quote:Originally posted by trackers

So that begs the question, what sort of hoops would you make the purchaser jump through before handing the house over? Run some credit checks?
Trackers
No hoops, just a very simple basic credit application. And title is not transferred until final payment. Any improvements, alterations etc are covered in special conditions of s&p agreement
Most applicants are desperate wannabe home owners who have exhausted all other avenues. (which makes them vulnerable to scoobie "rent to buy " Rip off bastards!GRRR.
In my experience, when a renter becomes a home owner their whole attitude changes! Of the 16 (only) deals done we have only had one defaulter. The problem was a relationship bust up. We got together and decided their best course of action was to sell the house. They were charged penalty interest from time of default, the house was sold to an investor who kept the Mrs and children as tenants, who after all settlement payments came out with $12k profit.
Allways remember what goes 'round comes 'round.
Cheers
JK