Long story short I’ve got a client not paying bills.We are a property management company in Washington. Client decided she wanted to sell the home she owns which is under a management contract with us. We are granted authority to oversee and manage all repairs/upgrades/construction on the home.She wanted to spruce up the place before selling. I got bids, she selected a contractor and wrote a check for 50% of the cost of the repairs and upgrades. She made the check out to us, the management company.We deposited the check, wrote another check to the contractor and work commenced.Her check to us bounced two weeks later. Now she’s refusing to pay us back and refusing to pay the contractor.Contractor is placing lien and we want to as well. What do I do to get the process started?
Hello, I am about to move into an apartment in New Jersey. The property is owned by a property management company. They are asking for two money orders, $150 and $45 to be paid to the township so that the place can be inspected. I was just wondering if this is usually the tenant or the landlord’s responsibility to pay.Thanks!
Hello everyone, I apologize in advance for the wall of text, but I was curious how “normal” my experience has been so far compared to what it “should” be.I am looking at purchasing a new construction “template” home from a developer in my area. I will skip over the /r/personalfinance stuff and try to keep my questions/experiences grounded within the scope of this subreddit.Starting from the beginning: I prepare for my sales appointment by meeting with my realtor (who regrettably has not done much new construction) and we talk about another client he represented at one of these sales appointments. I ask if I can review the purchase agreement with my attorney in advance, any HOA rules, design options etc prior to the appointment and am told that these are not provided in advance.Anyway, so I show up to my appointment, talk about some lot and house options, try to talk them down on one of their “pre selected” homes (Where design options like tile or lighting or paint are already set in stone) as a few of the options put it out of my price range. Sadly, they say they can’t budge because the design options purchase orders are already placed. During this process I ask for any information about the landscaping etc to help me decide if I want north or south facing etc, but again, no info provided till I select something. After about an hour we settle on a different location and floorplan, and move to the design process.This was pretty straightforward, picked some colors, and then come back to work on the purchase agreement. The agreement was ~30 pages, although I can’t comment how that compares to other purchases as this is my first home purchase. This part took about 4 hours at a speed of me getting a page, receiving a brief explanation of what I was signing, and then a quick skim by myself before signing. I don’t think I could have gone any faster, but by the end of the appointment, its clear they don’t expect anyone to read these documents as my realtor clocked his last deal in around 2-3 hours. (And most everyone else I heard from the grapevine did not take much longer either).Finally, after everything is set up and signed, I get a thumb drive with some additional reading and was told the agreement will be ratified early next week, then sent to me. Next week comes around, I hear it was ratified, but its never sent to me. Any additional questions I came up with such as discrepancies with the options sheet and what was promised at the meeting was met with silence or “we will send a new one later” (To their credit they did, but the next iteration was also wrong, citing that the other published document they have for default options is what I should expect, and the wrong items autofill due to the autofill in their software.)Eventually its the last day I can get out of the purchase agreement without penalty, still no copy of the agreement. I call my realtor who tries to get one, and he does not succeed. I decide to give them the benefit of the doubt and 10:30 that night I do get a copy of the agreement.My next problems stemmed from all the questions I asked, such as “do I get building plans with the house” which I was told no, as they are copyright. I next asked if I can have my own inspector during various stages of the build and was told no, the county will inspect at each stage, and they don’t want to delay construction waiting for additional inspectors. Same for the final inspection, they say it will be me and the super, anything I find wrong I am supposed to go through the warranty on the home rather than delay the closing.Personally this sounds way worse than I was expecting my first home purchase to be, but the market where I live is all messed up, and these are some of my only housing options available to me, but is this aggravation normal or are these people throwing up a ton of red flags? If they are, is there anything I can do about it?I guess at the end of this random rant, my questions are as follows:Is this standard for a developer (I know this is not “real” new construction, so I should not expect the same level of service, but this still seems poor)?How concerned should the comments about inspectors and final inspection make me? What is likely to happen if I play hardball and demand some money stays in esgrow pending fixes or I walk?Am I overreacting to all this? I won’t have a house till next year, but the rate at which these people have been ignoring my questions, not providing info that a simple look at the records they gave to the county would have answered (HVAC models etc), and general secretiveness on things that don’t really seem like they should be public is somewhat annoying.
In august, I found a 2 family house I wanted to buy but there were tenants in both units. My realtor told me the tenants have no lease so once the contract is signed, they will be given 30 days notice to move out. I went ahead and made a down payment and signed the contract.My agent called me last week to schedule a walkthrough inspection today because the property should’ve been vacant from yesterday. Now he’s telling me the tenant in one of the units was unable to move out because she is looking for a Co-op. Like seriously.I got angry and started threatening that I will walk away from the deal because the contract clearly says the property will be delivered vacant and it just seems like the seller and my agent are playing some games. Bear in mind, the seller’s agent and my agent are from the same realtor agency. The mortgage broker was also recommended and preferred by the seller to expedite the process. The only unbiased person is my lawyer; although my realtor also tried to convince me to use their in house lawyer of which I refused.Here’s the solution my realtor suggested. I should contact my lawyer and ask him to set up an escrow with the seller. The seller will put in a negotiated amount of money in escrow that will cover the rent for some months. He said the money will be deducted monthly and it will be higher than the current rental for the unit but he’s yet to tell me exactly how much they pay but I figure it’s on the low side.I’m very concerned about this setup because I live in one of the boroughs of NYC with very pro tenant laws. This is my first house and I’m afraid of getting involved in something I will regret later. I asked my realtor what will happen if the tenant is still living in the building after the escrow money is exhausted, he said I can go after the seller but he doubts they will still be living there after 2 months because they wouldn’t want an eviction on their record.Please what do I do? I like the house, and it took over a year house searching. Should I just walk awa? The tenants seem like responsible people working in the healthcare sector and the only reason I know this is because I saw some related textbooks during the opening house. However, the realtor wouldn’t tell me exactly how much they are paying, what they do for a living, how long they’ve been there or any reasonable info. Moreover, I paid almost full asking price with the expectation that the house will be delivered vacant.
There’s a lot in a mountainous subdivision that has been for sale for about 2 months. Based on county records I can tell that the owner is not the developer and he seems to be just a regular schmo who bought the lot about 30 years ago and never got around to developing it.Here’s the thing, based on the (very few) recent sales, the specific qualities of the lot, and the fair amount of other lots currently for sale nearby I think it is substantially over-priced. I want to submit an offer that is 40% lower than the asking price and I’m fairly confident that it will be the the only offer he gets this month (possibly this year).To my question: should I include a ‘letter to the seller’ that explains my reasoning and reassuring him that I’m not some real-estate flipping pro (ie; I’m just a normal guy looking to build a cabin) OR should I just put the offer out there and shut up and see what he says?
In a coming soon, I get it. Otherwise what’s the point in not sharing at least SOME shots of the interior. It’s begging for a wasted trip, no?! Especially if the financials make sense for investors, “any more pictures?”, IF THERE WERE MORE I’D SHARE THEM WITH YOU. Also 9/10 not worth the time to go and take your own pictures.Just lazy marketing, no?
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So my wife and I came upon a home we would like to purchase. One of the things during investigating about this REO home offered by a small bank (was foreclosed on) is the history behind it with the previous owner. It’s a bit confused reading it, can anyone help explain? Should we avoid or?https://law.justia.com/cases/new-jersey/appellate-division-unpublished/2013/a1369-11.html
Hey sub! So we saw a home we liked on Saturday and are unsure of how to move forward as we don’t have an agent and the home is FSBO. We have a lender (pre-approval letter as well) and Realestate attorney on deck. I’m just unsure of next steps and process as whole as we are a first time buyer. Should I type up and submit an offer with the general basics (inspection, appliances, etc) and the official process (me searching for an inspector, contacting our attorney) will start if they agree? Or does that offer have to be a professionally drafted doc as well? Thanks guys.
Hi all,So I’m in a bit of a tricky situation. Due to a number of factors/reasons, we need to move our family to a larger house. Problem is, my house is in pretty rough condition — although not terrible or falling apart by any means. It’s just very worn out, with seven kids and two adults having lived there for the past 9+ years. Due to some financial difficulties, I have not been able to keep up with many of the existing and new issues that have popped up. But it’s not all bad, as it has a new roof (as of two years ago), some new windows, new water tank, and new-ish paint and carpets.For the bad/ugly, it has some foundation/basement issues, a broken garage door, cracks in the brick/masonry, mismatched floors, general disrepair in nearly every room, a bunch of clutter, and a yard that hasn’t been taken very good care of.If we decide to sell, I really can’t afford to fix barely anything. Both financially and in reality. My wife has had severe health issues the last few years, and with a large family and a full time job, keeping up with the house has been put on the very far back burner. Suffice to say, it’s not a great situation.I bought the house in 2010 for $128k. I owe $107k on the mortgage, and Zillow has the house worth between $170-180k. We live on a dead end cul-de-sac in a desirable neighborhood, close to my city’s light rail/trolley line. Sits on about 1/2 an acre, and the house is 3 bedroom, 1 1/2 baths. About 1,500 square feet.What is my best route to sell, given these facts? I’ve been entertaining the idea in my mind about reaching out to some property flippers and seeing what my best offer would be. Is that even a route I should explore, if I want to make even a modest profit? I’m thinking that the house, even is as-is condition, given the location and potential, could sell for 140K. I’m probably crazy for even thinking that a home investor or flipper would offer anywhere near that, right?Let me hear your opinions! Thanks for reading and considering.