All Forum Posts by: Will Lee

As a landlord for 2 SFR, I have had a philosophy to try to manage myself first and see if I could handle the work. You could always add property management later if you feel like you can't handle it, but the best way to learn is to be in the mix of things and understanding what you would be paying for before going the prop mgmt route.

Thank u all. These live updates are providing confidence in the negotiation. We are deciding to just sign the new addendum due to bank guaranteeing close a week before escrow closes. We are releasing deposit as understood as its a good faith process at this stage when the bank has guaranteed Thank u again for the help!

I also understand it's the sellers best interest to do all this and she is just playing hard ball. Unfortunately my father in law decided to go with the listing agent route which is causing this mistrust. Thank you again!

Thank u everybody! Mindy Jensen thank you for the info. In California it required for an active removal of contingencies Chris Mason Shannon Peace Thank you both for great advice. Loan officer confirmed 100% it will close in 2 weeks (can she guarantee that?) and advised us to release deposit. I got great advice to treat this dual shady agent as a puppet and don't reason with him , instead tell him what to do. Now in the middle of negotiating terms for addendum. Seller wants 300 dollar penalty /day in case escrow goes past new date and release of funds. Question: Should buyer agree to a penalty they can't control? They already willing to release deposit based on loan officers words Is releasing deposit normal at this stage? This is a 6plex that's fully rented on section 8. How will rent be spilt if escrow closes past end of month? Should buyer add language in addendum to make sure it's a fair proration? Just weary of shady agent as he continues to verbally threaten taking buyer to arbitration if he doesn't sign new addendum with penalty clauses. His words "WE (seller and him) will see u (buyer) in arbitration if u don't sign" Thank u again!

Thank you so much Kiersten and Chris for your response! This was stressful as I am not experienced investor and was pulled into the situation just 3 days ago to help the family out. Been reading non stop and seems consistent to what both u are saying. Update: After sending an email calling him out that he should have extended escrow. I Provided 2 options to the group. 1. Extend escrow for another 3 weeks (based on banks estimate) and remove all contingencies except for loan contingency. No release of deposit. 2. Cancel and walk away. Or go into mediation if seller wants. The seller immediate response was "no, we will not extend unless u release deposit and we will take ur money in mediation" After 2 days of no updates from the agent, he finally replied that he still wants to officially provide my option 1 to seller and thinks he can convince her (conveniently now) New question: Is the easiest and safest option just to walk away and cancel? Should I even allow option 1 and remove all contingencies except for the loan contingency at this point? Should I be playing hardball and not provide any leeway either just like the seller originally communicated. Instead just tell agent to officially request for extension with no contingencies removed? Annoyed that the agent let us struggle to find the answers when he should have been propose options (in buyers best interest). Understood now that in dual agent situation, they basically work for seller. Thanks again!

Thank u for any info before hand: Context: Family friend in escrow to purchase 4 plex in northern Cali . Loan was originally verbally communicated to go thru then had issues appraising. Investment appraisal came in 10k under but market comp appraised at value. Loan took 2 months to finally "verbally" approve but now Escrow and contingency all expired but not actively signed to remove. All docs are 1 month expired. Notice to perform threatening cancellation and going to arbitration (directly insisting that buyer would lose deposit) was only made 1 month after escrow expired (2 days ago) We feel these are empty threats but getting stressed since agent is dual agent and not acting in best interest of buyer in his communication and not providing solutions besides asking for buyer to sign removal of contingencies and release deposit to seller for 2 more weeks but Bank said they need 3 more weeks to close. Assuming this is standard California association realtor form. Buyer doesn't want to risk deposit in situation since bank is flaky and wants to sign loan papers before releasing deposit and contingencies (even tho already expired) Seller threatening to cancel and take to mediation Unless release of deposit is signed (scare tactic for leverage?) Buyer is sill interested in property but can't do anything to speed up loan as its in banks hands and has communicated appropriately: Agent is not helping with advice beside signing release. Seems like conflict of interest. Never proposed to ask for ext of escrow or contingencies to seller in addendum ( as I think he should have) The question: Should buyer be concerned about deposit if seller follows thru with cancellation and mediation? Buyer would like to proceed but just needs more time (limited to bank). Otherwise would like to cancel with deposit back. Seller not accepting above request unless deposit released. Please help as this has become stressful for father in law who pulled out of 401k to buy property and consistently getting threats of losing deposit since its buyers not performing and therefore is liquidated damages is buyers responsibility to pay. Thanks you!