After A Prospective Resident Views One Or More Properties

  1. ASK which property they want to fill out an application on. i.e.  “The one on “Bay” or the one on “Sylmar”?”
  2. If they say, “neither”, then find them 3 more properties to see.
  3. OR get them to fill out an “Open” application.
    1. An Open application is an option that can be used when a prospective resident has not found a home they are interested in.
    2. The application is fully processed as if they had selected a property.  
    3. Once qualified, the prospective resident has 30 days to decide on a property.
    4. If they do not choose a home within the 30 day time frame, then they would have to re-qualify once they have actually selected a new property - including paying the application fee again.
    5. Since they are already qualified, once they find a property they will have 24 hours to bring in a holding deposit.

Steps to take for the Application:

  1. Fill out application form
  2. Sign Basic Requirements form
  3. Get copy of Driver’s license (for all applicants over 18)
  4. Get copy of their social security card or SS# must be on current check stub
  5. Paycheck stubs on all applicants over 18
  6. (Amount paid on company letterhead, signed by the owner of the company or office of corporation or payroll department)
  7. If self-employed, get copies of their 1099’s
  8. Last year’s tax returns
  9. P&L Statement from their accountant
  10. LES if they are in military
  11. Checking account deposit slip
  12. If any judgments/foreclosures over last years  get paperwork
  13. Bankruptcy over 2 years  need paperwork
  14. Get application fee
  15. Explain the 24 hour deadline to get all papers in or they will go to an open status.

Back up Applications:

Sometimes a prospective resident will be interested in a home that someone has already submitted an application for. In this case, take the application as a “back up” application. If the first application doesn’t qualify then the back-up applicant would be next in line. DO NOT process the application until you know if the first application is not going to qualify. If the first application does qualify, then call your applicant and see if they want to apply for another home or receive their credit check fee back.