hi again everyone i have a deal and the seller seems motivated but she asked me if she could run a credit check i told her yes and gave her my social i was upfront and honest and told her my credit sucks and i was wondering if anyone has ever run onto a problem with getting a land contract with crappy credit thanks in advance for your input :help
:shocked credit check?
she doesn’t sound very motivated to me. Not to mention you’ll get a hit on your credit just for her to check it, and some crazy whack job now has your SSN and a record of all your debt…
Smooth move skippy never NEVER EVER give out your SSN# especially to a seller what were you thinking. We are in an age of identity theft and man you broke a major rule giving out personal information to a complete stranger.
Better hope she doesn’t do anything with it but that should have been a red light from the start if a seller requires a credit check tell them no and move on to the next deal.
I have to agree wholeheartedly with Mr. Investor. If you hear back from her and everything is OK except she doesn’t like your credit maybe you could do a straight lease with her knowing that you have a “potential buyer” for the property. Otherwise ask her for the credit report she ran and then you run.
Good luck,
donrock
i agree with you guys to i should of never gave my ss to her but lesson learned i wasnt to concerned with her doing anything with my ss number walmart wont even give me a credit card so good luck with screwing up my credit i did that fine on my own :biggrin
Hey there,
I have noticed everyone jumped on the neebie for giving out his SS#…
Dont take it so hard we all have made mistakes, but what i will say is: out here is alot of good information and alot of experianced people that are willing to help pretty much anyone that needs it.
Now in regards to your credit now… Walmart gives out unsecured credit, this is hard credit to get now-a-days…
the Next time a seller asks for your credit this tells you a few things:
- they May not be motivated :banghead
- give them a copy of it yourself and blank out the personal information :beer
- if you have a funnie feelling, Move on :flush(NEXT!!!)…
there is something that is truly dangeroius in this business, Its being a motivated Buyer…
Remember the seller has to sell :argue, you dont have to buy… If they dont like your offer (with out the credit report) move on :rolleyes… there are sellers that dont care about credit they just need out!
Good luck! :bobble
If I had to hazard a guess, I would say that you found the seller through their advertising and not through yours
What I mean by this is that I am betting you saw an “owner will finance” ad in the paper and called on it, instead of placing an “I buy houses” ad to get the calls coming to you.
There is nothing wrong with looking through the ads for homes for sale, but you stumbled upon someone who probably has more experience than you, was acting as the expert and calling all the shots.
To get good in Real Estate, YOU have to be the one calling the shots and educating the sellers and buyers as you go along.
This is a “right side of the desk” kind of issue.
My guess is that most likely nothing bad will happen with regard to your credit or SSN, other than an Inquiry. This seller was just prescreening you. But all of the posts are correct in saying that they weren’t really that motivated.
Here is the lesson to take from this:
If I am doing a land contract I will never give out my credit and I never sign for the debt personally. Your credit should not come into play on deals like this.
On a land contract or lease option, the money you put down is what takes the place of a need for your credit.
With a “subject to” type deal, the fact that foreclosure is the only other option takes away any need for anyone to look at your credit.
No one asks the man throwing the life preserver if they can trust him… and they sure don’t pull his credit.
Right on James…
Love the life saver bit!!!
For sure… go find motivated people!!!
This was very good information for me. But need contact info for matshingdo001 for credit repair info. Thanks in advance.