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Updated almost 11 years ago on . Most recent reply

User Stats

242
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61
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John K.
  • Investor
  • Madison, WI
61
Votes |
242
Posts

Prior Owner giving landlording a bad name

John K.
  • Investor
  • Madison, WI
Posted

Had a closing a week ago on a duplex.  The prior owner was one that gives a bad name to landlords, I'll leave it at that.  Him and his Realtor were more excited about the cookies and coffee than the documents at hand, as they dipped the cookies into the coffee.

During closing, he said he was going to stop by and get a snow blower that the tenants were using to clear snow in the winter that was his.  He did stop by and grab it, but my question is since it was there at closing should that have been ours?  There was no mention of it either for or against it being ours anywhere, but if he didn't grab it before he signed it over to us wouldn't he have been trespassing to get it since it was never stated anywhere that he was going to take it prior to closing?

Second thing, he was mad beyond belief that the tenants had failed to pay the water bill and it was being deducted on the closing statement from his proceeds (about $2000 worth), again 100% not a good landlord.  He said he was going to go after the tenants for it, would he legally be able to go after the tenants after selling the property though?  Technically he transferred the leases/tenants (which were verbal... ) to us, seems like he should have been more on top of the unpaid bills prior to closing. 


I just have to say that these poorly managed ones are my favorite to target buying, since verbal leases / nothing on paper takes away all investment value so in my area I can always get the units at a way better price.

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