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Updated 2 days ago on . Most recent reply
Seller Did Not Disclose Tenant Has NOT been Paying
Hello all,
I am in need of some advice. I am an out of state investor that closed on a duplex in Cleveland on March 24. I was notified by the PM that one tenant has back rent in approx. $3000 only this week, I was never told about this during escrow. My agent said he didn't know and the seller never disclosed this. The PM said the tenant promised to start paying mid March but hasn't and is supposed to file for eviction April 5.
I guess I need some advice on several things. Is there anything I can do about the seller not disclosing the tenant not paying. Should my agent have known? I am also not currently happy with the PM because they have been hard to get a hold of. I want to switch to another but should I have them file the eviction or see first if the tenant has started paying. Thanks for any advice,
Most Popular Reply
Quote from @Adrian J Castro:
Hello all,
I am in need of some advice. I am an out of state investor that closed on a duplex in Cleveland on March 24. I was notified by the PM that one tenant has back rent in approx. $3000 only this week, I was never told about this during escrow. My agent said he didn't know and the seller never disclosed this. The PM said the tenant promised to start paying mid March but hasn't and is supposed to file for eviction April 5.
I guess I need some advice on several things. Is there anything I can do about the seller not disclosing the tenant not paying. Should my agent have known? I am also not currently happy with the PM because they have been hard to get a hold of. I want to switch to another but should I have them file the eviction or see first if the tenant has started paying. Thanks for any advice,
At the end of the day all of this falls on you unfortunately, but when buying property you always get an estoppel. Did you get one in this instance? Did you not ask the property manager about the status of the property? Did you visit the property?
An estoppel is essential document to get as it will show you what the tenant has been paying, how much is in deposit etc.
As mentioned, this falls on you unfortunately.
- Chris Seveney
