All Forum Posts by: Dominick Marschall

Hello, 

I'm selling a duplex I have. I have a signed purchase agreement from the buyer. We are supposed to close on April 1. They bought with no inspection. The appraisal came back exactly at the home selling price with no repairs needed. 

Yesterday, they came to my realtor and said they want to cancel and have their earnest money refunded. They sent over their cancellation later, I have not signed it. They were buying my home by doing a 1031 exchange. They put their other rental on the market after signing my purchase agreement, but later found out they have a large repair bill on their rental in order to get it sold. Hence the reason they are trying to back out my buying my house. I knew this may come up as an issue so we made sure to include the verbiage in the PA "In the event **their rental address** does not sell and close by 4.1.2022. Buyers agree they can still perform on the closing of **my home address** on 4.1.2022 using traditional lending." 

So in essence, they still have to buy my house even if they do not sell their rental and do a 1031 exchange. My realtor is reaching out to their broker to get some document (I forgot the name) in order to make sure that financially they would still be approved for a mortgage and cannot back out based on not having financing fall through. 

In my eyes, this deal is closed and they cannot back out, but I was hoping to hear if anyone has had a similar situation and how that may have played out. I'm located in Minnesota. 

Or what is the most probable outcome of this?

What should my next steps be to prepare ? Should I contact a lawyer or at what point should I get a lawyer involved?

FYI the buyer is a real estate agent. 

Thank you, 

Im getting an apprisial done. I had the appraisal person ask me for the appraisal report from an appraisal I had done 1 year prior. Is this legal? What should I do? I feel this will make the current apprasial biased. 

Hello, 

I inherited a duplex last December. I am owner occupying this property, bottom unit is rented with a lease. I am trying to refinance into my name. Current mortgage is still in my family members name. This property was built in 1890. My family has owned this property since 1990. The duplex conversion was done well before 1990, but unsure of the exact date. The appraiser just came by today. She said that the city and county has my property listed as a single family, however there are separate electric meters, gas meters, addresses, etc. She is saying she cannot write an appraisal now because she cannot appraise as a duplex because its zoned for single family and she also cannot write an appraisal for a single family as she is aware it is being used as a duplex. Now the mortgage company is saying they cannot move forward because the appraisal cannot be done. I am currently in talks with the city zoning and planning department to figure out how to move forward, but i'm afraid i'm going to be opening a can of worms with talking to this department. I don't know what to do. 

Does anyone have any suggestions on how to move forward? Or how to get a mortgage into my name? Or should I just keep paying the current mortgage? Its been over a year and nothing from the current mortgage company. I did notify them of his passing and they now have the mortgage as 'the estate of 'name''. 

Has anyone experienced this? Any advise is much appreciated. 

Thanks, 

@Amber Gonion Thanks for the info! Do you sell many multi-family around the Shakopee area? I'm likely going to be looking to make another purchase in the near future. 

@Paul Tischleder Great! This was what I was thinking as well. I like what they are doing to the DT area. Also, the many construction projects they have going on has to be good news for us. Thanks for the comment. 

@Jordan Moorhead Thanks for the insight! 

My question is more directly related to quality of tenants, job market outlook, appreciation, etc.

I recently inherited a duplex in Shakopee MN and have it rented. Specifically near the downtown area so older house. 

I'm wondering if its a good idea to keep it or sell. I know that Location, Location, Location. So i'm curious if anyone has any insight on future outlooks of the city/area. Do you think the city will decline or prosper? 

@John Woodrich Hi John, thank you. I talked to him a few weeks ago and viewed the property and was in good condition so I wasn't worried. Just more worried now as he hasn't paid for Sept. If you are able to give an attorney recommendation that would be great as I'm sure i'll need one in the future and do not currently have one. 

Thanks again, 

Dominick

@Andrew B. thank you. I will do this. I inherited this property. I will read the Minnesota tenant/landlord laws tonight to make sure I am up on all the laws. 

His security deposit is $500 and he owes me $700 for rent the month of Sept. Should I list this on the statement and state that balance still owed is $200. Then keep the $500? Even though I highly doubt I will get another cent from this guy and its not worth my time to pursue. 

@Andrew B. Thanks Andrew. I just called the utility company and they said he requested stop service on Oct 1st. I had them email me a copy of this for my records.