Is your credit really bad? How about you ordering your own report to show(but not give to them to hold onto) to sellers if it becomes an issue. If they are motivated enough-they aren’t going to ask, and if they do you can tell them you’ll get one for them. Keep putting it off and see if they forget. You can say you can’t pull a credit report because it will screw up your FICO score. Another one is that you ordered a tri-merged report but you have to wait for snail mail to send it,etc.
If you are doing a l/o decide on if you want to give the money to them as a security deposit(refundable) or option consideration(NOT refundable). Manipulate your sales pitch to make what you prefer sound best. Again if they are motivated enough they aren’t going to pursue this. You can always walk and tell them to contact you when they are ready to deal. IF you have done transactions you can always refer the seller to your references who are happy with you from your last deal.
If you need more ideas or clarification please post back.
Question about Security Deposits… - Posted by Charity
Posted by Charity on December 18, 2000 at 13:48:36:
As I speak to sellers who will consider a L/O scenario, I am getting the same question - “will you give me $xxx Security Deposit?” Does anyone else do this? I also see in several ads requiring a credit check. How do I explain why I will not allow them to check my credit? How do I get them to trust me enough not to check credit and require a deposit like a regular renter?
Dear Charity,
Under no circumstances should you supply these folks with your credit report. I repeat ,no circumstance, in this Milky Way Universe or any other distant solar system. First of all if you do it for one you will be compelled to do it for the masses. And we all know what that will do to your score, don’t we?! So ease on down the road to a motivated seller, BeepBeep.
P.S.
These credit checking hombres are not motivated sellers, not yet(just keep their numbers) maybe they will be soon.
These are probably MLS deals. You are a realtor you know the drill. You need to find motivated sellers who wn’t be asking those questions. The real estate folks always will.
I know my credit is awful, but just because I screwed everyone else doesn’t mean I’m going to screw you. Come on Mr Seller trust me with you $100,000.00 house. I’m good for it. You can trust me, honest you can.