Out of state landlord needs to sell

8 Replies

Out of state landlord has owned the house for less than a year and wants out, but tells me he can't get in touch with his tenants for us to see the inside. He has no pics available.

Interesting. I'd put the property under contract, and don't close until you see interior photos. Hire an inspection to go out to the property and take some pictures.

@Stephanie York Sounds like @Antoine Martel is on the right track. You could also ask to see a copy of the lease (usually not provided until under contract) to see if there's a way to get in there (usually there's required notice, etc.) Bottom line, I wouldn't put any EMD down and I'd almost look at the "contract price" as irrelevant until you get inside. And then you have to risk adjust for the quality of tenants that are there. If the owner "wants out" and can't contact the tenants to get inside, well, I'd imagine rent collection may also be an issue.

Originally posted by @Andrew Johnson :

@Stephanie York Sounds like @Antoine Martel is on the right track. You could also ask to see a copy of the lease (usually not provided until under contract) to see if there's a way to get in there (usually there's required notice, etc.) Bottom line, I wouldn't put any EMD down and I'd almost look at the "contract price" as irrelevant until you get inside. And then you have to risk adjust for the quality of tenants that are there. If the owner "wants out" and can't contact the tenants to get inside, well, I'd imagine rent collection may also be an issue.

 Very true. Because once you get inside, you might have to ask for a credit if you see something that you don't like on the inside. 

@Antoine Martel I've never had a unit that was "hard to get into" that turned out to be *better* than I expected.  It's always worse.  I'm guessing the list of credits that @Stephanie York would/will have to ask for will be decently lengthy and that she will end up with a different purchase price.  Or it could be in great condition...I just wouldn't bet on it...

Originally posted by @Andrew Johnson :

@Antoine Martel I've never had a unit that was "hard to get into" that turned out to be *better* than I expected.  It's always worse.  I'm guessing the list of credits that @Stephanie York would/will have to ask for will be decently lengthy and that she will end up with a different purchase price.  Or it could be in great condition...I just wouldn't bet on it...

 hahaha. SO TRUE

Stephanie, I apologize for being presumptive, but you did not state how you came upon the property/whether there is a seller’s agent, and all else seems legit. And I am allergic to even hearing about potential fraud - my fists begin to clench uncontrollably, etc...

With no pics and no (legal) way for you to get inside (“tenants have rights”) (btw, this also applies to an inspector,) has the seller asked for a deposit or much of your personal info?

I hope I am on the wrong track, but would hate for anyone to be taken advantage of for not speaking up.

@Andrew Johnson and @Antoine Martel thanks for the feedback and ideas.  Yes, I need to find out more info about the tenant and see what really is his motivation. I'm don't get my hopes up on better than expected properties. haha!  Just didn't know if this was a common problem with out of state owners. Don't worry, I haven't put any money down or given out my personal info @Al D. He actually found my add on craigslist and called my business phone.

SCAMMER,,, next he'll have you wire him a 5K deposit..

Just be careful

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