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Selling question - Posted by Doug
Posted by Doug on March 24, 2004 at 24:04:01:
I have an apartment building listed and am ready to sell but I have one tenant who is three months behind on rent. The tenant has been great and always paid on time but lost her job. I know she’ll pay what she owes when she gets a job but how do I sell in the meantime? Do I disclose that she’s behind? Thanks!
Re: Selling question - Posted by Patricia Dickerson
Posted by Patricia Dickerson on November 22, 2004 at 07:05:20:
If at first you don’t succeed, destroy all evidence that you tried.
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Re: Selling question - Posted by Ronald Johnson
Posted by Ronald Johnson on November 15, 2004 at 23:54:39:
Out at five, catch General Sherman at five-thirty, clean him at six, eat
him at six-thirty, back in bed by seven with no incriminating evidence.
Heh heh heh. The perfect crime.
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The War of the Simpsons
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Re: Selling question - Posted by Thomas Mote, CPM
Posted by Thomas Mote, CPM on March 24, 2004 at 17:41:46:
Unfortunately, I have to agree with Eric. This is a material disclosure, and could affect a potential buyer’s underwriting of the deal. I have personally walked away from deals when I discovered this type of thing as not disclosed by the seller–leaves a very bad impression and looks like you are trying to hide it.
Good suggestion: do an assignment of rents owed as of the purchase date with the seller, or sweeten the pot and let them collect it from her when they buy. Some people enjoy this kind of challenge, others find it painful especially if they have to have someone evicted a month after they buy your building.
Good rule of thumb: If you know it, you must disclose it.
P.S. For the record, I would take care of it now and work out an arrangement with her now. If you need to get her out, you don’t want that causing problems in the sale.
Re: Selling question - Posted by Eric C
Posted by Eric C on March 24, 2004 at 11:31:41:
Hi Doug -
Yep. You should disclose the situation when and if you get a signed purchase agreement or contract in hand.
Until that time, it’s your problem.
Take care,
Eric C
PS - I was once sued over a commercial sale of self-storage units. I had a former cop who “kept an eye on the place” in exchange for a free unit.
For whatever reason, he did not get listed as a tenant (paying or not) during the buyer’s inspection period though a copy of his lease agreement and the arrangement was included in the due diligence docs.
This “free” tenant told the selling broker that he would vacate when the sale closed since he “didn’t have anything in his unit worth paying rent for” - his exact words. He later wrote a note to the onsite management repeating this same point.
Meanwhile, sale day comes and the closing proceeds without a hitch. But a month later, both the Seller (me) and the selling broker are being sued by the buyer.
Seems like the “free” tenant didn’t move out as promised and the new buyer simply sold the contents of his unit – no notice, no nothing.
So, here’s where it stood: Former “free” tenant sues the new owner for improper eviction and loss of property. New owner then turns around and sues me for non-disclosure.
Great.
Anyway, my broker settled with the buyer (new owner) for about $5000 plus. That was good for the buyer because Judge informed him that “paying or not” the former tenant was entitled to due process – in other words, he should have been given proper notice.
Moral: disclose, disclose,disclose.
This was a minor thing… or at least that’s what everyone thought. Hey, it could have been worse.
Be smart. Don’t be a target.
Re: Selling question - Posted by Steven Joynt
Posted by Steven Joynt on September 28, 2004 at 02:26:21:
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An ingenious instrument which indicates what kind of weather we
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Re: Selling question - Posted by Dot Stevens
Posted by Dot Stevens on November 22, 2004 at 06:10:42:
If one studies too zealously, one easily loses his pants.
– A. Einstein.
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sole test of the validity of any idea is experiment."
– Richard P. Feynman
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