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Author Topic: Qualifying a Tenant/Buyer  (Read 2050 times)

Offline MSB

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Qualifying a Tenant/Buyer
« on: July 22, 2005, 06:06:36 am »
What are the proper steps that should be taken in qualifying a Tenant/Buyer for a lease option deal? I would assume credit checks and checking references would be important. What steps do you typically take when qualifying a Tenant/Buyer for a lease option deal?

Thanks for the help.
« Last Edit: July 22, 2005, 06:07:14 am by MSB »

Offline Matt_In_Texas

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    • http://www.homebuyerscredithelp.com/
Re:Qualifying a Tenant/Buyer
« Reply #1 on: July 22, 2005, 06:53:47 am »
The answer to this question will depend a lot on the amount of the option fee.  You, in effect, are doing the same thing as a mortgage company, weighing risk vs. reward.  You look at credit, job history, earnings, and amount of downpayment.  Obviously, if you are getting a 5% option fee, the others factors will fade in importance.  Consquently, a recently divorced person who had perfect credit up until an expensive divorce could get in for less.
I may be taking you question further than needed, but personally, I check:
-Credit
-Employment
-Earnings
If anything is terribly wrong, I expect a reasonable explaination.

Good Luck...

Best Regards,
Matt
Nationwide Lender
Need an Investment Loan - Get one from an Investor
Credit Problems?  http://www.homebuyerscredithelp.com/

 




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