All Forum Posts by: Lynn McGeein

@Victor Valencia standard contracts in our area have terms stating that it’s being sold with access to public road, and hopefully your title insurance will be an easy process. I had one that took about a year, full title search and expert witness testimony in court because even though the neighbors agreed to sign, one of their mortgage companies refused. It was an error in the deed two owners back not caught until my client sold. Luckily my clients had owners title insurance as it was an expensive process.

@Jon Haney management should have assessed at the time of the incident, at least my PM does before contacting me for a major incident. Does the contractor who was hired to repair it have any recollection or notes, like emergency visit, no heat? If so, PM should have been charging tenant for damages. PM should at least have tenants renters insurance info to give to your insurance company in case they are responsible.

@Joey Andres I email an addendum stating that rent increases to $x and lease term is extended to x date. I ask them to sign and return by a certain date if they wish to stay, then remind them that if they are leaving, notice is due x date. If I’m asking for a large increase, I include a list of nearby comparable rentals so they can see moving isn’t going to save them money.

 It depends, we've done both.  If it's been a long-term tenant, we plan to have them repaint.  If it's only a year or two, we check it out first and see if a touch-up will do.  

@David Georgeson New security systems and some cameras have built-in wireless. At our last turnover, we had neighborhood kids breaking in several times while vacant, damaging the house until we installed a security system and camera high enough that they’d need a ladder to get to it. I could arm/disarm through my phone.

Just wanted to add that I also have a clause about no holes in cabinetry or doors, that it is not considered normal wear and tear, and they will be responsible for full amount of repair or replacement if they do. I've had them nail/tack pictures, calendars, artwork to side cabinets, back of island cabinets, doors. I usually provide a variety pack of command strips and those felt furniture leg things at move in to protect my floors. I also explain leaving a few minor nail holes is fine, but if they patch, themselves, they will be charged the full repair if it doesn't match the wall texture, ready to paint.  I have my painter itemize extra charges so I can deduct from deposit.

@Robert F. Make sure your mortgage doesn’t require you occupy within x days as that could become very problematic if you can’t comply. Maybe cash for keys on the one you’re planning to move into? But if they have nowhere to go, they may not leave and you’d be looking at 90 days notice then time for eviction. Some states allow breaking a lease for owner occupants but some do not. Your agent should have advised a due diligence period to review info on leases, security deposits, rent history, etc., and that one unit would be vacant by closing if using an owner occupant loan. If not, ask your lender what it would take to move forward with an investment property loan in case that’s the way you’d need to go, then find alternative lodging until one is vacant.

@Derek Fortin both listing contract and buyer broker contract if you had one on your side usually defines what period after that you or seller would still be obligated for commission. As long as you negotiated outside of that period, you shouldn’t feel ethically obligated.

Perhaps focus on homes with longer days on market, ones that didn't sell during the initial two weeks because priced too high or needs updates but would still pass a loan appraisal.  In my area, the ones with a great location, updated and nice layout are still busy, multiple offers over ask, cash buyers, etc.  But many others, especially traditional layouts that need updates, even easy, cosmetic ones that have dark paint, old carpet, appliances, etc., are just sitting, so you won't have as much competition there but may have to take some time to update.     

@Shabar Marshall maybe Las Vegas is different but when I list a condo/hoa for sale, I have already asked the association, if seller doesn’t already know, about parking, pets, and rental restrictions so I can answer those questions vs wasting everyone’s time. Most are helpful if asked. I’ve even reached out to association as a buyers agent when listing agent just says, it’ll be in docs, as no one wants to tie up the home that long for something they can usually answer in a quick email.