All Forum Posts by: Abdul Azeez

Quote from @Monica Bynum:

Your agent if you are working with one could have added that wording as a counter to include the price that you weren’t going to go below x amount of appraised value. 

They did not but in this case does seller have the ability to walk out? What I am frustrated about is this is the reason you hire professionals like realtors. If this was a slippery slope they should have advised me before. In NJ we usually have attorney reviews. I am surprised they don't have it in TN. How do situations like these get addressed then?

When under contract on a property as a seller in Memphis, TN and the contract has a special stipulation saying "Buyer will pay $x over appraised value if property doesn't appraise for the offer amount" and the appraisal comes lesser than the offer amount and if the $x over appraised value still leaves a lot of difference from the offer price, is the seller obligated to continue with the contract or can terminate the same? 

The verbiage above does not say seller has to accept the appraised value plus $x but buyers agent seems to interpret it that way. Sellers lawyers agree with the seller that this does not obligate seller to sell at the price above. Any thoughts?

Quote from @Terrell Garren:

Additionally do I have any recourse against the tenant?

You will find no satisfaction going after people with nothing to lose.  I suspect you are tired of dealing with the whole situation.  Sell 'as is' and move on with life. 

Three offers had fallen through earlier. Should I sell as is or rehab and sell?

Quote from @Bruce Woodruff:

Will the $11,000 in repairs get you $11,000 more in $$ when you sell? This is simple math to me.

I'd guess the answer is no.

With the issue that 3 offers fell through I suspect I have to make repairs to sell.

Quote from @Theresa Harris:

Most of the time you will never get your money back.  What is the market like where you are at?  If the market is still good and you are happy with the price you'd get without doing the $11K in repairs, then sell it as is.  Other option is to do some of the repairs that are quick and will help it sell faster.

 I had three offers fall through. So I suspect I will have to do some repairs. Market seems good but I can't actually say until I sell.

Folks - I previously shared my experience regarding the complete mismanagement by Reedy and company of my rental in Memphis, TN. I have now changed the PM and the problem tenant who caused a lot of damages has vacated. I would like to sell off the property. While the tenant was there I had listed my property for sale when previous PM was managing and 4 offers fell through. Now that the move out inspection has been done the new PM is estimating $11k worth of repairs. I would like to sell this property asap. Should I invest in these repairs and what are some of the right questions to ask? Additionally do I have any recourse against the tenant? She had outstanding balance on the ledger by previous PM. So I expect the security deposit will go towards that but I think she has caused more damage than what the security deposit will cover. The previous PM told me there was no point going behind these kinds of tenants to pursue relief. Kindly advise what my course of action should be.

So after filing complaints with the TN real estate commission, I received a response to the charge and that they think it is tenant caused damage and I should ask the new PM to add to the tenant ledger. What I don't understand is why it needed me to file a complaint with the real estate commission for them to respond when they could have just responded to me based on the two emails and one voice mail I left. 

Quote from @David Flores:

@Abdul Azeez

Would probably have to go to civil court with a lawyer

Seems like a lot for $195. Will the complaints with the state real estate body help?

Quote from @Abdul Azeez:

Does anyone know if there is a state body for PMs where I can complain about Reedy for not giving me the breakup for the deduction in Feb?

I have filed two complaints with the TN real estate body. Not sure what will come out of it though. Let's see. 

Quote from @Abdul Azeez:

Does anyone know if there is a state body for PMs where I can complain about Reedy for not giving me the breakup for the deduction in Feb?

Can I file a complaint with TN real estate commission if PM is not providing details on why a cost was incurred for maintenance during the last month they managed the property? I have sent two emails and left one voice mail and it's been 7 days.