I am new to this and have my first SFR under contract. I am wondering if what I'm dealing with now with the listing agent/sellers is normal or if they really don't care about selling this house!
Here is the situation: I made my offer June 2 and it took them 4 days to respond to my offer with a counter I then accepted. They still have not sent me their rent rolls/copy of lease for current tenants. I did receive a list of utility totals by the month with many months missing but I don't consider that a legitimate expense sheet! The house has a few deferred maintenance issues which include no boots on the roof exhaust pipes that may cause water damage and also a chimney in disrepair that may cause CO leakage from the furnace. I asked for a 2k credit toward repairs a week ago and have heard nothing. I have been pestering my agent.
I don't like the feeling of not knowing what is happening! Any feedback on this? Thank you!
Jackie Botham, GR, MI
Sounds to me the seller is playing games..... Not serious or possibly poor business practices.
Y'know, maybe you're right about poor business practices? Maybe they fall into the "should not be landlords" category. I may have to just start from scratch if this deal ever gets around to closing.
I was inclined to assume the delays in response were negotiation tactics but since the offer was accepted, there could possibly be something else wrong with the property.
Also, the missing financial docs would worry me as well. They could have misled you about the rental income.
On the other hand, they could just be slow when it comes to responding.
You could always speak to your agent about adding in some contingencies to cover yourself up until closing.
Depends on the "size" of the investor. If they have $20M in RE they won't care much about your $100k purchase, and could just be slow to respond. If it gets to the point where your P&S expires you can always walk away if the deal doesn't smell right.
Listed sellers are normally much more responsive, especially when already under contract.
You're in for a whole 'nother level of ambiguity when dealing with an off-market seller that's still on the fence. Woo-hoo!
Thank you for your help everyone! This was a listed property and was on the market for over 90 days when I offered on it. Maybe they figure my financing will take a while to go through and are not in a hurry. Maybe the agents aren't doing their jobs? I don't like it because this is my first time RE investing, I have put months into preparation and now I'm playing the waiting game! Maybe I got overly excited? Expectations too high? Waiting on financing is a drag, too cuz I'm tied up from offering on anything else in the meantime.
Most small landlords do not have good records.
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