PM asking for money.....
Hey there everyone! I have a unique situation....or at least one I've never come across. I sold a rental home a few months back and no longer have any ties to it. I received a note from the former property management that I used stating that some of the rent payments bounced because of a credit card that got bounced back from the bank. Now, that PM company wants me to pay them the amount of the bounced funds , $1200. In addition to this, they're stating the charge occurred over six months ago. Has anyone run into something like this before? Any ideas on what to do? Help is appreciated! Thank you.
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The PM is responsible for rent collection. Once they receive funds, they transfer the funds to the owner. No PM transfers uncleared checks for example. If the PM used CC to collect rent then they assumed the risk of dealing with the CC company. Maybe no one expected a reversal after six months and this should be easily resolved by the PM with the CC company. The ex owner did not get the funds from Visa and doesn't need to deal with them. The PM did and can recover the funds from the CC by showing documentation that the payment was legitimate. That is the correct resolution for this matter. The PM just is lazy and doesn't want to fight with Visa and is going for the easy route of claiming from ex owner.