Crazy Closing Questions

[Taylor J.]

Warning this is long!

So I will start by saying most of this was brought on by me not making sure my realtor set specifics in our contract.  But this has been the worst closing of my young investing career.  I have a few questions on a wide variety of situations.  I have already written this off as a learning experience and I have decided to just let it go, but I'm curious what you guys think.  I will also preface by saying the owner has nothing to do with the properties, seen them once in the 20 years he has owned them.  He has a "property manager" that does everything for him. Closing was on May 5th.

1.  The day before closing I drive by the properties to check in, to find the roof blown to pieces by a storm.  Property manager tells me he was aware of it. He also tells me a compressor went out on an ac unit which I would never have known had I not asked if anything else happened.  I did not hear a word from the seller or realtor.  Luckily I caught it and we amended the contract for concessions.  Are the seller or realtor liable for anything there?  What if I had not found out about all of that until after we signed, does that change any liability?

2. I get 1100 in concessions for the broken down AC unit that I was planning on replacing anyway.  He finds out later that I am using the cash to buy a new unit and decided he is only going to give me $900.  "I know you are not replacing the compressor, you will receive no more funds from me."  obviously he is in the wrong, this is just for context.

3.  Many of his tenants are late on previous months rents.  (I knew this going in and I should have specified who was to going to be responsible for them in our contract). He decides he is going to pay himself with each tenants security deposit money for past due rent, therefore I will inherit tenants with $0 security deposit money. Also multiple tenants that I had to talk with to get them to pay, paid rent after the closing date with intention to pay me.  I had told them that the slate is clear with me and they do not owe me for past due rent.  Well they made payment online to the previous owner for some reason.  Seller decides he is going to pay himself back for more past due rent with that money.  Also, a few tenants paid partial rent. For example, A tenants monthly rent is $555.  She paid $200.  He decides that he is going to prorate based on $555 even though he didn't collect that amount ($17.90/day $110.40).  So he takes half of the $200 she paid even though he should only get credit for 5 days.  Is this the right calculation or should he only get prorated rent based off of the $200 he actually collected?  Can he legally pay himself for rent he failed to collect with security deposit money that is owed to me at closing?  

4.  The property manager gives a few tenants senior discounts.  On their lease, this is not specified.  For example, on the lease it says rent is $525 a month.  Seller tells me he only collects $505 because of said discount(more precise financial due diligence would have helped).  Another lease showed a pet deposit of $250, but he claims he did not collect a pet deposit.  Should I still be owed the pet deposit regardless because they both signed off on the lease for it?  Keep in mind I have still not received my concessions, rent, and deposit checks and it has been a month.  Does the sellers agent have any responsibility to make sure the seller goes through with the agreed upon conditions? Or are they just responsible for getting an agreement and that is it, they take their commission and you deal with the rest?

5.  I have also come to find out from the property manager that one of the properties had a significant sewer leak under the slab that would have otherwise been unnoticeable to anyone walking the property.  A portion of drywall was taken out and replaced for having mold on it.  And the previous owner had been sued for a tenant falling through an older stairway step.  I knew coming in that these properties needed a lot of work and I bought them at a low enough price that I can make the needed repairs and still come out fine.  My question is, are either the seller or sellers agent liable for non disclosure in this situation?  The sellers agent I really don't think knew, because I doubt she even looked at the property before showing me.  The seller I'm sure would probably claim he did not know, but would he not be responsible regardless if his property manager was aware? The seller is no doubt a slum lord and trying to skip out on paying me what he owes me.  His numbers were about $2,000 off from what he should have paid me.  I figured it wasn't worth my time arguing with someone like him or hiring an attorney for such a small amount, so I have moved on.

Should the agents broker be notified of how poorly this was conducted?  On multiple occasions the sellers agent just shrugged her shoulders and said I don't know how this works or like I mentioned just played dumb.

I would love to hear some opinions!  I know some of you have probably dealt with situations similar.  I appreciate any responses you guys may have.  Please remember I have already acknowledged a more specific, clean, and precise contract would have probably solved most of these problems. Learn something new every day!