How To Help Real Estate Tenant Buyers Qualify For A Loan

Buying and selling real estate can certainly be a rewarding occupation

. You can make a good living at it, and you will gain the knowledge that you are helping people to become homeowners who might otherwise have difficulty.

But it is not a trouble-free occupation. At times, you might have trouble with prospective tenant buyers.

In a case where a tenant does not qualify for a loan, it's a good idea to tread lightly. First of all, it's in the best interests of all involved to make the situation work. In some cases, that might mean not having a hard-and-fast deadline for when the tenant must qualify for a loan. In other words, you can give the tenant a little bit of breathing space, particularly if he or she has been making regular payments.

Still, you have to keep in mind that your business is to buy and sell homes. That might mean that, in some cases, you may have to end your relationship with a tenant. You don't want to get into a situation where your homes become rentals. It's certainly true that people tend to take better care of the homes they own rather than those they rent, so you have a vested interest in selling your homes.

The best scenario is to work with the tenant to ensure that he or she qualifies for a loan. This may take some effort on your part, but it is well worth the sacrifice in the end. If it takes a few extra months, it can still pay off for both you and the tenant.

Be aware of the fact that, if a tenant files for bankruptcy, it is going to take at least one year from the time the bankruptcy is discharged before he or she can qualify. The company should try to help, advising the tenant of the paperwork needed to apply for a loan. The company should also instruct the tenant to establish a positive credit line.

The best way to protect yourself and your company against tenant troubles is to carefully screen your applicants. If your tenant is pre-qualified for a loan, he or she should be able to obtain one. Ultimately, it's better to wait for the right tenant to come along than to move fast and make a mistake. Also, the more means of advertising you use to attract tenants, the larger your potential tenant pool will be.

by: Alan Cowgill

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