All Forum Posts by: Alex Sky

I’m a listing agent in CA, tenant had already moved in to a property I listed for the landlord and represented the tenant in the lease. We’ve done a move in inspection, but have not checked operational cmd detectors. Now, landlord asks I inspect if they work throughout the home. Who’s responsibility is it to ensure functionality?

@Kristin Zajac Hello Kristin, my advice is to ask your agent to carefully read through and explain the agreement to you 1st. If you don’t understand it still, speak with an attorney.

@Ned Carey Hi Ned, thank you for your response, please read my reply to the gentleman above. Lmk what you think.

@Russell Brazil this is in California. Per contract, if one party delivers the other party a notice of cancellation, parties must sign mutual instructions for escrow to release deposit. If one party refuses to sign, other party may deliver a Demand for Escrow holder to release deposit, which then escrow submits to the other party for a mutual signature. If other party refuses or doesn’t respond with concent wIthIn 10 days of delIvery of said notIce, escrow shall release the deposit to party making the claim. Also, a liquIdated damages provision says if buyer defaults on completing the purchase seller shall retain the EMD. The question is, if COE has passed, and neither the seller or the buyer extended the escrow period or cancelled ON said COE date, and the only action taken was by the buyer 2 days after COE date to CANCEL the purchase pursuant to a loan disqualification, would that could as buyer default?

Hello, Who would keep the EMD in this residential real estate scenario? Here’s the sequence of events: - all buyer contingencies EXCEPT Loan contingency were removed - Loan CR removal date was 9/21, buyer didn’t remove - seller sends buyer a notice to buyer to preform to remove the loan contingency on 9/25 - contingency wasn’t removed - COE DATE SET to 10/01 - On 10/03 buyer sends cancellation of contract pursuant to not being denied for a loan - On 10/03 but after the delivery of the cancellation of contract, the seller sends a demand to close set for 10/08 Who keeps the EMD? ** The contingency was never removed and cancellation of escrow was sent by buyer before the demand to close was sent by selIer.

Hi @patrick fraire , 

So with $20K you were able to purchase a 500k triplex in Riverside, and you would have to live in one of the units and you've used the projected income from the other units to qualify for that 500k, did I understand correctly?

Thank you in advance.

Originally posted by @Patrick Fraire:

It really depends on your income. That has a significant impact on what you can qualify for. However with 20k you would have to do fha loan on any property. Which means whatever property you choose, you would have to live there.

I have 20k and I’m in escrow on a $500,000 triplex in riverside. (You can use the income from other units to qualify you for a higher purchase price)

I only qualified for a 400k max purchase price on a single family home.

My 20k would only get me and condo in Orange County.

Hello everyone, This is my first post on bigger pockets but have been following for a while. My question is simple, what do I do with 20k that’s just laying around? Can I even do anything with this kind of money to make it have significant growth or valuable use? I’ve never invested in real estate, I rent and live in Orange County, CA. Extremely expensive out here right now. I would love it if someone could mentor me through my question. Thank you in advance ..!