What type of check are real estate companies going to do the tenants when renting a home?

Question

I've never rented a home listed by a realtor before and we are going to be selling our home and renting because rent in our area is about $1500 less than a house payment. I'm sure they run credit but what type of score are they looking for? Is it like a mortgage company where if your score isn't 720 you pay a higher rent or deposit? We've rented before, should I get a letter from our old landlord stating how wonderful and neat and clean we were?

Answer 1

It's not so much the credit score but rather the credit history...of course, your score will be affedted if you show late payments, collection accounts, judgement liens, bankruptcies and/ or foreclosure.......if you have such items noted I would put together a letter of explanation to mitigate.

Answer 2

Ugh, first off, don't rent if you can own. You are putting your hard earned money into another person's pocket. Try looking at smaller properties of maybe a condo. I cringe whenever I see this- sure you may be paying more today, but you can pay the same rent forever and at the end have nothing- while if you were making mortgage payments, you have the home which you can take loans against and reap the benefits if you do sell- or rent it out yourself. Other than that- Realtors are just like any other landlord. Good Luck

Answer 3

it's just a credit check. if you pay on time or don't have to many late payments your credit probably will be okay.
But what the heck, a letter of reference about your rent payment and general tenant relationship would not hurt.
Good Luck, hope it works out:)))

Answer 4

alongside with a broking service's license as said by technique of different posters, you'll likely desire one or more suitable organization licenses to start up your organization. those typically are literally not granted for agencies determining of an element of abode so that you'll want a organization premises to boot. which could be as low as a cheap storefront in a strip mall off the numerous throrouhgfares yet do no longer ignore that contained in the genuine sources organization, appearances are serious. A organization presence in a shady community could attraction to customers that you'll no longer favor to address. so some distance as credit is worried, be prepared to grant own guarantees for any loans taken out by technique of the organization for various years until eventually you boost a good D&B score. organization loans are risky and loans to new agencies are the riskiest of the risky. in case you do not have solid credit your self, do not assume to get any economic backing for the organization through loans.

Answer 5

A letter of reference from a previous landlord and a relatively clean credit report and good job will do the job.