All Forum Posts by: Sarah Ziehr

You were able to rent the property immediately, so cannot charge them for damages.  

If your state allows for it charge them for the cleaning and provide a receipt. 

Move on.

My investor purchased a condo he intended to rent out. After we closed, we were given a addendum to the HOA documents that no rentals were allowed.

He had already agreed to owner occupy for the first 12 months per the foreclosure, so he ended up selling on month 13 and basically broke even. His cash was tied up for 12 months for nothing.  

In Illinois if you purchase a foreclosure or auction property, you may be liable for up to 6 months of past due HOA fees. Totally common. Its how the HOA catches up on missed payments by the previous owner.

As for this sale, you are off the hook. They want to sell the property, not waste time with a buyer who wants out. They cannot sell it to anyone else as long as they hold your EM deposit, so rest assured that they are moving on. 

One reason it is a terrible idea- most sellers will not entertain an offer from someone who has not viewed the property. 

Some brokers just make a living off of referral fees. 25% is standard. 

Make sure you pick someone who is going to treat your clients that you are referring good. 

Definitely get it in writing. Your broker should have a template. 

Roto rooter to the rescue! They can fill small cracks for $500 a pop. Will come out and give you an estimate for a small fee. 

That is weird. I have learned that AS-IS means different things to different attorneys, but claiming a residential property is a commercial property is one I have never heard of before. 

It sounds like you may want to hire an attorney on this one, to get clear on terms. 

Yikes!! Sorry this happened to you, but agree with others that you never, ever, EVER hand over keys with out a lease signed, and cashiers checks (not personal checks) in hand for security deposit and first months rent.  

If those things were done then giving out keys a few days ahead of time is not unheard of but only to move in small items before the movers arrive- not large items! That makes zero sense. If they are moving larger items they are moving in. Your PM is an idiot and needs to go. Sorry!  

I don't know anything about your market, but agree with your Realtor. A pool in my area is definitely not a value add. 

Also having grown up with an in ground pool, I know first hand that pools are simply a pain in the ***. Did I have some cool experiences having a pool? Sure. But I can think of way more annoyances of cleaning the pool, draining the pool, chasing mice out of the empty pool, etc. Blah! Good riddance. 

Do not sign anything until he is out and you have completed the final walk through. 

Go back immediately after closing and change the locks.