All Forum Posts by: Kristina Anderson

He doesn’t sound well. Does he have an emergency contact on file? You might be able to work with them to support transitioning him somewhere he will be safer from himself.

@Charles Seaman Thank you!

Hello! Grateful to you all for the advice:

We are about to list a 4unit. At time of closing, how do we recoup any outstanding ledger balances from our tenants? Once we close, it's no longer ours, any money coming in goes to buyer. We're talking not much - maybe 1000, 1500 total on the property. As a buyer, I wouldn't want to cover a tenant's expenses in the hope I can recoup them after sale, either. What do you suggest? 

Thank you!!

What gets me is that this all happened after the fact. When you shut the water off was there any conversation between you both about her decision to go elsewhere? Again, her decision. But if you pay this you will likely get a lot of after the fact requests for reimbursement going forward. I agree with others - what should she have done for water in that time? Did you know she was leaving? All of this is a conversation and solution determined before action is taken. Also in future when having these sorts of conversations you dictate terms. Get ahead of it.

I’m remembering a tenant who had a mouse while we were away (we live in same building). Nyc mice! So we said we’d take care of it when we got back. On our last day she tells me she spent eighty bucks in peppermint oil and could I reimburse? That annoyed us. I said yes this one time but in future expenses must be pre approved. (Not to mention peppermint oil doesn’t work!!) I only agreed because we saw her a lot as neighbors.

@Frank Greg Trust me, I feel the same way you do. Another update: I spoke to the city who says that the foreclosure is in the most early stages and this wouldn't even show up in records with the county clerk. We have some time. Based on that, and the fact that I don't care whether title insurance accrues additional fees, we are going to wait until an adjustor is assigned this week, then speak with them to determine how quickly they can get this done. We are NOT going to pay the lien - yet! I want to let them work out their due process.

Yes, this seller - it was a trio, all based in different places. There were a lot of issues during closing - and after (a water bill that never got paid to the tune of a couple thousand dollars, etc. that they actually coughed up the money for). I chalk it up to incompetence versus malpractices. The person getting the bills wasn't tell the person who was paying them, etc. etc. We haven't approached the seller about their tax lien. Likely they had NO idea how to handle taxes. You forget, guys, not everyone is suited to this business. BP would have us believe anybody can make it rich but it's not for everyone. These sellers seemed out of their league. Now, the title company. This was April 2022. I chalk it up to being overworked, too many cases, etc. And, incompetence/cutting corners. Nothing, again, malicious. We had such a hard time getting them to look at our package. Emails that went unanswered. Having to send 2nd and 3rd requests to get information. Felt like they started doing the work the day before the closing. HUD came late enough that we worried the title wouldn't have monies at closing, etc.

We laugh, my husband and I, when we hear the term "passive" income and REI. It has never felt passive! Passive is dumping money in investments and watching it grow and grow and taking dividends, etc.

(But I do like the rent rolls).
 

Just off phone with title insurance who says they will assign the claim "this week". Seeing as how we were given until Jan 15 to pay up or continue accruing fees, title insurance says we can go ahead and pay (thank god we have the money) and then send in our proof of payment to the attorney assigned to the claim. I think we will wait a day or two to see if it's assigned and then just pay it off. This is just an update for you all - I appreciate all the conversation!  

@Ned Carey We do have title insurance, and we have already filed a claim and hope to have an adjustor assigned tomorrow or Tuesday. I will follow-up tomorrow. The title company (the agent - small company) sent us over to title insurance (Westcor) to deal with this issue. This should have been caught by them - it was clear on the auditor's site that the tax lien had been sold. We missed it because the format of the cincinnati auditor's site is less "helpful" than other cities we market in. We can now see clearly that taxes weren't paid for 2020 and part of 2019. If we continue in Cincinnati, this will never happen again with this new knowledge we've accrued! 

Also, tomorrow, I'm going to ask to get in touch with the attorney handling the foreclosure process. The City has said that they can't "hold off" and the attorney advises not to in case there will be double billing if they don't receive payment. I think it's hot air, myself. We haven't seen any old bills, any communications to the former seller (that apparently kept going to him well after we purchased - the City couldn't figure out that the address had changed?!) 

And, yes, once I wrangle these couple of things, I'm going back to speak to my attorney about how we hold title responsible. At the very least, she might have acknowledged that they could have caught this. I think this is gross incompetence. They at least need to own that they should have caught this and apologize for my headache. It was a sloppy closing as I've said, but this is the icing on the cake!

 We agree. Very fishy. First to settle this lien issue then to get Justice. I’m honestly thinking the woman just wasn’t that smart. We had problems all through. Just getting her to do the work. This should have been an easy catch so I’m a bit flummoxed by it all. 

 Unfortunately this is in Cincinnati and we are in NYC. Yes modest amount about 11k. In a weird turn of events the title company “closed” and the agent is with another - same address, email etc. I don’t think this is related. But first things to resolve this and then to perhaps raise the flag to the BBB etc in Cincinnati. 

All this is great advice. I tend to want to pay it off because it worries me that it’s outstanding. But I’m going to talk to title insurance Monday before I make a final decision. Two additional questions: how long does the settlement process with title insurance normally take and it’s gone to foreclosure - late November! - how long does that process last?

This is all crazy. We had a seller who didn’t conduct his business above board and a title company who slept through the process it seems.