REO
 
LEASE QUALIFICATION POLICIES
 
THE FOLLOWING POLICIES ARE ESTABLISHED TO ENSURE THAT ALL PROSPECTIVE APPLICANTS FOR A PROPERTY PROCESSED BY REAL ESTATE OPTIONS WILL BE TREATED EQUALLY.

Please read the following policies. If you feel you meet the guidelines for qualifying, we encourage you to submit an application. Only one application will be processed at a time and applications will be processed in the order received. An incomplete application will not be considered.

Note: Some properties do not allow pets.

MINIMUM CRITERIA & CHECKLIST FOR TENANT SELECTION - Click Here to download this checklist.
_____ A completed and signed application to be received from each person 18 years of age or older.
Everyone 18 years of age or older must be a lease holder.
_____ Sufficient Income. Monthly income is four (4) times the rental amount. (married couples' combined income may be used to meet this criteria). For roommate situations, each lessee must show gross income equal to or exceeding two and one-fourth (2.25) times the monthly rental amount.
_____ Verifiable source of income or employment. Unverifiable income will NOT be considered.
_____ Self-employed prospective residents must provide tax returns from the previous 2 years for salary verification.
_____ Same source of income or employment for a minimum of twelve months.
Unemployment compensation is NOT considered a qualifying source of income.
_____ Bank accounts, stocks, bonds and other forms of assets may also be used to verify the financial status of a prospective resident. It will be necessary to furnish management with proof of funds equal to one (1) year worth of rent and they must document that the funds have been in their account for the last four (4) months.
_____ Able to pay a holding deposit of $ 200.00 within 3 days of acceptance.
_____ Able to pay full deposit and rent requested.
_____ No negative remarks on credit history from utility companies. Marginal or bad credit may result in an increased security deposit or denial of the application.
_____ No excessive financial obligations � more than 20% of income.
_____ Able to provide six credit references.
_____ On time for showing appointment.
_____ Does not use any offensive language in our presence.
_____ Brought items requested to showing (i.e. identification, application fee, deposit, references).
_____ Fills out application completely and truthfully. Applications will be denied if falsified or missing information.
_____ Resides at current address for minimum of twelve months or can provide two verifiable concurrent years of residency with acceptable rental history. A satisfactory rating on the credit report for a mortgage will serve in lieu of rental history.
_____ Gave proper notice to previous landlord.
_____ No prior evictions.
_____ No notices of any kind from previous landlord, nor deposit withheld because of property upkeep or non-payment of rent.
_____ No notices of any kind from previous landlord, neighbor complaints or police reports regarding disturbing the peace.
_____ No notices of any kind regarding a violation of a previous rental agreement.
_____ Doesn't owe any unpaid balances to previous landlords.
_____ Those with pets - able to provide proof of license, tags, shots, references & insurance.
_____ No nuisance code violations nor health or safety hazards present at applicant's current residence.
_____ A GOVERNMENT ISSUED PHOTO ID BY EVERYONE 18 YEARS OF AGE OR OLDER MUST BE PROVIDED AT THE TIME THE RENTAL AGREEMENT IS SIGNED.
_____ Able to put utilities in your name that you will be responsible for at the rental you are applying for. Utilities to be transferred into your name for the date you are moving in, as soon as a move- in date has been determined.
_____ Has no recent criminal history. Management reserves the right to deny residency and occupancy for any criminal activity at their discretion. Guarantors / co-signers cannot be used as a substitute for this requirement.
_____ Able to verify all above criteria.


OPTIONAL CRITERIA:
 
_____ Management may, at their discretion, accept a guarantor / co-signer for prospective residents who do not meet the above listed INCOME requirements. The guarantor must qualify for the apartment/house based upon the above listed criteria, except income. Guarantor income requirements: must qualify using only his/her sources of income and must provide proof of income equal to six (6) times the monthly rent.

Guarantor must OWN their own home and live in the county in which the rental is located.  Guarantor must submit a separate application and accompanying application fee.  Once approved, Guarantor must pay a “Performance Fee” of  $200 that will be refunded when the resident fulfills their lease, minus any amounts not covered by the resident’s security deposit.

_____ Able to have rent payments paid directly from employer or income provider.
_____ Able to pay additional deposit.
_____ Able to set up an automatic transfer from [your] bank account to ours with overdraft protection equal to at least one month's rent.


ALL MOVE-IN FUNDS are to be paid in the form of a cashier's check or money order, payable to Real Estate Options (or "REO") and all utilities for which you are responsible for must be transferred into your name by the agreed upon move-in date BEFORE keys are provided. NO exceptions. Equal Housing Opportunity

No person or persons shall be denied the right to rent one of our apartments because of race, color, sex, religion, familial status, national origin, age, or physical handicap.
 
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