Rent To Own Done the Right Way: Our Tenant Buyer Vetting Process
Our goal at Florida Cash Offer is to offer a top-notch service by creating a winning situation for all parties involved. Therefore, we make sure all of our potential tenant buyers in our rent to own program are processed through a comprehensive credit/criminal background check.
Step 1. Criminal Background Check
An extremely comprehensive criminal background check is performed. Here we are mainly looking for violent crimes and fraud. We will look to see if they have an outstanding speeding or parking ticket as this can be an early warning of someone with potential payment issues.
Step 2. Evictions/Landlord References
Part of the overall background check will uncover any past evictions or pending lawsuits from past landlords. Also, we ask for landlord references for the last 5 years.
Step 3. Credit Worthiness
Our credit report is 25 to 50 pages detailing how far or close our Buyer is from obtaining a mortgage. Typically we want our mortgage broker to say our Buyer is 6 to 18 months away.
Step 4. Personal and Professional References
We ask for 3 personal and 3 professional references that WE DO CALL. We ask pertinent questions that will only strengthen or weaken their candidacy for our rent to own program.
Step 5. Contractual Credit Repair Program
We clearly state in writing the tenant buyer is contractually obligated to be enrolled into our highly successfully mortgage company approved credit repair program.
Us vs Others
One of the biggest problems in the rent 2 own (also called lease 2 own) industry is companies are not thoroughly vetting and placing the correct people into homes. Our success rate is so high because we are this thorough. We make sure the buyers are buyers and not tenants will renter’s mentality. Plus it doesn’t stop there. We constantly make sure the tenant buyers are following all the necessary steps to get funding. This way it almost guarantees they exercise their option in the coming months.