Rental Property Tenant Application Process & Guidelines

 

Minimum Requirements for Rental Property Tenants

Groce & Fincher reserve the right to make exceptions to any of the minimum requirements if the applicant performs well in other areas of the application.

 

Credit History

Minimum FICO credit score of 600 (scores between 500-599 may be considered with strong performance in other categories)

 

Employment History and Income Requirements

Minimum Gross Monthly Income equal to 3x the monthly rent, multiple applicants may combine income (i.e. $800 monthly rent requires $2400 in documented monthly income)

 

Satisfactory Rental Payment History/Landlord Reference

Satisfactory evidence of rental/mortgage payment history for the last two years

 

Satisfactory reference from previous, non-family, landlord

 

Satisfactory Criminal Background Check

Groce & Fincher reserves the right to make inquiries relating to the applicant’s criminal background. The findings of these inquires will be a consideration when reviewing applications.

 

Rental Application Fee

All prospective applicants will be required to pay a non-refundable $35 application-processing fee in order for their application to be processed.

 

The rental application fee covers the cost of credit, employment, criminal background verification and associated administrative costs. 

 

Rental Applications will begin being processed once application fee is received

 

Multiple Rental Application Scenarios

Applicants submitting an application are advised if other submitted applications for the same property are present.  If other applications are not present, applicants are advised that additional applications may be received after theirs, until theirs is accepted, and may be considered as well.

 

If multiple applicants meet the minimum tenant requirements, tenant will be chosen based on credit information, employment history, income, and rental history relative to other applicants.  

 

Rental application fees are used for verification of application information and administrative fees and are therefore non-refundable, regardless of whether or not the application is accepted.

 

Groce & Fincher will make every effort to make a decision to approve or decline each applicant as quickly as is feasibly possible.

 

Rental Deposit

Normal deposits are equal to 1 month’s rent and are due within 24 hours of notification that the application has been accepted. Failure to provide deposit within 24 hours of notification of application acceptance will void the application and G&F will begin reviewing other applications at that time.

 

Additional deposit funds may be required depending on application information. 

 

Authorization to Do Credit and Background Check 

Applicant hereby authorizes Landlord and Landlord’s authorized agents to do whatever background and credit check on Applicant Landlord or Landlord’s agents deem appropriate. This may include among other things obtaining one or more credit reports on Applicant. Such credit report(s) may be obtained before and during the term of the Lease and after the expiration or termination of the Lease as part of any effort to collect rent, costs, fees and charges owing under such Lease. Applicant acknowledges that merely requesting such reports may lower Applicant’s credit score and Applicant expressly consents to the same.

 

Use of Information 

The information in this application or obtained as a result of the authorization given herein by Applicant will not be sold or distributed to others. However, Landlord and Landlord’s agents may use such information to decide whether to lease the Property to Applicant and for all other purposes relative to any future lease agreement between the parties including the enforcement thereof.

 

Application Does Not Create a Lease

This application, even if accepted, shall under no circumstances be considered a lease agreement between Applicant and Landlord or an offer to lease. No lease shall exist between Applicant and Landlord unless and until the parties enter into a formal Lease Agreement and Applicant pays all required fees, deposits and advance rent.

 

Pet Policy

On properties that allow for pets, there is a $125 non-refundable pet fee due at signing per pet, additionally there is $20 pet rent due each month per pet.  

 

Groce & Fincher is an agent / licensee of Coldwell Banker - KPDD

Each office is individually owned and operated

© 2016 by Groce & Fincher, LLC. 

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