getting lease agreements from sellers agents

2 Replies

hey guys! So me and my hubby are newbies and are in the process of trying to close our first official deal but running into issues. We were in escrow on 3 different properties and had issues with getting lease agreements on all 3. Turns out the MLS is showing much different rents than what is actually being collected. 2 properties we had to back out of for this issue and now we are on our final one still in escrow. Does anyone have any advice on this? what do investors do when they run into delays in getting the lease agreements. its now over 10 days waiting and we have already had our inspection still waiting for our lease agreements for triplex. :/ feeling very discouraged right now.

@Maile Clancy never take the numbers in a listing, prospectus or any kind of Pro Forma as being anything to be relied upon. I always make offers contingent upon inspection of financials, leases, and property. Only that way can you be sure you are even getting the correct amounts at closing. If you have any reservations at all get Estoppel Certs from each tenant. Don't have the inspector inspect the property until you have leases etc in your hands, and be prepared to walk if sellers and agents get flaky.

Thanks for the reply! Our contracts are contingent on the above I think where went wrong was having inspections before receiving the lease agreements. That’s our bad. It’s all a learning curve for us.