Before We Say "I Do" Can I See Your Credit Report?

This is the one topic of discussion that is sure to spark a debate among friends, especially when one of them is engaged to be married. Should you ask to see your partner's credit report before walking down the isle?  Is this an invasion of privacy?  Does this signify a lack of trust?  Do you even care if your partner has good or bad credit? 

A few days ago, I opened up this discussion among a few of my friends.  Why?  Because one of them is getting married in a few short months.  Of course, it is no secret where I stand on this issue.  I firmly believe that if you are planning to spend the rest of your life with someone, then asking for a copy of his or her credit report is part of the package.  It just makes good sense.  We all know that money and finances play a huge part in the destruction of marriage, so why not clear the air at the onset?  Why wait until you are ready to purchase that new house to find out your new husband or wife cannot qualify for a mortgage due to poor credit?

As with any good debate, a few of my friends disagree with me.  They feel that requesting a copy of your partner's credit report shows a lack of trust and crosses the lines of privacy.  They also feel that marriage is about accepting the good with the bad.  Therefore, credit concerns should be dealt with after marriage.  My response?  Let's just say, I respect their opinions and leave it at that!

Having participated in this discussion, I feel it is important to point out that "bad" credit is not the end of the world ... nor is it a steadfast reason for calling off a wedding or marriage.  Rather, holding this and other similar types of discussions with your partner prior to marriage is a responsible act and should be viewed and treated as such.

If done properly and with mutual respect for each other, taking a few minutes to review each other's credit reports before walking down the isle is a great idea and one that could shield you both from lots of problems in the near future.  

  

If you are interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia and Maryland, please contact me for assistance.  My specializations include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, relocation, and divorce.   

Lisa Dunham, MBA, CDPE, ABR, ePRO 
Allison James Estates & Homes 
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com

            

5 Ways to Increase the Odds of Getting a Return Call from a Rental Agent

In recent weeks, I have received several phone calls from prospective renters.  Many have stated that they rarely receive return phone calls when contacting real estate agents about the possibility of renting a property.  To assist in this process, I have compiled 5 easy steps that prospective tenants should follow.  These 5 steps are designed to increase the odds of getting a return call from a rental agent.  Simply follow these guidelines, be proactive in your approach, and you will be well on your way to securing your next rental.

  

1. Obtain a copy of your credit report.  Before contacting a real estate agent, you should first obtain a copy of your credit report.  You can request a copy of your credit report from any credit bureau.  You may also obtain a copy of your credit report from multiple online services such as freecreditreport.com.  When you are ready to make contact with an agent, be proactive in your approach.  Inform the agent that you have a copy of your credit report and be willing to share your credit history with the agent.  This demonstrates your commitment to the process, helps determine the likelihood of your application being accepted by a landlord, and increases your chances of working successfully with an agent.

2. Be financially prepared.  Before contacting a real estate agent, make sure you are financially prepared to move forward.  In most cases, tenants must pay the first month's rent, security deposit (equal to the first month's rent), pet deposit, and any required move-in fees.  Tenants should also be prepared to transfer all utilities and pay all associated utilities fees.

3. Focus on a single location.  Before contacting a real estate agent, you should narrow your focus to a single location.  This is extremely important!  Most real estate agents will not travel from city to city previewing rentals.  Therefore, you should narrow your focus to a single location (short radius, vicinity, or subdivision) that is desirable to you.  When contacting an agent, be proactive by assuring them that you have a single location in mind.

4. Be willing to do some of the "leg work" on your own.  Real estate agents are always happy to provide you with listings.  Once you identify a few properties of interest, drive to the neighborhoods to see if the locations meet your requirements.  Most rental agents will preview properties with you ONCE.  Therefore, you should be prepared to spend this time previewing properties that you are truly interested in.

5. Be willing to compensate your agent.  To secure an experienced rental agent, you should be prepared to compensate your agent for his or her time.  The compensation package for agents representing tenants is meager at best!  If you are looking for an experienced real estate agent to assist you in securing a rental, you should be prepared to compensate the agent accordingly.   

If you are interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia and Maryland, please contact me for assistance.  My specializations include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, relocation, and divorce.   

Lisa Dunham, MBA, CDPE, ABR, ePRO 
Allison James Estates & Homes 
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com