All Forum Posts by: Deborah Smith

Ibrahim S - advise heeded! That thread really is insane. I read it a short time ago and have been keeping up.

Had a new issue come up with this house yesterday - seller is now not doing the repairs they agreed to during inspection period and offering $1k credit instead. I asked for credit originally and they declined and opted to do repairs themselves. Apparently the closing date snuck up on them and they haven't begun repairs yet. The $1k isn't enough... so this puts us back at the negotiating table. I will be including estoppel letter and verification of the lease, terms, etc all in the new terms as I should have done at the beginning. I'm not attached to this house and certainly not holding my breath that this deal will go through. Upside - at least they just gave me an easy out.

I will post back to let you know how it turns out!

You do stand a chance. Phoenix is incredibly competitive right now too. I am in the same position as you - 2nd investment, 30 year fixed conventional loan.

It took a few bids (a lot less than I expected, actually) and I had an offer accepted.

I agree with offering with fewer contingencies will help you. I also offered slightly (and I mean SLIGHTLY - $600) over asking price.

Just be ready to make offers the second you see the listing - most worth looking at here aren't lasting 1 day, so you may have to offer sight unseen and evaluate the condition/repair costs during inspection period.

Don't be discouraged!

Ibrahim - Thanks so much for your post and the article! I did actually tell my agent today I will not be moving forward until they produce the documents. I will also communicate I'd like to be present when the tenant signs the estoppel... I think it would be a great opportunity anyway to have a conversation about the transition and do formal introductions.

I am skeptical by nature (party by profession), having to ask a 2nd time is annoying but reasonably understandable - asking a 3rd is putting up the red flag. I will give it a couple days and see what they produce/communicate (if anything)... then likely pull the plug if it isn't satisfactory.

Thanks again for the input!

I will make contact to be sure it will be there... just concerned because I don't actually know how much it is :) Seller says $500. No idea if that's right. Also don't want the tenant to pay rent the very day after closing to the seller.
Barking up a tree to get the lease. My agent is asking for the 3rd time today.... we'll see what happens. 8 days to go!

Great thread... wish I had read it about 4 weeks ago! :)

Long story short - I am scheduled to close on a SFR on Feb 28th with an existing tenant. It has been like pulling teeth trying to get the seller to produce the lease and tenant's contact info. Still waiting, still asking. I like the estoppel letter idea. Think I will try to go that route and see if we get anywhere.

Making me nervous though that there is some relationship between the tenant/seller I am unaware of - or that perhaps the seller is lying about the deposit amount and intends to collect the March rent (due day after closing) without proper credits at settlement.

Either way - will be persistent! But glad to have read this thread for some additional insight. Thanks!

Depends on the lender. I have two conventional loans that are in the $40k's (Mid-$50k's purchase price w/ 20% down). One is currently in escrow to close end of the month... so they are out there, you just have to find a lender that will do it. The lender that did the first last year will no longer do under $50k so I went elsewhere.

An ex-tenant, upon receiving the accounting of her security deposit, and discovering that she owe's me for cleaning since she left it a MESS tells me "I'm not paying that, you broke the lease by taking me to court." She recently was evicted for non-payment of rent. Who knew I was to blame?

I had a tenant recent put a money order in her mail box (the non-locking kind at the end of the driveway) to be mailed to me.... and was somehow suprised when I called asking where the rent was.

Whoa really? They charge by the minute? I have never encountered that. Most detailed I have seen from attorneys or CPAs has always been at least rounded to the nearest 1/4 hour. Strange.

How does one do this? I have a Lowe's consumer card and can't figure this out. My only options are to pay via ACH or check. Perhaps I need the commercial card?
Thanks!