, but some are more consequential than others,” says Isaac McPhee of Strong Foundations Home Inspection. “In any real estate transaction, one of the most important questions is whether the home has any hidden surprises waiting to cost the buyer (or seller) significant amounts of money. Home inspections exist to shine light on the home’s true condition, to limit potential surprises, and to provide peace of mind. As inspectors, we exist to provide peace of mind, and it’s hard to put a price on that.”

Homeowners often overlook seemingly minor cracks and defects. According to Matt Johnson of INW Home Inspection, an experienced home inspector will investigate these further. He adds that around 5% of the time, what may seem like a minor problem, reveals a structural issue. 

“A home inspection is the best way to ensure that you have all the information you need to make an informed decision on your prospective home,” says Hunter Taylor of Centurion Home Inspection.

Are there any specialized inspections that Washington buyers should consider?

While a standard home inspection is typically advised for all homebuyers, prudent purchasers take extra care by arranging for specialized home inspections, particularly for older properties or those with unique attributes. Covering everything from the roof to the foundation, there are a variety of specialized inspections worth considering before finalizing your home purchase.

“A thorough home inspection including an infrared scan of the critical areas is essential to understanding the condition of the home you are investing in,” says Gregg Spear of Spear Home Inspection Inc. “Adding a sewer scope can help identify unknown defects in the building sewer line that could become a future problem for you.” 

In addition, Gal Zamir of AirGanic recommends getting your insulation inspected. “We highly recommend having a dedicated inspection for Insulation levels throughout the crawl space and Attic and a detailed HVAC system inspection, this will allow you to have a full understanding of your potential home energy consumption and Indoor air quality levels.”

“Consider requesting a separate sewer scope during your home inspection, as it’s not usually included,” says Carmin Dalziel of Dirt Cheap Sewer. “Overlooking sewer problems could lead to significant post-purchase costs. Opting for a camera scope of the sewer system helps you make well-informed decisions before buying.”

Lindsey Smith of Top Notch Home Inspection says that you should choose an inspector with a structural pest inspection license. “Given the state’s climate and potential pest challenges, this license ensures that the inspector is qualified to identify and address any pest-related issues alongside general structural concerns,” Smith says. “This dual expertise will provide you with a comprehensive assessment of the property’s condition, aiding your decision-making process and potentially preventing future financial burdens.”

Are home inspections required in Washington?

In Washington, home inspections are not legally required by the state for the sale of a property. However, they are highly recommended and often considered a prudent step in the home buying process. A thorough inspection can uncover potential issues that might not be evident during a casual walkthrough, helping buyers make informed decisions about the condition of the property.

How much does a home inspection cost in Washington?

The cost of a home inspection in Washington can vary based on factors such as the size of the property, its location, and the specific services offered by the inspector. On average, home inspection costs in Washington typically range from around $200 to $600. It’s important to remember that while cost is a factor, the quality and thoroughness of the inspection are equally important considerations.

Can you sell a house in Washington without an inspection?

Yes, you can sell a house in Washington without a formal inspection being legally mandated. However, it’s worth noting that many buyers in the state often request or expect an inspection as part of the due diligence process. Opting for a pre-sale inspection before listing your home can provide you with a better understanding of its condition, potentially allowing you to address any issues upfront and present the property in a more favorable light to potential buyers.

Tips for getting a home inspection in Washington 

“Before a home inspection, it’s essential to invest time in researching reputable and experienced inspectors,” says Liberty Inspection Services. “Check reviews, seek recommendations, and confirm their licensing and certification. Understand that an inspector evaluates visible areas, but hidden issues might demand additional investigation. If feasible, join the inspection to directly comprehend the property’s state and potential concerns.”

Andy Sanchez from Inspect NW says to always make sure your inspector is licensed. “The WA State Dept of Licensing has Standards of Practice set forth for licensed home inspectors. These are guidelines that basically state what inspectors are required to inspect. Also, make sure you attend the inspection if you can. This allows the inspector the opportunity to convey their findings in a manner that you will be able to understand when you are reading the final report. Also, ask questions; if you think of anything concerning to you prior to the inspection write it down.”

“Using a home inspector referred by your broker can present a potential conflict of interest,” says Lawrence Karwoski of Advanced Inspection Services Inc. “While your broker may have good intentions, it’s important to remember that their primary goal is to close the deal, which might influence their recommendation as they typically have experienced many inspectors. To ensure an unbiased inspection and accurate assessment of the property’s condition, it’s generally recommended to find and hire your own independent home inspector. This way, you can be more confident that the inspection report will be impartial and thorough, without any potential pressures or biases that might arise from using a recommended inspector.”

Washington home inspections: the bottom line

Buying a home is a major decision. Before you commit to purchasing your dream home, taking the step to have a thorough Maryland home inspection can provide invaluable peace of mind. By identifying potential issues and ensuring the property’s condition aligns with your expectations, this inspection adds an extra layer of confidence to your investment.

Source: redfin.com