All Forum Posts by: Neel P.

 Great tip, thanks Robert!

 Great feedback, I like the idea of asking my property manager. Ty!

I'm analyzing a deal for a commercial MFH home. It's in a B-class neighborhood that's about 20 min outside of the city center (in more of a suburban neighborhood).

All of the units are 1/1s though. What are the considerations for this type of deal?

My thought process: 

- Pros: Probably can get it for a discount. Decently in shape unit, rent rolls around $650

- Cons: 1/1s usually attract student, singles or couples. This is not a city center so I'm wondering if it'll mainly attract C class tenants who are very transient, or it'll be hard to rent. Less rental appreciation potential

Any insight from people who have looked into or bought MFHs with all 1/1s would be great. Thank you! 

 Hey Charlie, just wanted to provide you an update.

I emailed the new broker and told her that I would be pursuing a Lis Pendes with my lawyer, and the seller was in violation of the original agreement. 

She called me and I was very nice but told her that I would absolutely block the new transaction if he didnt sign the release.

He signed it today so I'll be getting my $3400 back wooo!

Looks like he was trying to quickly sneak the new deal through and hoping I didn't notice.

Thanks again for your advice! 

This is great information, thank you very much! Lis Pendens sounds perfect...I think he'll sign the Notice of Cancellation if I block his sale. I'll chat with my attorney about this.

I don't have the sellers information to send them the letter directly...I'll ask the previous broker if they can share it.

I was under contract on a duplex in Missouri and the financing fell through.

Its within the 45 day Loan Termination Deadline period, and the sellers agent was made aware.

Long story short - the seller got mad and is refusing the sign the Notice of Cancellation. The deal date is long gone now (Nov 19th). I had a lawyer send a demand letter to the seller's broker to say that he needs to sign the Notice of Cancellation, but nothing has resulted from that.

The seller has since then gotten a new broker, relisted the property, and it's now currently under contract.

I'm not able to get my EMD back unless he signs the Notice of Cancellation.

I emailed the new broker today that her client is in violation of my contract and thus I can technically due for damages, and ask her to relay this to her client so he can sign the Notice of Cancellation and we can move on.

What else can I do?

Is he even allowed to relist his property without cancelling my contract officially? Is there anything I can do to block his new deal until he cancels my contract?

Thank you

I was under contract on a duplex and the financing fell through. 

Its within the 45 day Loan Termination Deadline period, and the sellers agent was made aware.

Long story short - the seller didn't sign an extension for the contract date, so the real estate contract is now "expired". The Seller is claiming the EMD ($3,400) is now his, and won't sign the Notice of Cancellation to release the EMD back to me.

I told the Sellers Agent that I am willing to split this 50/50 just to not deal with this, but the Seller is bitter and won't agree. 

From research, it sounds like this needs to go to mediation now

- How does this work? Who organizes the mediator? Is it via the Escrow company who is holding the money?

- How much does this normally cost? The property is in Missouri.

- I have a lawyer who can send a demand letter and prove that I am in the right here....but who does that go to? The Seller, the Escrow company, or other?

I have a feeling that if I scare the seller with a lawyer letter, he'll agree to release the EMD or go 50/50 with me so we can move on. I'm just not sure on the process here.

Thank you!

Got it! Thank you for the feedback. I'll keep in mind that they may ask for a non-refundable EMD and prep for that...didn't know thats a thing.

 Hey Bryan,

Quick update:

• Good news - I got a new lender in place, pre-approved and in-progress, and got the Appraisal transferred over successfully
  Bad news - the seller wants a new contract and to increase the EMD amount. I'm not sure why or what the angle is.

I want to close on the unit. Should I put more money in for EMD? If so, I would want a provision that says if I get denied a loan, then I get the entire EMD back. However, I don't know if "new contract" means the seller wants to take the existing EMD and have a new contract for a new EMD amount...if so, is that normal?

Thank you!

 Thanks for the insight Bryan! I'll likely need to extend the close date again due to financing, which I think the sellers will agree too. I should probably then also add the Loan Termination Deadline extension during the same amendment next time and see if they agree to it.