I have a property that I would like to tour, and the owners would like to me view it as we have spoken extensively. It is currently managed by a property management company that let things get out of hand for the owners. Three people and two dogs were approved, but now there are five people and four dogs, including at least one great dane, some of which have dug up the yard extensively and done other damages to the property. The sprinkler system also was not turned on for the summer, and the yard has burned up.
The lease ends at the end of next month and the tenants have been notified that the lease wont be renewed. The owner of the management company is a realtor and says he will take me through the property and then be a transaction broker for 3% as there obviously wouldn't be a buyers agent involved. The owners don't want to pay him the 3% to walk me through the house and do the paperwork, but he is the only one who they believe can coordinate all the people and all the dogs. It took weeks for the owners to find out the condition of the property, after the neighbors wrote the owners to tell of what was going on there.
I would like to see the property, but without the broker involved, and before it is vacant. I also believe the realtor took the lazy AVM method and is below market on his market value of the property, despite the damages. For this reason, I also don't want him to accompany me on a viewing, and he's already done enough for the sellers. He has 15 complaints with the BBB and the real estate commission says there are items they are aware of, but that I have to specifically order the report of his record and that takes some time to obtain.
How could I present myself, to get in and take pictures. Sometimes foreclosure investors offer cash for a walk-through to the occupants, or knock as a supposed insurance inspector. Any suggestions on how to view this property? What works for you?
Do you have this under contract yet? You might need to extend closing if you do. I have had to extend closings because the property mgr took their time in getting me in. They seemed mad that the owner did not use them as a listing agent.
I know you want to see the ppty now, but you'll also want to see it when tenants leave. My guess is there will be additional damage... Thus, you may want an inspection period that lasts up until the day prior to close, and make sure the tenants are out prior. I would therefore write up a contract now to lock up the deal, expect a healthy rehab due to all the animals and extra damage, etc. Put closing out after tenants move out and have and inspection period lasting up until 1 day prior to close to cover yourself.
I wouldn't pay the ppty mgr any commission, by the way. There is no need for it.
I don't have the property under contract, as I don't know what the fix-up will be without walking through. The pictures of the interior the mgmt. company sent the seller after the neighbors complaints were mostly of the tenants belongings which wasn't helpful. Some other items were mentioned, and the kitchen and baths I'm sure are dated, but I could be way off on a blind estimate. The management co/realtor will be "territorial" until the lease has expired, and the owners don't want to find themselves with a vacancy and starting from ground zero at that point, especially with a mortgage.
I'm thinking of offering the tenants cash for a walk-thru with pictures. It would be much less than 3% and once the tenants have had a few days to accept the inevitable after receiving notice of non-renewal on the lease, they might be receptive - but it will be touchy and could create problems. However, the owners said "we don't want to know how you got into take a look if you do get into see it".
I don't have experience at making blind offers on property.
Get the seller to go with you to the property.
I overlooked saying that the sellers live three states away. I did have a fellow drive from Iowa to Colorado to show me a house his nephew refused to let any potential buyer into, but these owners don't want to make the trip for a viewing - otherwise that would certainly work.
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