All Forum Posts by: Shannon Tayllor

Hi Dylan, 
Nice to meet a fellow CA investor!!  

The property has been listed for 70 days and I called my buyers agent to submit a traditional offer. I decided to do some digging and found the back owed taxes. Just wondering if anyone out there has had a seller with unrealistic expectations due to accumulated debt and if they structured a deal that worked for all parties.  

I suppose if it doesn't appraise and I don't want to come to the table with more cash to close, I could have a few options from there.

a. Seller lowers price
b. Owner carry back?
c.  ?

What do you think? 

I found a perfect property - for personal residence that I would really like to own. Need some good advice.

List price is $575K and three recent sales of the exact same townhouse are in the $515 to $532K range, selling in the past 6 months.

Seller owes $415K on a 1st and 2nd mortgage. House is empty and there was a death in the house sometime in the past year. House needs some painting, carpet, yard clean up, etc.

Seller owes $28K in back property taxes and is not current for this year. Taxes owed for 2016/2017, etc.

Not sure if the mort. is current or not at this point and the Seller lives out of the country. The property is not in condition to show, dated, built in 1990. Possibly behind on HOA dues as well.

My only strategy was that possibly I could assume the loan, pay the back taxes, the 2nd and the real estate fees and agree upon a $500K sales price and work a deal with the agents to pay them commission on $500K. (I sourced the deal)

Does anyone have any creative financing deal options that I could offer the seller to get out of this mess without me having to pay $570K for a property that might only appraise for $535K? 

Thank you BP community for the advice.  

The interesting new twists to this is the moved to a larger home about 1.5 miles from this home, so basically used Covid to break the lease early with no penalty. 

Hi Bruce, Yes, I feel so lucky they moved out on their own. They moved to a bigger house that suits their needs now and basically used Covid to break their lease and leave with only 23 days notice.

Thank you for the yes and yes answer and the link. That is exactly what I was looking for. 

10/02/2020 - tenants notify me they can only pay 1/2 months rent for October due to job loss COVID related.

10/05/2020 - tenants notify me that they are moving in with family, their last day will be 10/30/20.

Their one year lease expires on 12/15/20.

They move out on 10?30/20 with less than 30 days notice and are breaking the lease. They want 100% of their deposit back and they are saying that due to COVID I cannot take the other half of rent from the security deposit due to the COVID related protection.

Can I take the rent they owe from the security deposit? 

They are also asking for receipts for repair work at the house. Is that a requirement? 

Thank you,