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Updated almost 11 years ago on .

Account Closed
  • Investor
5
Votes |
15
Posts

Seller not properly executing TOPA requirements

Account Closed
  • Investor
Posted

Three weeks ago I got my very first investment property under contract - a 2 unit semi-detached building in DC. The owners are deceased, so an attorney executing the estate. I plan to occupy one unit during construction. The property needs a fair amount of work, but I was able to get it for 10% less than a similar neighboring property that sold one month prior.

The listing agent has been very unresponsive so far, and today I found out that he has not properly notified the existing tenants of their TOPA rights. This will delay closing by at least 3 weeks, and will cause us to lose our locked-in interest rate for the mortgage.

I am pretty green, and was hoping that some of you more experienced members could advise me on how to handle this situation. One mentor suggested a 'motivational letter' from a RE attorney. What are your thoughts?

Thanks in advance!