All Forum Posts by: Shivaranjan V.

I am buying a property in Texas from a seller. Seller is not giving security deposit citing that the tenant crashed into a car port and damaged it. She gave several notices to the tenant but tenant is not giving her money back. 

Seller has provided text messages from the tenant claiming the crash etc along with pics. 

As a buyer, What documentation should I get from the seller so that I won't have issues in the future when tenant moves out.

Thanks a lot in advance.

Shiva

Hello,

I was looking at purchasing a 4plex property as a direct sale with a seller. During the inspection, We were allowed in 3 units and the seller said the 4th unit tenant was unavailable. The numbers were fine so we moved to next step.

During the bank appraisal scheduling process, The seller mentioned to appraiser that she cannot get her in the 4th unit again.

Apparently, An elderly lady has been living in that unit for the last 26 years and doesn't want anyone inside the house. Seller is having a hard time reaching out to her. She is not responding. Leases are in place. The lease says the owners can enter and do repairs and such. But the seller is afraid of lawsuits or I really don't know the reason for the pushback etc. This property is in Texas. 

I called up several lenders to see if they can waive the 4th unit from appraisal so I could purchase the deal. But none of them are able to do that.

I want to make this work but unable to come up with ideas. Any ideas from experts please. 

1. Give incentive to the tenant and try to gain access. We are trying this with no luck so far

Do you think it's best I don't pursue but the deal is seeming to be pretty profitable.

Thanks in advance.

Shiva