All Forum Posts by: Terri Lewis

 We felt the property as a rental was a good deal. If we had the funds we would have bought and held. with out funds was mostly trying to assign contract. I was also not trying to present directly anything concrete to her as to direction we were trying to move the property. She also knew we lost one by not supplying proof of rental amount, for I believe a local investor. She pushed that she didn't have to until closing so she was just not going to supply it. We also had someone with a large down payment and was seeking funding for them. This might have been the couple that she delayed allowing to see the inside but I am thinking there were 3 potential buyers. ( little groggy from pain meds due to accident last night and having to type with one hand) We also found funding for them here on BP, which she was aware of.  I had kept in constant communication with her during the contract. She also knew we were near the end of the contract period, when I talked about another buyer. She stated she had a potential buyer, however I did not try to stop that. I felt she was sabotaging to be able to sell to her person. I have had buyers go around me in the past so I wasn't sure if this was going on either. I see that she still holds the title for it though.

Today I just feel like giving in, kind of how @Wayne Brooks said move on to a more reasonable seller. Just wash my hands and learn from all of you and BP as to how to do it right the next time.

I really do appreciate your assistance and in put.

@Richard C. @Andrew S. 

http://www.biggerpockets.com/forums/517/topics/127...

http://www.biggerpockets.com/forums/517/topics/127...

 I also feel as @Curt Davis that she, plain made it difficult to get C buyer. She was not able to produce simple requests to secure C. I did have another in the works 2 days prior to end of contract. Should I have put a rider on the contract for just that potential buyer?

1. Not allowing an visual inspection prior to offer.

2. Not producing rental agreement at $185.00 per week for confirmation of said agreement. 

So @Richard C. I am still confused, as I felt a split was a pretty decent offer. She just wouldn't let me even get that in before she started verbally bashing me. 

You are actually quite right @Richard C. I should have just canceled a few days before with the way the situations had previously occurred. Kept better track of my scheduled duties, and acted in a professional manner. 

I also think I need to start considering a VA or some sort of office assistance, to lighten my load.

Also if you are a plus or pro member you could list your properties here on BP, and possibly find some new investors for your properties! 

There are some pod casts on BP, that I have been learning from on the subject too.

@Liam Goble I'm not an attorney but this was a commercial vehicle with the employee behind the wheel drunk. Your structure did not jump out in front of him. The insurance for the company will have to cover everything. The lawyer will take a large cut but I bet they will go for a lot more than you will need to cover your losses. That company is responsible for anyone driving their vehicles. I am amazed someone with a felony was allowed to drive a commercial vehicle. All that will be handled by your attorney.  I had a friend a few years ago hit by a company vehicle and he did receive a tremendous amount for the damages, justly. The insurance company tried to settle before it went to court for less than the asked amount, but he just chose to let his lawyer handle. 

I would also suggest future tenants screened, and no one with a felony allowed to be a tenant. Just shows lack of regard for the law. 

I would let your lawyer handle everything. They are better at getting close to the amount you would need to cover all of your damages and/or losses. I would think just your other tenants and the nearby property owner would be the only ones that can sue. As @Jerry W. stated, You will have a lot of time into this to get everything settled and back to normal. There are a few insurance companies that really try to get you to settle for a lot less than what you might need to get everything taken care of. I have also known of cases where commercial insurance coverage pays a lot better than non. 

@Wayne Brooks  It is a property in Indiana and we have been using a national title company in case we get a buyer from somewhere else. This property was a good investment property. The title company is in Florida, but have had different investors, wholesalers state that they are a really great company. I just jumped the gun sorta speak with sending the contract and EM.

We have another one with them and just waiting on the code violation to be remedied per agreement with the seller. We are hoping to fix and flip that one. Or at least re assign the contract on it. 

I did go 3 days past the end date of the contract before I told her I didn't have anyone. That I regret. I told the person I work with and the closer that I didn't find anyone to buy or assume the contract. Also stated she wouldn't allow a timely viewing for one and the lack of wanting to let us see the rental agreement.

So am I understanding this right. I could wait until I have a buyer to submit the EMD and that can be from the end buyer?

I also wasn't sure if I should put the title companies name in the post. 

Yes thank You @Curt Davis. Sorry my mention doesn't seem to be working. I put it into a firm in Florida that many have mentioned to use. So I thought as long as the clauses were right I would be able to get it back if I wan't able to move it.  That's why I was a little surprised when they sent a release form after I called and said I was not able to get anyone to re assign the contract to and that she was a bit difficult to work with.