All Forum Posts by: Vincent C.

So I cancelled an assignment contract with a wholesaler. Closing date with Sept 10, but the title company wasn't able to close on time. They needed a blue dye test, but didn't keep me updated, until I finally asked and they said they had filed it with the wrong department or town. In the interim, I had reflected on potentially shady pattern in my interactions/encounters, I decided to cancel the deal per the contract as the title was not deliverable by the closing date, confirmed by the title company.

How do I get my earnest money deposit back, and when does the title company give it back? 

Very informative, thank you!

@Patti Robertson Yeah I won't go around the wholesaler, as it was prohibited in the assignment agreement, I can only ask him to correspond as a middleman. Good to know that the tenants have a cap and won't have to make a decision regarding rent increase.

A big question that came to my mind was: Once I do all the paperwork and requirements, can property management take over, or do they have to fill out their own paperwork as well? Or should I just have the Housing Authority just send me the payments directly, and have the property management collect the tenants' portion of rent and utilities? Do you think they would they even agree to that, as the amount would be pretty small? I'm trying to figure out the best way to navigate. 

Also, considering the tenant was already approved and is on a current month-to-month lease, does that cut down on any of the steps?

@Jessica Jay-Maleski

I am really trying to figure out how to get a hold of someone in the Housing Choice Voucher program (formerly Section 8). I'm willing to deal with the paperwork and hassle upfront for the benefits of the program thereafter, (and not having to replace tenants or update the property cosmetically). 

I am working through a wholesaler, but I will see if I can get ahold of the seller for contact info/making sure they reach out to the Housing Authority for the ownership change, and follow up on that myself. 

Any tips? Anything I should prepare for regarding the paperwork / hassle?

Another thing is I am out-of-state and working with a property management company. Any idea as to what to tell them or now to coordinate the different pieces?

@Patti Robertson Yeah, the property management company doesn't seem too experienced with it. I've emailed a bunch of people on the Pittsburgh Housing Authority website about the program, and will call all the numbers after the holiday. It sounds nice to be able to keep the tenant and easily get market rate rent. But I am sure there is paperwork or processes I need to go through to be eligible and also regarding the new ownership process... 

This is a 3/1.5 in north Brookline, East of Beechview. I just went off rentometer rates. Property management wants to give notice to vacate to the section 8 tenant and do the cosmetic updates to get full market rent. Current tenant is paying under market value.

@Patti Robertson

What do you mean by ratified? Do I need to contact the Housing Authority before making my offer?

Is it as easy as submitting my new request when I do new ownership paperwork?

Also, what if they try to raise tenant rent along with their own subsidy? Tenant could say no.

Any tips for renegotiation? Current tenant pays 692 but market rate is close to 1000 for an updated place.

So pretty much I can just have seller credit me rent/prorated rent for overlapping, and notify Section 8 of the sale, and then follow up with section 8 to cover?

And then just turn over to property management to either terminate the lease and do renovation, or request higher rent?

The main thing is the current lease is significantly under market value. And the home might need some updating to get it up to market value. But also, I just wanted to make sure there weren't any hidden legal requirements I had to deal with before making the offer. 

What is the process for renegotiating a lease with section 8 on an month to month lease with existing tenant?

My worry with section 8 is that there are much more strict requirements for upkeep and maintenance. Any my property management company didn't seem like they would want to deal with section 8 versus standard.