All Forum Posts by: Sarah Lewis

Are they claiming Force Majeure ? 

I still don't see what you have to gain baby signing. I mean, if they are not going to pay rent, they are not going to pay.

You need a really good lawyer to explain your options...

They can say it is non-negotiable, but it may it costs them little to demand a lot. What do you have to lose by negotiating some reduced rent?

What happens if you don't sign?

Seven out of seven paid in full as of this morning. 

Good will is priceless! I have excellent relationships with all of my tenants now (7 doors) and I expect to maintain those relationships in the future. Let's see how everyone does by April 5th.

Do you have a lien recorded on the property?

Your contract will not supersede auction. I once bought a property at foreclosure auction here in Chicago that had been listed as contingent on the MLS for months.

 I have also seen people buy at auction one day and later it comes up that the house closed as a short sale the day before. In that case the auction buyer needs to wait for the court to void the auction sale before they can get their money back.

First one to close wins.

When I buy a tenant occupied multi unit, my RE lawyer sends each tenant and Estoppel Letter, which asks about lease terms, security deposit, etc. That way we can compare what the selling landlord is telling us to what the tenant has to say about lease terms and catch inconsistencies before closing. 

I think it is beneficial to all parties ( buyer/seller/tenant). If a tenant does not respond to Estoppel letter, that tells us something as well. Perhaps tenant relations are poor or tenant is not paying rent, etc.

You will need an ejector pump to put in a basement bath properly.

What neighborhoods/zip codes are you looking at?

Try to pick out a light grey within the veining the stone.