How to run credit check and evaluate buyer when I'm doing OWC?

[Tracey Hamilton]

Hi everyone!  We are about to do our second OWC deal, with us as the sellers, and want to be more formal with evaluating the potential buyers this time.  

We are in Oregon, and I am a licensed real estate broker (although I don't think that impacts this).

We want to run a full credit report and score  check, and rental history, etc.  

What forms are you using for them to fill out, and to obtain legal right to check credit / background, etc ? I downloaded a SFH rental application from NOLO, but was surprised to find it pretty hokey. I also downloaded a Fannie Mae Form Uniform Residential Loan Application, and it looks pro, but I haven't read through all the fine print yet to see if permission to pull credit, etc, is included.

I found a tenant screening service here on BP, RentPrep, and I would think that it would be the same information I need, but not sure if it will work legally to use as a loan application screening instead of a rental screening.  They're closed for the holiday, so I can't ask them anything until Friday or Monday. 

Anything else I need to be thinking about? 

We did this once before on another property, but it was a lot less on the loan amount, we owed almost nothing on the back-end of the property, and we were much more certain of the buyer, and were living locally in case anything went awry.  THis time we will be out of state, and there will a large mortgage we will continue to carry, and just a lot more margin for error, so we want to be much more thorough and careful.  

THANK YOU!! 

Tracey in Oregon