All Forum Posts by: Patrick Connell

Will it appraise if only using 2 unit comps?

Title Insurance should always be obtained whenever possible and feasible; which is almost always. Despite the above post about the difference between owner and lender, Title Insurance will often times cover more than JUST the chain of title. Boundary and easement disputes are two off the top of my head. There's a neighborhood in Central Texas, in Georgetown, who just had a lawsuit filed by someone with, what appears to be a legitimate claim, to the land the neighborhood was developed on. These houses are about 15 years old and no one ever caught it. AND GUESS WHAT, now NOBODY in that neighborhood can sell their house until the lawsuit is resolved.....which could the years!

Mary Karlecci , on BP 7 days, 2 posts that are related only to you, and you think people are going to help after you've proven yourself to be an arrogant pain in the ***.....smh....

Originally posted by @Account Closed:

I wanted to add that I am not trying to argue I am doing the right thing here, and this is why I am asking these questions. I admit as a landlord I dont feel comfortable having a third party go in and out of the house when the tenant isn't even in the state any more, family or not, and I am surprised at how loose contracts really are ... They seem to work more like guidelines than a contract since no enforcement could be made.

I am learning and I learned something. Thanks for all the inputs to everyone who replied.

 Unfortunately, whether or not you're comfortable with a third-party going in and out of the house is irrelevant because you can't stop it. Even if your lease said no third-party individuals in the property without the tenant present, you wouldn't be able to stop it because it interferes with the tenants right to reasonable enjoyment and use of the property. The lease is definitely a contract and is enforceable, but it is also a guideline for how certain situations will be handled.

It sounds like you're the one who has a misunderstanding of the lease, Tenant-Landlord law, and related legal concepts and norms. The tenant didn't do anything wrong and is totally legit, the PM also sounds like they were somewhere within the bounds of reasonableness but possessed poor communication skills. As stated before, it also sounds like they failed to explain expectations to you ahead of time.

 You stated your tenant had already paid through the end of the month, which means they still retain the right to enjoy the use of the home. This means that, yes, they can work something out with the neighbor (family or not) to come in and out of the home in order to handle any ordinary business that may need to be done. This is no different than the tenant going out of the country for a month and asking the neighbor to come over twice a week and bring in the mail, water the plants, and make sure all is well inside the home. It is up to the tenant and no, they don't need your permission or the permission of the PM to do this.

And, regardless of what they say, they are still on the hook for any liability incurred while they are in possession of the home. They can say they aren't, or won't, but that doesn't change the fact that they are. I say they, but really it's just the tenant.

Well, you are overreacting, but I would say you have some basis for worry. You sound like you are a micro-manager, which is different from staying on top of the PM. The PM's job is to make sure the property is cared for, tenant managed, and situations handled without bothering the owner with every little thing. If you want to be involved in every decision, that's fine, but expect to pay a higher management fee in order to have that right. It sounds like there is a huge gap in expectations, both for the PM and for you, and communication issue. Neither are a relationship killer, unless they can't be resolved. Early on, you should have put the PM in their place, and the PM should have put you in your place. Don't be your own worse enemy.

This is so ridiculous. It sounds like your PM is running back and forth trying to appease you because you keep changing your mind about what you want. First, he doesn't need your permission to allow someone else to enter the structure, he made a judgement call, which is what you pay him for. Second, because this neighbor is being allowed in by the tenant, they don't need your permission or his permission to enter, remain, clean, or otherwise interact with the property. Finally, as others have said, why would suing your PM even enter your mind, just what???? Smh....

Unrepresented*

You weren't screwed over, but you did just get a very good lesson in negotiations. There's nothing here that's illegal or against the Code of Ethics, as you presented them. There's also no one, State or Board, who can force them to divulge the content of their other offers, or force them to "prove" they were acting in good faith. As others have said, set a top-end number and work to stay as far under that as possible, but be OK with anything up to that point. Also, please don't assume that working without a buyers agent will get you any better of a deal. Most listing agents won't take the double commission and kick it back to the seller, so it's more work for them for the same amount of pay. Also, I love working with unreported buyers in my listings, because they don't know what they don't know; which often times equals more money in my sellers pocket.

Christopher Reynolds I didn't mean to suggest not making the repairs, but surely even MA doesn't mandate cosmetic repairs. If the City nailed you for them but not legally required, let City kick your tenants out for you lol.

Ok, a few things because there is some so so advice floating around. First, check with your lender to see if they'll be ok with a lease option before closing; they may or may not take issue with it and they have the final say so. Next, 30 day closings are going away pretty soon and 45 days WILL be the new norm for fast. As soon as they officially retire the HUD-1 and everything kicks in, no one but alternative finding is doing 30 day closings. Third, you can't execute a lease to a property you don't own or have a specific interest in; although a contract for purchase gives you constructive interest in the property, it's not the kind you can use to execute a lease. It also sounds like there's a lot of confusion over the process here based on some of her stuff said; this is where an agent can be helpful. And, agents tend to over-formalize and "complicate" things because that's what a principal needs when stuff goes sideways and the buyer and seller both think they're right.