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All Forum Posts by: Bill Graham

Bill Graham has started 9 posts and replied 35 times.

Post: Is the Buyer in Default?

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

I'll preface this buy stating this is the worst closing (closing attorney) I've ever had the pleasure of working with. I've bought and sold many properties over the years. Usually what happens is the buyer goes to the bank for new money, the bank hires a closing company to facilitate the transaction. That's where all the magic happens. I've done a couple of closing FSBO where we each were represented by Atty's. Nothing adversarial and closings went on with out a hitch.

I currently have a P&S on a building located in NH with a buyer from MA. The contract was executed on 1/31/21 with a closing date of 3/19/21. On 02/14/21 the buyers asked for an extension and extended the financing contingency to 03/22/21. They said they could not schedule appraisal in time. Well the appraisal happened and my agent requested an amendment to move the closing back to 03/26/21. We're all in agreement at this point.

I made an agreement with my neighbor to create a 25 year driveway lease that widens the driveway 4' so I can get a plow truck down there. The closing atty. found a couple small errors on the lease but would not disclose what they were. He insisted I hire my own lawyer and that he would confer with him. I refused and the insults and disparagement began. After several attempts to communicate with him I finally found that the wife's name should have been on the lease and there was a typo. (The atty. I hired to write the lease made the mistake. I had my atty. correct, I got it signed and have recorded it.

Now, 2 days before the closing on 3/26 this closing atty. tells me I need a specific "termination of lease". and he has declared the closing good until the 30th as one previous addendum mentioned. The termination of notice language is in the new Notice of lease. I don't believe you can just go back to an addendum that suits your needs. The current addendum says the 26.

I have asked for a commitment letter from the bank the closing atty. claims the buyer only needs to show Inability to provide financing. The way I read the P&S... If However: (b) BUYER fails to provide written financing commitment or evidence of inability to obtain financing by the financing deadline.

Personally, I don't care if I sell this building or not. It would be nice but not a necessity. I think the closing Atty is not qualified to complete the transaction. I know he had to contact a closing Co. here in NH and title Co. I assume that's why he wanted me to hire a lawyer for him.

At this point in the game I'd rather tell him to shove it than close. What I'd really like to do at this point is nothing. I have 30 days to fix any title problems maybe I take the 30 and let everyone cool down. What do you folks think?  Thanks and have a great day.


Post: Tenant Using Extension Cord after power shut off

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

Victorious, My tenant screening has gotten much better since I posted this 5 years ago. Today, I would never have even showed those tenants the apartment. They would have been screened out over the phone. I would serve them an eviction asap. Hopefully your lease states utilities must be in their name prior to occupancy. You will likely need to give them 30 days to cure or quit, but I would guess if they can't afford elect. they can't pay you on the 1st. On the 2nd (when they don't pay) serve them again.

Hope this helps.

Post: Bedbugs--Emergency!!!

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

I've been told. Never set off the bombs. It will drive them into the walls.

Post: Abandoned Boat on Property

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

Maybe you can give it away on Craigslist.

Post: Termination of Tenancy

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

I have a single family, rented to a Section 8 tenant, that I would like to put on the market for sale. I gave the tenant a little more than 60 days written notice, and copied their section 8 case worker.

Well, that notice of Termination of Tenancy ended on March 1st. They have not moved. The case worker tells me they should be out by the 8th, which is fine with me. But, I stopped by the property this weekend to speak with them. They would not answer the door. And they had obviously, not moved. After I left they sent me a txt message that said they were trying to get a hold of their section 8 case worker to decide how much rent to pay me. 1 or 2 weeks?

Question is how to handle at this point? If I take any money I may establish new tenancy. I would like to file for eviction. Do I file for (7 day) non-payment. Then bring the check to court if they pay? I think I have some leverage here as section 8 hasn't paid their share and it's unlikely the tenant will come up with that amount also.

I just don't want them thinking they can take their time moving. Any go through this before?

Thanks

Post: Inherited Tenant with No Lease

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

Jeremy 

That's the problem. They won't sign anything. I have no information on them. No SS#, DOB, pic. ID... Nothing!

Post: Inherited Tenant with No Lease

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

The eviction will probably cost me $500. The rent is about $40/ mo. below market, so not a deal breaker for me, but I'm sure it will make a difference to them.

I guess I just don't like the idea of the tenant taking control. I figure nothing good could come of that.

Post: Inherited Tenant with No Lease

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

I recently purchased a Triplex from my neighbor. He is 75 years old and ran his building "old school". You know, week to week with no lease and a 1 week security deposit.

Of the three tenants he had in there, one left when he heard of the ownership change. One tenant has been there for 20 years, and has not made one payment since I took ownership. He is currently in eviction process. We should get a court date this week.

The only tenant left actually has been paying on time. The rent is at least $40 below market. The problem I have with them is they refuse to fill out an application and they are refusing to sign my lease. 

I have issued them a 30 day correct or quit eviction, but not only will I have to fight a paying tenant in court, I will have a completely empty building.

We are nearing completion of renovations on the first unit. So, I was thinking of just riding it out until I get a fresh tenant, then raise their rent considerably until they move or sign the lease.

Thoughts...

Post: Tenant Using Extension Cord after power shut off

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

@Joel Owens , your killing me.... I agree with you. I could never understand how much effort they will expend to scam the system rather than just getting a job. But then again... He got fired from being a flagger. (turning the sign from slow to stop)

@Bill S. I have that covered. I have several buildings in that neighborhood, so I have a maintenance person and a contractor in the area. and they all like to tell on each other.

Post: Tenant Using Extension Cord after power shut off

Bill GrahamPosted
  • Investor
  • Nottingham, NH
  • Posts 35
  • Votes 12

Joel,

That is not funny.... Wouldn't surprise me though.

Little old lady downstairs. She felt sorry for them. I did too for a while. Mistake #1.