All Forum Posts by: Shefali R.

@Jesse Chunn - the unit would rent in the market for ~$2,300 pm and they are willing to pay ~$1,500 pm - even if they were to come up, they will still be atleast $500 below market. 

what do you mean by waiver against any lawsuits. thanks. 

thanks @Brett Goldsmith - they have serious (real) medical issues and need 3 months of treatment to resolve. After much reflection and realization that we need to not have deal fever, we have decided to decline the request. 

We are proposing to them to request Wells Fargo to extend the closing date on serious medical grounds (we know there is a slim chance). Else we are prepared to let the deal go. 

Questions: 1. in your experience, does Wells Fargo ever extend closing dates if both seller and buyer agree to a guaranteed closing on that future date? 2. if we lose the deal and it comes back on market, will we be allowed to submit our offer again (would the bank hold current non closing against us). 

Thanks 

@Account Closed - I am looking for banks who will do HELOCs on investment property and so far have a v small list (Wells Fargo, TD, Penfed) for my area. Could you share name of the bank who did your HELOC? thx

In our market in Newark, New Jersey (University Heights), we see the most responses from Hotpads, second Trulia and third Zillow for our rentals. Craigslist is last. Our rental price range is ~1,600pm to $2,400 pm and interested tenants are mostly professionals, if that is relevant

I forgot to call out @Brett Goldsmith in my request for help as Brett had helped me come up with a counter as well. Doing so now. Thanks.

All - I am finding the our conversation with the listing broker (dual agent) on this short sale v strange and want your thoughts on how to approach this situation.   

1. As I had mentioned, the broker told us our deal has been approved by the bank. There is a short sale approval in writing that the seller has received from the bank. He says he has not seen it but only the sellers have received it. Sellers want to be able to stay on and rent for 3 months after closing

2. However, upon our request to see this approval and review it with our lawyer, the broker is saying the sellers wont send it unless we agree to rent them the unit for 3 months after closing

3. He also said via text message “It is a matter of whether you will agree to three months right now otherwise there is no point in your seeing the approval. If you can’t accommodate them, there is no deal”

Help please! I also just sent this info to our lawyer. Thanks.

We want to ask a prospective tenant to pay a non refundable 'holding deposit' equal to one months rent to reserve an apartment in NJ until lease signing. deposit would be applied to first months rent. Need help with following: 

1. Is this legal to receive in NJ? could not find anything in the truth in renting document 

2. does anyone have a sample receipt/acknowledgement one page document that both parties sign in this scenario. customized to NJ if possible. 

Thanks so much!

@Ibrahim Hughes thanks - great point - will call my attorney today and check paperwork re HUD and explore escrow option. We prefer to close once they vacate and only concern is does deal fall apart because bank doesn't extend date of closing by 3 months. This is our first short sale so we don't know how banks think of such extensions.

Property is in Newark - in university heights. 

thanks @Ibrahim Hughes! 

The $10k is relocation is from Wells Fargo that they are entitled to on closing. Is there a way for me to negotiate that they get that when they move out? Lmk thoughts. 

To clarify, Their current proposal is that we close now but they continue to stay for 3 months and pay below market rent. Thanks!

Thanks @Rich Baer

Yes our ideal situation is to say no and close on a vacant apartment. wondering what the possible negatives of this are - for eg, could they refuse to close and deal falls through, could they damage the place (it is in a good shape) before moving, etc. Also, they went through a short sale due to a serious medical issue so should that be a consideration. Note - they are getting a $10k relocation from the bank if they close.