RentToOwn-HouseFinder.com
Should I sell this home lease-to-own if the person declared bankruptcy 5 years ago?
I have a house that we haven't even marketed yet (besides craigslist and one other site). We know that we are offering the home for a fair market value. The home will have a brand new HVAC system, has a new well pump, new water heater, exterior is being painted now, fresh paint inside, new tile, high end carpet, wood floors redone, etc. Our issue is we are getting a lot of calls to see if we will do a lease-to-own. We have already "sold" this home twice by lease-to-own, but neither person came through.....another long story. Anyway, we now have another person very interested. When we received an application from him yesterday I saw that he has declared bankruptcy about 5 years ago. We don't want to lose out on a potential sale, but we also don't want this to drag out too long. We are willing to do a lease for up to a year. Would he be able to get a loan within a year with a bankrupcty active on his history??? Since the home has been redone I don't want to have a year wasted, them not be able to qualify and then have to market it without everything being new. We don't want to lose another person that may be more qualified or even an outright sale. Should we keep trying? Or, should we take our chances on them? Everything else looks good on their history (rental, employment, criminal). Thanks!!
Public Comments
- if they have re-established credit they qualify to buy now
- 99% of these fail because buyer's are poor credit risks. I would only consider it if they will put a decent down payment down. If they put their own money in then maybe they will make it work. Market your home properly and sell it for real money.
