Charlottesville, VA

There is a JUMBO loan option for our Veterans and it is truly amazing.

The standard VA loan program offers 100% financing up to $417,000. However, a Veteran can go above $417,000 with a down payment!

I recently pre-qualified a veteran for a purchase price of $584,000 with a rate of 3.875%! SunTrust gave the client back $7,300 as a lender credit to reduce closing costs, WOW.

Sandra S. Madison

Senior Mortgage Loan Originator

NMLS # 43902

(434) 566-2420 direct line

www.suntrustmortgage.com/smadison

SMART DIY landlords and professional property managers know that PREscreening tenant prospects saves EVERYONE and $$$.

Having a PREscreening phone script or e-mail response is KEY to starting this process and the questions and responses will assist landlords/property managers in determining if the NEXT Step is appropriate.

Although my rental inquiries usually come through my website with some PREscreening questions, I like to ask them again just in case.

1) When are you moving? If their answer is vague or more than 30 days off from the available date of the property they are inquiring about, I tell them I need the property rented sooner than that.

2) How many people in their family? If they start with adults and then kids and then one-on-the way, then the size of the available property should be up for discussion.

3) Do you have pets? When they respond and say YES, I have learned to then ask HOW MANY? and then WHAT KIND? Several property managers require photos of pets to accompany application paperwork. I frequently ask to see photos on their phone and then show them my 2 dogs.

4) A biggie that often does not get answered until it is too late is HOW MANY CARS do you HAVE? For PUDs/HOAs with limited or assigned parking, this is a BIG DEAL so knowing these rules as well as local ordinances about "over-night" parking is key as when it is too late, it is REALLY TOO LATE!

PREqualifying rental prospects saves them and YOU time if the property or circumstances do not meet their needs.

I'm mentoring a local real estate firm with their property management program. Their sales agent/property manager wanted to know HOW I get such high rents for my rental homes?

I had to think about it and realized that I KNOW the CURRENT * often weekly * RENTAL MARKET and I KNOW that the RENTAL VALUE is in the CONDITION of the property and the TIME it is AVAILABLE.

These issues are RARELY in the mix for buying a home because the reward for the Seller to give the Buyer occupancy on their timeline is included in the negotiations - not so with a rental property.

The CONDITION of a rental property needs to be VERY GOOD to EXCELLENT and I have the ability to make that happen * AND IT NEEDS TO BE CLEAN.

Sales agents used to dealing with owner-occupied homes for sale often do not advise their clients to DEclutter or CLEAN much less get rid of the pet smell or diaper pail.

If they transport this lack-of-concern or temerity in dealing with owners to their RENTAL listings, they will be disappointed in the quality of tenants and rents they can attract.

YES~! I can get EXCELLENT rental rates for my clients' property because I PRICE it RIGHT; have QUALITY marketing; and I require that the property be IN EXCELLENT condition when it is shown.

I'm BACK in showing/renting mode after renting almost everything I had available in November and taking a "breather" for December/January.

For 2012, I've decided to PREscreen better via phone and e-mail contacts; require confirming phone call an hour before the showing appointment AND to get completed application paperwork ASAP in the process.

I already require completed rental applications prior to scheduling a viewing of an occupied property which has cut down on showings to unqualified applicants.

My 2012 resolutions were SOLIDIFIED with a showing last Saturday where the rental prospect brought her high school friend/real estate agent and talked to him rather than me about the property.

As I suspected, he was there hoping to get a feel for her ultimately purchasing a house from him and as we said good-by, I suspected his involvement in the process was about to cease shortly.

Then, this week, I got an e-mail from her that she was still in her "selecting mode" and wanted a copy of my lease. I responded that I prepare my leases and they are specific to the property and tenant so that I would need her completed rental application and a check for her move-in monies and we could start the process.

Then this morning, I get an e-mail that she wants to visit the property again, with friends, this Sunday.

My response to her was that I was working with a couple who have already submitted their applications and were further along in the process for securing the property AND that I would let her know if the situation changed and she can submit her application.

......RENTAL PROSPECTS to our area who think that they have time to "dally" with the selection of their area rental home are in for an UNpleasant SURPRISE!

Our inventory of desirable rental homes is dwendling and the DEMAND is getting STRONGER!

I got a phone call from a local homeowner inquiring about renting his house and in the fashion that these "cold calls" usually go, he was hesitant to give me his address * like I was going to come over there and stuff his mailbox with my literature! He should BE so LUCKY.

After some basic questions, I gleaned that 1) he had a LARGE rural home that he was in the process of finishing off the basement himself; 2) he has at least 2 mortgages on it and he bought at the HEIGHT of the sales market; 3) he loves the home and "hates" to leave it. Meanwhile, he is talking to HeadHunters about his employment prospects and expects to leave this summer.

He THEN proceeded to tell him what rental amount he wants and how I should proceed to market his home AND who his target renter market would be.

I suggested that while I had not seen his home, I know where it is * within NOISE distance of the interstate * 20 minutes to the nearest public school and middle school students have to change their bus once * 15 min to nearest grocery store * and YES! his home is in God's Country because I live 5 minutes away in the same ZIP CODE.

He had the PERFECT opportunity to get a professional property manager's expertise and insight FREE! A professional property manager who LIVES 5 minutes from his property and has done rental management in the area for the last 20 years.....and YET, he wanted to tell ME MY business.

So the COLD HARD truth is what I told him....his idea of $3k for rent is unrealistic - they are not getting that in the GATED, golf course community 10 minutes CLOSER to town with the same zip code; that his "finishing" off the basement would not get him an additional $500 per month in rent AND that he may have to include yard service in the rent because of he home was on 3 acres that required 3 hours of mowing every 2 to 3 weeks.

I told him that I would be happy to view his home; however, I would not take it to lease and manage if he insisted on being unrealistic * YES! I said THAT word * with his anticipated rent....WHILE I was thinking that I am sure he can find a newbie real estate agent who would L♥VE to take an over-priced RENTAL listing.