This one will be a bit of a challenge

[Daniel Miller]

Okay, I've gotten an application from another family. I don't have their financials yet (for some reason, though she emailed to application to me, she snail-mailed the other docs!?!?). I also haven't run credit checks because I haven't gotten checks in the mail yet, hopefully Friday. She *really* wants to move in, but I'm not going to rush anything.

What makes this client different is that (a) the two husband and wife are manager and president of a privately-owned business (a medical equipment supplier), and (b) they have been homeowners, and are selling their house and moving into a rental, to be closer to their business (which is about a mile from the house that I'm renting) and because she doesn't want to take care of a yard anymore (I'm including the gardener in my package). They are probably around 50 (given that their kids are grown up, done with college, and out in the world working), so the previous statement is not inconceivable, I've seen it before.

The effect of the preceding data is that there are no previous landlords to contact, nor can I contact their employer... they *did* give references among their neighbors, who I'll call this weekend. The business has existed for at least a few years, it has reviews on both Yelp and Yahoo. I have no idea how long they lived at the house that they're selling.

Does anyone see any red flags in this situation?? I'm not really worried about it, per se, it's just a bit unusual...

[Steve Babiak]

They are self-employed, so I would require them to give me copies of last two tax returns, plus a 4506T form grabbed from the IRS website to verify the accuracy of the paper copies that they present. That is the only way to verify any income they have from the business, unless they have a CPA who can supply a certification of income (but the CPA probably did the tax returns anyway).

Application isn't processed until it is "complete" - all needed paperwork in hand, and SIGNATURES on permission and authorization forms. I also require copies of their ID (I prefer an electronic copy in case it needs to be sent someplace quickly, via email).

Since they have been homeowners, I would require them to complete an "authorization to release loan information" form, so that you can get the payment history on their mortgage from the lender / servicer. An example of this form is in the BP file place already.