Skip to content
×
PRO Members Get
Full Access
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime.
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
~$5,000+ potential annual savings on vetted partner products
10+ deal analysis calculators with ready-to-share reports
Lawyer-reviewed leases for every state ($99/package value)
Pro badge for priority visibility in the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

441
Posts
462
Votes
Joe Prillaman
  • Rental Property Investor
  • Carolina Beach, NC
462
Votes |
441
Posts

The personal letter worked.....but now it's getting weird

Joe Prillaman
  • Rental Property Investor
  • Carolina Beach, NC
Posted
Ok so here's the deal. I'm in the process of purchasing my personal residence in Wilmington NC and decided to give the whole personal letter with a picture of my wife and I a shot. It worked perfectly. Even with multiple full price offers mine was accepted. Now here is the not so fun part. The buyer originally asked for a 60 day lease on the property after closing. Come to find out they never signed my 60 day lease and the day after the due diligence period ended they submitted a lease for only 30 days? I had to jump through hoops to make the 60 days even possible so I was not pleased. We get that figured out and now they are freaking out over a $500 dollar security deposit. The wife of the seller has started sending me emails telling me they are sorry the 30 day change inconvenienced me but it was not part of the original agreement and the husband called me tonight to tell me he has had a lot of extra expenses and will only be able to bring $100 to the closing table for a security deposit. They also don't want my realtor involved in any part of the lease agreement and do not want him to inspect the house after the lease or hold the security deposit funds. We are 5 days from closing and I'm getting bad vibes. I just can't decide if this is the hill I want to die on. My wife loves the home and we are excited to move in. I just don't want to be stuck holding the bag at the end. Any advice? Thanks, JP
  • Joe Prillaman
  • Most Popular Reply

    User Stats

    1,830
    Posts
    3,391
    Votes
    Bill F.
    • Investor
    • Boston, MA
    3,391
    Votes |
    1,830
    Posts
    Bill F.
    • Investor
    • Boston, MA
    Replied

    @Joe Prillaman 

    Do they not want your agent to inspect the house or any inspection at all?

    Could they not personally like your agent for some reason? 

    Stripping all the specifics of the deal away, would you rent a house to someone with $100 security deposit and a contingent that tells you who can and cannot inspect the property after they move out? What type of impression do you get from the sellers? Would you want them as tenants in one of your rental?

    See if they'd agree to holding $1000 in escrow for the 30 days off the lease. Once you inspect the house you will release the funds less expenses to them within 14 days. 

    I'd take what the agent says with a grain of salt too. He is five days away from a commission check and its not his house they are living in.

    Loading replies...