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Updated over 4 years ago,

User Stats

19
Posts
6
Votes
Ryan Reynebeau
  • New to Real Estate
  • Chicago IL - Appleton WI
6
Votes |
19
Posts

Pet rent included in MLS rent amount

Ryan Reynebeau
  • New to Real Estate
  • Chicago IL - Appleton WI
Posted

We recently had an offer accepted on a duplex. One side is rented and the other is vacant. The MLS showed a rent amount of $1000 for the rented side. We estimated the rent on the vacant side and made an offer based on those numbers and our metrics that we want to hit. Our offer was accepted. A few days later, we collected the lease for the current tenant and came to find out that the rent is only $850, with a $150 pet fee (3 pets at $50 each). With that rent amount, we would not have made the offer that we did, or even offered on this property at all. At this point, we don't know how to proceed.

Are we at fault for not making sure that the rent amount is indeed accurate? Do you think this was a misleading tactic used by the seller, or is this a common way that rental income is reported? The market we are in is extremely hot for sellers, such that most duplexes have multiple offers at or above asking after only a day or two on the market, which makes it difficult to request additional information ahead of making an offer, such as the lease, yet remain competitive and timely. 

We have not yet made a decision to remain under contract with the seller or back out of the deal, so any input would be greatly appreciated.


Ryan

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