Knowing your
seller is as important as knowing the home. Are you dealing with an
individual,
a builder, or an investor? Have they sold this home or others on a
Rent To Own or Lease Purchase basis before? What is their financial
condition? Do they actually own the home or are you sub-leasing it?
Your seller
is going to want information about you when you apply for the home,
you should do the same. In a typical sale the seller's condition is
not really important to you. With a Rent To Own or Lease Purchase
home you will have an ongoing business relationship with your seller
throughout your lease period until the Purchase Option is exercised.
If you are
dealing with someone that sells homes on a Rent To Own or Lease Purchase
basis regularly, ask them for tenant/buyer references. If you are dealing
with an individual make sure that they are not subject to encumbrances
such as tax liens or judgments that will not prohibit the final purchase
of the home.
Listed below
are resources that you may use for gathering information about your
seller.
US
Search - Provides information about
your prospective buyer such as criminal records, past address history,
bankruptcies, tax liens, small claims and civil judgments, home value
and property ownership, etc. Combine this information with a credit
check and you will have a good idea if your buyer is what you are
looking for.
Run a Complete Background Check with US Search.
