All Forum Posts by: Lynn McGeein

Be careful with the "automatically lose your security deposit" as I don't think that's allowed in most states, and MD has a rule that tenant can sue for 3X amount owed if not returned with itemized valid list of deductions within 45 days.  If it does't rent out and tenant doesn't pay, you can put it towards rents due and actual damages, but I don't believe it can just be forfeited.  We had a rental in Annapolis, and it was so tenant-friendly there that we just sold it rather than jump through all the hoops.  

Read your signed management agreement as it should tell you when you are to receive rents, the security deposit info, how to give notice to leave management, etc.  If your management is not doing their job, find better management (read the whole contract) and ask them to assist you in receiving back rents, security deposit, etc., from the current management company. If further difficulty, call the state real estate board and report that the manager is not following the contract and possibly keeping rents, deposits, etc., from you. I had a bad manager in an out-of-state rental who became non-responsive, and it turned out tenants were paying her but she was not paying us. New management got us all our back rents and the security deposits transfered over to them after threatening to report her to the board and I've been with them for years now.  Taking the time to research and find a good management company is essential.  

@Ralph Nagle yes, we always say we’d love to give our own home as much attention as we do on a turnover, but that will likely be in retirement. I’d hate to think someone looks at my shed or garage and thinks that’s my organization level in all aspects of my life, because it’s not. Maybe I just don’t understand the concept but it seems exhausting.

@Mike Schorah your agency/brokerage firm should have a stated policy on designated agency for your listings where they assign another agent from their firm and how much you’d receive. If just referring buyers, no listing involved, they’d likely prefer that you keep it in house and have a set percentage for your referral fee. It’s up to individual agencies to set their own fee structure and policies so it would depend on who you sign with.

@Carlton B. The last time this happened to me it was because during lender review right before closing, apparently found they were still missing an employer verification form. Usually contract states how to exit contract after x days from stated closing date if issues aren’t fixed. Use that as pressure to find out exactly what holdup is. For me, turned out that buyer went part-time days before closing, lender delaying while trying to make it work. Ended with buyer defaulting, then sold quickly once released.

@Lilly Fang most reverse mortgages have special rules, so current owner likely can’t sell unless sale nets at least the amount currently owed on it or at current appraisal price, or a small percentage off of appraisal price if in default. The CFPB has a good summary on selling a home with a reverse mortgage. If there’s enough equity left, it’s pretty simple. If loan balance is higher than current home value, which this sounds like, it can be complicated.

@Justin Youngblood if they’ve been good long-term tenants, I discuss what works best, waiting until they’re out or letting me hold showings on weekend afternoons. They’re responsible for rent and utilities until re-rented or lease end either way. I’d also advertise a 15-month term to get your next lease end date in spring. I wouldn’t sign any new lease before current one legally ends unless I have a signed early release agreement with specific new end date so they can’t muck up my new contract if they decide they want more time. Closings get delayed frequently.

@Lara Thatchery. I believe some states hold landlord responsible even for first offense of dog aggression and other states only if previous sign of aggression, so if you don’t know, research it because that should impact your decision. If German shepherd is on insurance no-coverage list then call them to clarify as it likely includes Dutch shepherds too. Requiring a K9 Good Citizen certificate may help, although not if on insurance breed restrictions or proof of previous aggression.

@Kar Sun. Know your state’s landlord tenant laws — some allow tenant to sue for x times the damages charged plus attorneys fees; it can add up quickly. If wall was not patched correctly, you can charge to have professional fix it, but I know in my state, charging for paint after 3 years won’t fly, and unless it’s specified in your lease that he agrees not to use certain cookware, court may assume he doesn’t know his would scratch (I wouldn’t as always used gas) or even if court agrees with you, just award you remainder of useful life. Just saying that if you really can’t let it go, at least make sure you’re not in one of those states that let’s him sue for 3 x damages or more as it may be an expensive lesson.

I'd reach out to a few licensed real estate brokers in the area and ask them each for a market analysis of the property, including information on nearby comparable rental rates. If they are all similar, you'll have a good idea of what you can actually get for it, what rents should/could be, and if it's worth it to hold or sell.  I'd think that you'd also find out the current value and any existing liens, taxes due during the probate process.  Brokerages know people will interview several agents, so they shouldn't mind providing you an emailed free market analysis.  Don't rely on just one report if you're not familiar with the area or the agents there.