All Forum Posts by: Art Maydan

I just ran an applicant through TransUnion MySmartMove and it doesn't show income anymore. Only shows "self-reported income". Did some ruling come out and make them change it? I'll still call employers, but this really reduced the value of MySmartMove...

On a related note, I have an application with 3 applicants. Two of them completed the app through MySmartMove, but for one, it's showing "Pending Identity Verification". Has anyone seen that before? Do  need to call them or just wait or what?

Many thanks,

Art

@Matthew Olszak Thank you, Matthew. If you've got time, would love to hear more about how offers are "structured" and what that means. And how to tell how badly a buyer needs the house and the implications.

@Mark Robinson I checked with a real estate lawyer I know and he said we can't do these in Illinois. Too bad. A few hundred dollars seems more than fair as compensation for derailing such a large transaction with so many parties involved...

@Mark Robinson Thank you for the great advice, Mark. Do you know how the non-refundable $100 is written into the contract? Can anyone speak to whether this is enforceable? Do you just tack $100 onto their earnest money. If they can back out for a week and even longer with a good lawyer, what the hell is the point of earnest money? Doesn't sound very earnest to me.

@Peter M. Think you just answered the question above. Thanks, Peter! Just looked into it and we don't do option fees here. I think we should.

@Eric James

@Eric James For how long can you do that?

@Matthew Olszak Thanks for that, Matthew. EMD is earnest money deposit, I assume?

So I should have seen the offer $15K over asking and $20K EM as a red flag? I spoke with the agent several times and she said the buyer was some big wig at Apple and just wanted to lock down a house and that's why their offer was high. Made sense. Seemed like a win-win. We did have multiple offers. I'm at the open house now and we have 3 offers and final & best due at 8PM. I did a whole new listing instead of reactivating for the very reason you mentioned. I guess spotting this stuff will just come with experience.

Thank you @Brie Schmidt & @Ronan M.

I don't care about the pennies. I just don't want to get sued because I gave them the incorrect amount of pennies back! That was my last lease with a deposit, so good riddance. Fees are great.

What's wrong with Domu leases? I use the CAR lease but am curious.

I'm giving back a security deposit for a 1-year lease that just ended (Have since switched to fees). It's a unit in a triplex (not owner-occupied). Do I need to pay the 0.01% interest on this? I'm reading Domu and they say on page 6 of this that interest applies to owners of apartment buildings with 25+ units: https://www.domu.com/security-deposit-summary

But I see a ton of people talking about this issue who are renting smaller buildings on the forums.

I'm glad I switched to fees. This is way too much headache over 18 cents...

Thank you!

@Mark Robinson Thanks, Mark. Would you be willing to share any tips on picking out offers that will go the distance? This one was 20% down conventional. What else do you look at?

@Wayne Brooks

Thanks Wayne. I don't think anything. Just exploring the options as I'm new and this is my first time dealing with this scenario.

I listed a house and it sold in 10 hours for $15K above asking. The buyer is now backing out 5 days after $5K earnest money cleared. It's my understanding they have 7 days to back out for any reason and get earnest money back. Are there any workarounds here to keep earnest money or is there nothing I can do? This is my first listing, so thanks for answering my newbie question!

@Ann Folan You're right. I'll do that. Thank you, Ann.

What's your pet rider? Something like 60% of tenants have pets these days so we reluctantly accept them and collect a fee.

@Ann Folan This is my third sublease and they've all been a hassle. But I'm looking at it like it's more hassle but more parties liable for rent is always better. Will probably just do new leases going forward. I've had good luck doing that before. 

I used to work in relocation so I saw tons of leases and a lot of leases have lease cancellation clauses where the tenant pays 1-3 months rent to break the lease. The CAR lease doesn't have that and I don't want to deviate from it. Wonder why that is though. A lot of times, the relocating employee's company would cover the cancellation fee in full.