All Forum Posts by: Maribel Alvarado

Thanks @Damon Pendleton  Good looking out. I’ll get it since it will be the first and last time I’ll make this mistake. 

@Dennis M., 

Ha ha, probably I would've made better decisions if I had drank some. I'm used to buying rehab homes so I have never inherent any tenants. But believe me, the Title company management will hear from me on Monday and also the Credit Union that is my lender, since they are their preferred title company. 

@Darrell Bratton, 

Same thing here, couple days before I had to tell my agent to request the seller for the deposit, leases, and keys. 

@Damon Pendleton, 

I did get the P&Ls, Rent Rolls and list of Deposit Balance during the due-dilegence process. But I had to trigger my agent several times to ask the seller's agent for documents and information. 

And I seen the concensus is to part ways with the title company and realtor.  

@Tommy Spijkers, 

Thank you so much for your advice, I sent the realtor a message yesterday that I will call him today to talk. I will let him know how he should've done better. And that is not acceptable for him to try to "repay" later on hence there will not be another time. Especially knowing we entrusted him to guide and advice us with our first. My wife said, "mistakes happens" but I told her not when you are paying a "professional" to help you avoid them. Business is business. 

My spouse and I are partners in our real estate ventures. I'm the analytical, behind the scene kind of person and she is the typical outgoing latina and spoke person for our business. After having 5 SFH, we decided to invest in multies to become financially free faster.

Since we had made a couple of thousand dollars mistakes, we decided to go with an agent in our first Multi-Family building purchase. Was in the market for couple months until we found one that made financial sense to us. We had a good experience during the contract and due-diligence steps, or so we taught. Fast forward to the day before closing I had to talk to the title company to include the closing cost the seller had agreed upon to the HUD statement. On closing day, the seller's agent didn't have copies of the keys, utilities info, like which unit me as an owner I'm in charge of, copies of leases, nor last readout of the utilities bill. I'm sure you know where this story is heading. So after the closing, I know, I know, rookie mistake, I asked my agent when we'll receive the pro-rated rent money from the owner? to what MY agent answer "we didn't ask for the pro-rated rent in the contract since he (the seller) had agreed to put money towards the closing o_O

Wait! Said that again?! I ask him to read the contract HE drafted and make sure I was interpreting it right, especially since English is my second language. After he read HIS contract, he agreed that the document states we get the tenant deposits and the pro-rated rent. I also contacted my lender, he also agreed, to which they reached the title company, and they said it was an oversight on both parties agents.

Now 48 hours later, my agent informed me the seller declined to make right on the contract agreement since it didn't get listed in the HUD settlement statement. I don't blame him; now he is couple thousand richer (blah). But wait! There's more; We still don't have copies of the keys, leases and had to pay the water bill balance. Initially, our realtor said he would make it up to us by reimbursing us from his commission, and now he said he would bring down his percentage when he "sells" our home at the end of the year.

Have anyone gone thru something similar or have any advice, or know how to get my monies back without me having to go storming and threat to sue the title company and my realtor. I’m dayton Ohio if that helps.