A lot more important than you might think...especially if you're just starting out. No matter how many times you say you don't want to personally sign for a loan on an investment property, at some point, you will...and just because you qualify for the loan, doesn't mean you got the best terms. Often the problems are just one or two minor issues. Sometimes they are extensive and seemingly long-term. Using a quality Credit Repair program is a mandatory resource to which you can refer credit-weary applicants for real help!
When your financial dreams have been put on hold due to credit issues you need to fix that situation as soon as you can. You need to follow the correct process including how to contact the credit bureaus and creditors, as well as understanding how your score is calculated. An important aspect should also be to have online access to your program on an ongoing basis so you can react as fast as you need to when action in necessary.
How important is your buyer's personal or business credit rating to you as an investor/seller?
Think about it. How many times have you negotiated a deal only to have your buyer not be able to close due to their credit situation? I bet more than you would A lot more important than you might think...especially if you're just starting out. Every day frustrated lenders are discouraged because they can not get approval on a would-be home buyer due to low credit scores.
No credit...no loan...no buyer.
Providing your potential buyers access to credit repair early in the negotiations could turn many of those dropped sales into closings and reduce the amount of time you are taking a great property off the market waiting for a closing to take place...that never does. How many buyers did you miss with the house on hold? How many extra mortgage payments did you have to make while the house just sat there? How many more closings can you attend if your client's credit is loan ready?
For more information about my favorite Credit Repair Program here.
