Lease Options: 3 Tips for Selecting a Buyer

If you are considering setting up a lease option, choosing the right buyer can be confusing. Here are a few tips when selecting a buyer for a lease option.

1. Credit Check

Whenever you are considering working with someone on a lease option agreement, you need to make sure that you review their credit. If they are considering a lease option, there is a good chance that they will have less than perfect credit. Although imperfect credit is typical, you want to be sure the borrower does not have a foreclosure or bankruptcy on their credit. The lease period is going to give them time to build up their credit score before they have to purchase.

2. Income

You should also make sure that the prospective tenants earns sufficient money to pay for the lease payments, and to eventually buy the property. You want to make sure that they have steady employment and that they make a certain amount of money.

3. Consistent

You also want to make sure that this individual has a good rental payment history. If they are the type of individual that has moved around every few months, you may not want to get into a deal with them because they do not demonstrate stability.

blog comments powered by Disqus