All Forum Posts by: Eric Egeland

Hi Charles, 

I would be interested in 1 of them...let me know.

Thanks,

Welcome to BP

The ONE Thing

The Black Swan: The Impact of the Highly Improbable

Rich Dad Poor Dad

The War of Art

Outliers: The Story of Success

Thanks for the input Jd

This is a new one for me. 

I received a voicemail overnight from the HOA that my condo rental unit was leaking water on the ceiling of the unit below.

I have a tenant who decided to take it upon himself to make a plumbing repair on a tub faucet as he felt it was making a noise, when he turned the hot water on. 

He did not notify me of the issue and went ahead an replaced the faucet...needless to say, he did not install properly and damaged the unit below.

I'm in the process of getting a plumber out to correct his mistake but will most likely be responsible for the damages below. Our lease clearly states that the tenant is not to make any improvements on their own.

I will ultimately send the occupants a bill for the damages, but assume they will not be able to pay. 

Has anyone ever dealt with a situation like this?  I'm assuming I will ultimately be holding their security deposit back if they cannot pay.  Unfortunately we are only in the 1st month of a 12 month lease.

Any feedback would be appreciated.

Thanks,

Many banks/asset managers have certain guidelines they need to follow.  

The initial list price could be underpriced or overpriced depending on how the list price was determined. More aggressively priced properties tend to draw multiple offers & the overpriced properties will burn some market time.  

In most cases if a property is not priced appropriately the seller will reduce the list price over time (generally every 30 days or so) rather than just accepting an offer with a large percentage off of list price. Some sellers that are more flexible can override some generic guidelines, but the vast majority have a limited percentage off of the current list price that the can work with. As an REO listing agent, I can say that 99.9999% of the time, an offer coming in 70-80% off of list would be rejected.

That offer 70-80% off of list could very well be a fair offer if something was grossly overpriced, but in almost all cases the seller would continue with price reductions over time rather than just gap down in price.

Does anyone have a good recommendation for a North/Northwest Chicago Suburban REIA?