Are you a Renter in the Seattle area? If you rent an apartment and pay the landlord on time every month, you get no boost to your score — zip.
That is, unless your landlord reports rent payments to the national credit bureaus.
Without a major positive such as rent payments in their files, a missed payment on a credit card or auto loan could have significant negative effects on your credit scores! Sometimes, the only positive thing on your credit report COULD be your stead, regular and on-time rent payments.
Do you remember 2006, or is that a distant memory?
Here’s a newsflash – Due to the pent-up demand for housing, Seattle hasn’t seen this kind of traffic and number of pending sales since around 2006!
While houses and condos ARE coming on the market in a steady way, there is still not enough inventory to satisfy the needs of those who are moving to our area, let alone those already here looking to transition from rental units into homes.
What can be done, you say?
For one thing, it would be lovely if lending institutions could let-up on the regulations a bit so that developers/builders who are willing to create multi-family condos & townhomes, CAN afford to build again. Seattle has experienced a number of tall stacks going in, but not all of these are condos Often, they are very small apartments.
Want to read the short article by Marc Stiles of the PSBJ? Here’s the link: http://bit.ly/SBJ2006about Seattle real estate for sale.
If you’re a seller and you would entertain an opportunity for a private, no obligation consultation about your property’s value, contact me.
We can discuss how you take take advantage of this market for serious wealth building!
Do you love elegant, Georgian rooms? This is a gorgeous example of deep crown and doorway mouldings, along with stylish furniture decorating.
If you love this style, there is a more affordable version on Seattle’s Capitol Hill and just listed in the last few days by a friend of mine! For you folks, I am always available and have time to meet you if you’d like to take a peek. No appointment needed to see the interior. Want to come along? eMail me or phone me…. http://www.seattleareahomes4sale.com/contact/
This tidbit of news might be helpful to them to know, now at tax time, so feel free to share the info! I pulled it directly from a property management firm in our area:
“Under the Small Business Jobs Act, landlords are required to report to the IRS payments of $600 or more to a vendor or service provider in the course of the year. This is done by issuing a 1099-MISC form. This requirement started in 2011 and includes payments to service providers such as plumbers, carpenters, yard service providers and repair people. The Form is provided to the IRS and to the service provider. This requirement applies to both residential and commercial property.
Landlords need to obtain the name, address and taxpayer identification number of the service provider, using Form W-9 or a similar form.”
*BTW – Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.
Are you or someone you know going to be in the market to buy a residence this year? (This can be ANYWHERE in the country.)
If you’re thinking of financing your purchase, here are six steps to take before you get a mortgage. Forward this on to family and friends who may be thinking of getting a mortgage now, or in the future.
Then let me know how I can be of further assistance!