Remember when we could just do a credit check and it would tell you just how good a Tenant is at paying theirÂ bills etc.Â Well, not always true anymore. Take this forÂ example: Not too long ago,Â my partners and myself,Â put a Tenant in with an Owner that had a very good background check and a decent credit score. What do I mean by decent? I am talking the high 600's. Actually, almost 700 to be exact.Â Looking into the credit check we ran we noted that the prospective tenant had a short sale 2 years ago. They toldÂ us, they didn't pay everything off but the bank let them sell their house at a price, that didn't even come close to payingÂ it off.Â Obviously we have a broken system. First off, don't even get me started on who named a short sale a short sale. It should be called the long haul. That's all I am saying as we all know the horror stories. Maybe I will wait until I get over the nightmare before I write a blog on that issue. Back to the rental story.
Hey, I want to rent to people with good scores and great background checks just like the next guy. No harm no foul as they say. Â I just want to give you a warning that high credit score doesn't always mean a person doesn't have some credit issues. Make sure you run a complete report when you are renting property. The owner you have now may not be the one you have down the road if you just take a credit check without a background check. I am not saying they aren't going to pay the rent, just make sure you follow through. Make the calls to see if the last previous owners had any problems. If you aren't managing the property for the owner, suggest to them to make the calls to previous places where the tenant lived. That can usually put aside much doubt and let you know more about who you are renting to. The people they talk to,Â may tend to open up more to the person that owns the place calling, than you saying you are calling for the owner.Â It really shows the person calling that owns their placeÂ that they care not only about their property, but how the person they are checking out, is going to be taking care of the place etc. So important!
So, what's the score? The prospective Tenant may have a few issues you can bare. Just make sure you are prepared to do some research. We should care more about the person than what their score is.Â They may actually have a good solid payment history with all their previous tenancies. You may consider giving them the benefit of the doubt. Just make sure you do your homework before you let just anyone in. Knock knock....who's there?Â Get the story before you get their score....ee.
Lois A. Armstrong,Â is a Realtor with Coldwell Banker. She works withÂ her family Linda and Joe Eidson, as a Team. She loves to writeÂ blogs and tries to keepÂ them interesting and entertaining. Her informationÂ deals with Real Estate, life and her dogs sometimes for fun. She hopes you enjoy what you read as much as she loves writingÂ them. Their Motto is, It's EZ with the Eidson Team! http://www.homesrez4u.com