Accept applicant? past delinquencies but selling house

[Kelly G.]

Greetings;

Just looking for your thoughts: i have an applicant for my SFH in Milw. (the one and only in 2.5 weeks!) They violate my screening criteria in having a couple credit delinquencies in the last few years . . . but . .

1) They are selling their house - should net $25k conservatively;  selling because they want to use $$ to pay off debts and get finances under control.  Current mortgage payment is the same as rental monthly.   I have talked to their RE agent; they have a buyer and are past inspection stage - negotiating final contingencies based on inspection.

2) Based on credit report and net proceeds from sale of house - they 'may' still have debt of $10k - but my estimate of their proceeds from house is very very conservative = like < $30k less than asking price; asking price very fair - bargain. They may well be able to be completely debt free and pay off everything. Which is their stated goal/reason for selling house.  But the wife has a real and long history of bad credit!

3) They have offered to give me 4 months advance rent - which I would have to hold as security deposit in Milw, WI. 

I need to rent my house.  It is the dead of winter and have had no other applicants despite > 20 inquiries.  And I need to get on with my life! 

This seems like a reasonable gamble. What are your thoughts

Kelly

[Samantha Klein]

You should never stray from your screening criteria, landlords that do generally regret it, might not be right away but you get the point. If you've had no apps or serious interest in almost 3 weeks, maybe you're overpriced or condition not as good as competition. You have screening criteria for a reason.