All Forum Posts by: Cara Lonsdale

I think your Realtor's point is that until the Buyer has the opportunity to accept disclosures, you can't hold him to the purchase if he backs out. Technically, he could pick anything out of your disclosures and point to that as his reason for withdrawing. You mention the HOA docs. The Buyer could claim that he determined that the CC&Rs don't work for him and wants to back out.

I am not saying that it is right. I am just telling you that you will have a hard time convincing a judge that you were financially harmed as a result of this 2-3 day period before providing the Buyer the required disclosures related to the property.

Additionally, you may have a required arbitration clause in your contract that would eliminate your ability to go to court first.

Instead of focusing on a long shot, why don't you have your Realtor go back to the other 2 offers and see if they want to resubmit.  My guess is that they were sad to lose the property and would be excited to get that call.  

Hi Chad.  Welcome to BP!  I am based out of North Scottsdale (home and office).  I am always happy to chat about Real Estate with other investors, or industry colleagues.  PM me and we can connect.

Do we really believe that the police told her that you had to kick out the son who is not listed on the lease?  I am not buying it.  It sounds like the parents just don't want to be the heavy when it comes to their son.

What does your state say about unauthorized occupants and their rights, if any? 

I am in AZ, but if that happened here, I would start by issuing a notice that any unauthorized persons need to be vacated from the premises, and provide a deadline.  This can serve as a Cure Notice, and give the parents the documentation that they say they need to move forward.

If you aren't willing to move forward on an eviction, then the Cure Notice may be as far as you can go.  If they don't rectify the situation, you really don't have much else to do if you take eviction off the table.

Congrats!  Isn't it great to have the ability to get an interest rate under 4% as an investor??!!!  Totally insane.

I can't wait to hear about your progress to 100.  You can do it!

I don't want this to come off as mean spirited, so please don't take it that way, but the fact that you know so little about binding contracts, and how the sales process goes is probably evidence that you SHOULD have an agent guiding you....at least on the first deal, so you can learn the process, the contract deadlines, what you can ask/demand of the Seller, and what is expected of you.  Otherwise, you are in jeopardy of losing your earnest money because of something you missed.

To answer your question, if you have an accepted offer signed by the Seller, you have a binding contract. The fact that the property is listed in MLS, or that you don't have an agent are completely irrelevant to whether you have a binding deal, or not.

Thanks @Jason Rogers!  I appreciate your insight.

I am looking for boots on the ground in Jackson, Michigan, where I just acquired a single family dwelling.
Anyone with a referral for a property manager, as well as any other resources they can pass along like eviction attorney (must be prepared, right?!) handyman, painter, landscaper, etc.  I will take them all!  Thanks for your help!
Also, anyone with insight on the area?  Anything I should know about the pros and cons of this general area?  

This property kinda fell in my lap, so I am trying to do as much research as I can before determining what to do with it.  My first instinct is to prepare it for rent.  Any reason why I shouldn't?

Hey @Dave Foster, can you clarify....IF the Seller uses his primary residence exclusion, is he limited to 25% of the total amount of the sales price to account for his 1/4 usage as a primary residence, or can he take ALL of the $250K/$500K if married, as the whole property being his primary residence?