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Updated almost 8 years ago on . Most recent reply

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Joe Prillaman
  • Rental Property Investor
  • Carolina Beach, NC
462
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441
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The personal letter worked.....but now it's getting weird

Joe Prillaman
  • Rental Property Investor
  • Carolina Beach, NC
Posted
Ok so here's the deal. I'm in the process of purchasing my personal residence in Wilmington NC and decided to give the whole personal letter with a picture of my wife and I a shot. It worked perfectly. Even with multiple full price offers mine was accepted. Now here is the not so fun part. The buyer originally asked for a 60 day lease on the property after closing. Come to find out they never signed my 60 day lease and the day after the due diligence period ended they submitted a lease for only 30 days? I had to jump through hoops to make the 60 days even possible so I was not pleased. We get that figured out and now they are freaking out over a $500 dollar security deposit. The wife of the seller has started sending me emails telling me they are sorry the 30 day change inconvenienced me but it was not part of the original agreement and the husband called me tonight to tell me he has had a lot of extra expenses and will only be able to bring $100 to the closing table for a security deposit. They also don't want my realtor involved in any part of the lease agreement and do not want him to inspect the house after the lease or hold the security deposit funds. We are 5 days from closing and I'm getting bad vibes. I just can't decide if this is the hill I want to die on. My wife loves the home and we are excited to move in. I just don't want to be stuck holding the bag at the end. Any advice? Thanks, JP
  • Joe Prillaman
  • Most Popular Reply

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    Bill F.
    • Investor
    • Boston, MA
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    Bill F.
    • Investor
    • Boston, MA
    Replied

    @Joe Prillaman 

    Do they not want your agent to inspect the house or any inspection at all?

    Could they not personally like your agent for some reason? 

    Stripping all the specifics of the deal away, would you rent a house to someone with $100 security deposit and a contingent that tells you who can and cannot inspect the property after they move out? What type of impression do you get from the sellers? Would you want them as tenants in one of your rental?

    See if they'd agree to holding $1000 in escrow for the 30 days off the lease. Once you inspect the house you will release the funds less expenses to them within 14 days. 

    I'd take what the agent says with a grain of salt too. He is five days away from a commission check and its not his house they are living in.

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