Florida Treasure Coast Real Estate Resource

Selecting the right rental home and finding a property that meets your needs and budget can be complicated. Here are some tips to help you determine what's most important to you and help you work your way through the rental process.

Assessing Your Needs

Carefully assessing your needs and knowing what to look for and what to avoid is the key to success in finding a rental home.  Your Real Estate Agent can provide detailed information on  target areas prior to your home finding trip, helping you maximize your time and efforts.

One of the most important steps in finding your new home is knowing exactly how much rent you can afford. Your rent should be no more than 30 percent of your gross monthly income (although there are exceptions to this rule).  

Advance Deposits And Fees
 
It is also important to remember that renters are typically required to pay a security deposit (usually one month's rent) in addition to the first month's rent prior to move-in.  Additionally, some renters are required to pay their last month's rent in advance.  This is usually the case when renting a home from a private owner.  A rental application fee, which can cost between $35 to $100 to process, is often required as well.  If there is a home owners association you can expect to pay an application fee ranging from $50 to $200.  Pet owners will also have to contend with additional security deposits and/or nonrefundable pet fees in the neighborhood of $250 or more for each dog or cat.

Inspecting The Property

When you have found a property that meets your needs, examine it carefully before you sign a lease.

-Windows should open, lock properly, and have screens.
-Sliding glass doors should open cleanly. Screens should be operable and intact.
-Check the roof for missing or curled shingles and ceilings and walls for water marks and other signs of leaks.
-Check plumbing and water pressure by flushing the toilet and running the faucets.
-Make sure any included kitchen appliances work properly (range, refrigerator, dishwasher, garbage disposal, etc.)

Before Signing The Lease

Once you've decided on a property, the landlord will probably ask you to fill out a rental application. This form will request information such as:

-Previous and current employers and landlords
-Salary history
-Banking information
-Credit card information
-Social security number
-Personal (non-work related) references

This information allows the landlord to check your credit history (usually through a credit bureau) and your relationships with former landlords.

The Rental Agreement Or Lease

Before you occupy your new rental property, you will be asked to sign either a rental agreement or a lease. A lease specifies a fixed term and monthly payment, for example, a one-year lease at $1,000 per month. Rental agreements are sometimes known as "month-to-month" arrangements.  Either you or the landlord may end the arrangement at any time with proper notice (specific notice requirements vary by location).  Similarly, the landlord can adjust the rent with proper notice (again, the laws and regulations vary by area.)  A lease is usually the more favorable option, as it guarantees a fixed rent for a longer period. However, if you are uncertain how long you will be renting, a rental agreement offers more flexibility.

Lease Basics

A lease is a binding legal document that states that a tenant can occupy property owned by the landlord under specified conditions.  Although leases vary, they usually specify the following:

-A full description of the rental property
-The amount of each rent payment and the due date, including late charge and grace period information
-The amount of the security deposit, and the conditions under which it might be retained by the landlord
-Services to be provided by the landlord (landscaping, repairs, etc.) and tenant responsibilities
-Rules and regulations that the tenant is expected to follow while renting the property
-Available amenities or services (trash removal, swimming pool, laundry facilities)

Clauses Requiring Your Attention

One of the most important parts of a lease is the Termination Clause, which describes what will happen at the end of your lease. Some leases renew automatically unless you notify the landlord that you plan to leave. Other leases simply transform into a month-to-month rental agreement.  If you anticipate being relocated by your company sometime in the near future, we recommend having the following language built into your lease:

"In the event the lessee is relocated by his or her corporation, the lessee may terminate this lease upon thirty (30) days prior written notice to lessor with no lease termination penalty."

Other clauses to watch for include those that address automatic rent escalation and transfer of repair duty from the landlord to the tenant.  No smoking clauses are also common and strictly enforced.

Search Rentals in Stuart Florida

Copyright © 2008 By Eric Slifkin, All Rights Reserved. *Tips For Renters | Rental Homes in Stuart Florida* Contact Eric Slifkin for Palm City and Stuart Florida real estate.

From the moment you enter Southfork Estates the natural beauty of this newer Martin County subdivision surrounds you. The community is defined by its family friendly environment. What makes Southfork Estates special are the ovesize lots (up to an acre) and estate homes, many with stunning lake views.  Southfork Estates also offers homeowners optional outdoor storage for boats and RV's. Recreation opportunities are abundant with nearby uncrowded beaches, boating, fishing, surfing, golf and tennis.

Southfork Estates is located in Stuart, Florida, just minutes from I95 and an easy commute to the West Palm Beach area.  The region's slow growth policies have helped it to retain its rural character.  The Martin county school system is amongst the best in the state.

Copyright © 2008 By Eric Slifkin, All Rights Reserved. *Neighborhoods in Stuart Florida | Southfork Estates* Contact Eric Slifkin for Palm City and Stuart Florida real estate. 

The Estates at Tradition in Port Saint Lucie is a private, gated enclave located in the master planned community of Tradition known for its small-town atmosphere, quiet, tree-lined streets, shops and cultural activities.

Homes at the Estates are surrounded by picturesque lakes and parks with bike paths and jogging trails winding throughout the enclave. A community pool with cabana and barbecue area serve as a central gathering place for neighbors and friends.

The Estates at Tradition features innovative designs with attention to detail for which Toll Brothers is known nationwide. The Estates at Tradition offers luxurious living on Florida's Treasure Coast, just minutes from beaches, local golf courses, and other recreational opportunities.

The Internet has empowered out-of-town home buyers with the ability to search for homes on line much the way Realtors do. Current Web technologies allow prospective buyers to search for properties in the comfort of their homes while saving time and money traveling to their target areas. This applies to the Stuart area real estate market as well - Realtors and home sellers alike can upload their listings to a myriad of real estate Web sites or portals for prospective buyers to see with multiple photos, virtual tours and even videos of their homes.

Out-of-town buyers searching for Stuart, Florida real estate on line should never underestimate the importance of hiring a local Realtor to assist in identifying suitable properties and making the home buying process as stress-free as possible. As an out-of-town buyer, you will benefit from taking advantage of a local agent's expertise and knowledge of the area he or she serves. This is especially true when buying new construction, where having a local representative will help to ensure your new home is built to your specifications.

Working With A Realtor

A Realtor's job is first and foremost to assist you in identifying suitable homes. A Realtor will typically posses an in-depth knowledge of the local real estate market, neighborhoods, and available inventory. Your agent will also walk you through the entire transaction from research to settlement.

What Should Out-Of-Town Buyers Look For In A Realtor?

As a potential out-of-town buyer of Stuart, Florida real estate, there are several qualities you should look for in a local Realtor:

-Your Realtor should maintain communication with you throughout the process even though your purchase may be months away. He or she should be enthusiastic in talking to you about the Stuart area real estate market, neighborhoods and homes that suit your needs.

-The Realtor should update you with the latest listings and get your feedback before your first buying trip to Stuart. Though some of the properties may be sold or under contract by the time you arrive, your comments and selections will help narrow down showings to the best homes for you.

-Your Realtor should include in the showing schedule a tour of the Stuart area, which will help you to familiarize yourself with our neighborhoods and decide on a particular location.

-Patience is one of the most important traits that a Realtor can possess. Your agent should not try to influence your decision about a particular Stuart area home but help to weigh the pros and cons of deciding on a particular property or moving onto something more desirable.

As an out-of-town buyer, when it comes to selecting a Realtor you want to go with someone who will look out for your needs before, during and after the sale.

At first it was those crazy adjustable mortgages that drove thousands of homeowners into short sale or foreclosure situations.  But with the worsening economy, increasing joblessness and ballooning energy costs, many homeowners previously unaffected by the mortgage meltdown are facing similar circumstances through no fault of their own. In an effort to stave off foreclosure and lessen the impact on their credit rating, many distressed homeowners are turning to short sales as an alternative.

What is a short sale? Basically a short sale is when the value of the mortgage is greater than the value of the property. When this occurs the homeowner may opt to sell "short" with the lender accepting less than what is owed on the mortgage.

Homeowners may become eligible for a short sale when they are delinquent on their mortgage payment (usually around two months) and can demonstrate the inability to pay their mortgage. The homeowner is also considered in pre-foreclosure when this occurs and the lender sends a notice of default or lis pendens (a document filed in the public records that notifies any prospective purchaser of property that there is litigation pending that could effect title to the property). A short sale can still take place during the foreclosure process except when the foreclosure is completed and the home is up for auction or the homeowner files for bankruptcy.

While dealing with your lender may seem daunting, working with a real estate professional can help you through the process. You will want to choose an agent who has experience in this area. There are also third party services cropping up that will lend assistance for a fee. Here is an overview of the steps typically required to complete a short sale.

Initiating the short sale will typically require:

1. A hardship letter explaining your circumstances
2. Two months of bank statements (W2, 1099, tax return, etc.)
3. Budget Sheet
4. Authorization to Negotiate (allows your agent to communicate directly with the lender)

Note: the lender will typically have a series of forms for you to complete as well.

Supporting documentation you may need:

5. Broker Price Opinion or Market Analysis
6. Photographs of the home
7. Repair Estimates

Once you find a buyer:

8. Signed Sales Contract with Short Sale Addendum
9. Preliminary HUD-1 (details estimated closing costs)
10. Latest comparable listings and sales

Once you  have submitted your hardship letter and supporting documentation to your lender it's a waiting game.  At this stage a loss mitigation officer may be assigned to your case or it may go into an administrative area until a buyer is procured or foreclosure occurs. While waiting for the lender's approval, your agent will list and begin marketing the property (note: some lenders will not approve the short sale until a contract is pending). Once a buyer is found and the sales contract submitted for approval your agent will keep the process moving along with follow up calls to the loan mitigation officer.

Short sales are a challenge at best and the requirements differ from bank to bank, but lending institutions are finally beginning to respond proactively and are working in tandem with real estate professionals to speed the process. As this is being written legislation is underway that may ease the process and offer alternatives to short sale or foreclosure.

Get more free real estate reports and special offers at MyFreeWebOffers.com

Disclaimer: the author does not assume any responsibility for any errors, omissions or contradictory interpretations of the subject matter contained herein. The information provided is for reference purposes only and is not intended to be used as a source of legal or accounting advice.

Need information about relocating to the Palm City or Stuart, Florida area? I can help! Please submit the form below with any questions you may have about Palm City or Stuart, Florida real estate, market conditions, neighborhoods, new communities and homes for sale or rent. I can also provide information on schools, services and our Treasure Coast lifestyle.

Lake Tuscany is a new Mercedes community located just west of I-95 in Stuart. The homes feature unique architectural designs in a gated community with preserve and lake views. Lake Tuscany is just minutes to schools, shopping, golf, beaches and marinas with easy access to both-95 and Florida's turnpike. More >>

Copyright © 2008 By Eric Slifkin, All Rights Reserved.. *Neighborhoods in Stuart Florida | Lake Tuscany* Contact Eric Slifkin for Palm City and Stuart Florida real estate.

Savannah Oaks is an enclave of custom-built estate homes with a country feel yet located within walking distance to the shops and restaurants of Jensen Beach. It is only minutes from Hutchinson Island beaches via the Jensen Beach Causeway, and a short drive to world-class golf, boating, the Treasure Coast Square Mall and US1 shopping. Residents enjoy "A" rated schools including the new Jensen Beach High with its state-of-the-art facilities.

Savannah Oaks is comprised of 21 home-sites situated in an uncrowded, natural setting.  Each lot offers preserve views while the homes feature upgraded appliances, custom interiors, concrete block construction, impact glass windows and Key West style metal roofs.  Its convenient coastal location and recreation opportunities exemplify the Florida lifestyle.

Copyright © 2008 By Eric Slifkin, All Rights Reserved.. *Neighborhoods in Jensen Beach Florida | Savannah Oaks* Contact Eric Slifkin for Palm City and Stuart Florida real estate.

Renters all along South Florida's Treasure Coast are being affected by the spate of foreclosures.  Besides homeowners facing foreclosure, a growing number of my rental clients are being evicted from those same homes being foreclosed.  They have discovered that they are not immune from the financial fallout of the beleaguered real estate market.

With mushrooming foreclosure filings it's not just just owners losing their homes - in many cases these homes are also rental properties and because lenders are not usually interested in managing rental properties, tenants are finding themselves displaced in the process.  Not only are tenants being forced to vacate, but because they typically have no knowledge of the landlord's deteriorating financial situation, they are often taken by surprise.

Landlords Not Communicating With Their Tenants

Frequently, renters find out that their rental home has been foreclosed on when they are warned that an eviction notice is forthcoming from the lender. This notice gives the renter a chance to voluntarily vacate the premises before eviction proceedings take place.

Even if the renter's lease isn't up for several months, the tenant may get less than 60 days to vacate the premises once evicted - in most states a foreclosure makes a lease obsolete.  Since the lease signed by the renter is no longer in effect, the lender(and new owner) is not obligated to perform any maintenance or continue any other services the tenant may be entitled to, except for continuing basic utilities such as electricity and water. 

While it is nearly impossible to know if your landlord is having money problems, when repairs start getting ignored or if your landlord becomes unresponsive to your needs, you may want to consider the possibility he is being foreclosed on before signing a new lease.  Many prospective tenants are now checking tax rolls and public records to see if there are any lis pendence or other proceedings underway.  But even that is no guarantee as mortgage rates adjust after move-in and owners default on their loans.  One measure of protection against insolvent landlords is working with a rental agent who has intimate knowledge of his landlord clients.  While that is no guarantee, an agent's relationship with the property owner provides some reassurance that you will not find yourself in the throes of an eviction due to foreclosure.

Copyright © 2008 By Eric Slifkin, All Rights Reserved.. *Florida Treasure Coast Renters Affected By Foreclosures* Contact Eric Slifkin for Palm City and Stuart Florida real estate.