Posted by Bill-TX on April 09, 2002 at 08:56:59:
How long should someone be in their job to be considered for selling a lonnie deal to? Six months? Twelve?
Ask for tax returns or not? How do we verify earnings for self-employed? I think we need to to some degree. The park will ask.
Thanks.
credit reports - Posted by brad
Posted by brad on April 09, 2002 at 08:33:21:
i have a question for all on this post that have actually done deals. how many people here actually pull someones credit? i might be nieve, and a bad speller but isn’t the attraction to the customer the fact that they don’t need credit to get into these deals. does this scare off potential customers and is this something you do on larger deals or to determine d payment. or is it your standard procedure. For those of you that pull credit is there anything in particular that you look for? im just getting into the owner finance end and waiting on the books so up til now i have only sold to people with money(cutting my profit just to get there cash) or poeple who can get financed. but a recent purchase has killed the ability to get them financed. its a dwide with a huge adition, and even though it is great work done by a skilled craftsman the banks look at it as high risk.
Re: credit reports - Posted by ScottS(NC)
Posted by ScottS(NC) on April 10, 2002 at 10:54:09:
Brad,
Yes I do run credit reports, I also reassure the customer that I know there will be some hiccups on the report I expect that. What I do not accept is anything related to them not paying there rent or house payment. The only exceptiopn I have to that rule is if they can prove they had a serious medical condition and are better now. Money talks the more they put down the less there credit means to me. I will totally disregard any late medical bills (who would’nt run those up if you had to?). Look at the report and use common sense does it look like a deadbeat or someone who fell on hard times and is digging there way back out? This is also an excellent way to get larger downpayments! After you run their credit go back to them and say " jeez alittle worse than I had hoped for. I really need $1500 instead of the thousand can you borrow this from someone? Use it as a bargaining chip if they say no to the down payment tell them because of the risk I will need to increase your intrest rate 2 points or add $1000 to the sales price or whatever! Been there done that it works great. HTH Take Care ScottS(NC)