Leasing your home – West Bloomfield real estate
Are you thinking about leasing your West Bloomfield home? In this West Bloomfield real estate talk I am going to explain why getting a credit report is important when leasing out your West Bloomfield home. I was a mortgage loan officer and also worked for a bank for about 9 years in the mortgage business. A credit report tells many things about a borrower or a person that wants to rent a home. Of course you want a person that has great credit and there are some people out there. They may only be staying in the West Bloomfield area for a few years so they may not want to buy a home. They may have just gone through a divorce, or relationship change and may not want to buy yet. They may not have enough money to put down for a down payment yet. So they may have great credit but not be able to buy or want to buy a piece of West Bloomfield real estate.
But the majority of renters have bad credit. It is ok to rent to them if you have no other choice. A renter with bad credit may be better than a person that has questionable job history, or has multiple pets, or even has a large family. The more people in a house the more likely it is going to suffer more wear and tear. You should always get a credit report on a potential renter because a credit report tells many things. There is a difference between a 520 and a 487 score. By reading a credit report you can see what types of bills a person doesn’t pay. If they have defaults on mortgages and rent I wouldn’t rent to them. A 487 score means they never pay anything….so most likely they will never pay any of your rent either. Get a credit report if you know how to read them. They are invaluable and save me from many bad renters over the years.
To many people a credit report is like a foreign language. Having a person that can read a credit report is invaluable to you when you go to lease your West Bloomfield home. If you have any questions about leasing your West Bloomfield real estate feel free to give me a call on my cell phone (248) 310-6239
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