 Odd Realtor Practices (by Jeff [CO]) Jan 8, 2021 12:22 PM
 Odd Realtor Practices (by TenantWhisperer [MA]) Jan 8, 2021 1:33 PM
Odd Realtor Practices (by Barb [MO]) Jan 8, 2021 2:05 PM
Odd Realtor Practices (by Ken [NY]) Jan 8, 2021 2:39 PM
Odd Realtor Practices (by Jeff [CO]) Jan 8, 2021 2:59 PM
Odd Realtor Practices (by Mike45 [NV]) Jan 8, 2021 3:00 PM
Odd Realtor Practices (by Ken [NY]) Jan 8, 2021 4:49 PM
Odd Realtor Practices (by Ray-N-Pa [PA]) Jan 8, 2021 9:23 PM
Odd Realtor Practices (by Robert J [CA]) Jan 9, 2021 12:07 AM
Odd Realtor Practices (by FloridaNative [FL]) Jan 9, 2021 8:22 AM
Odd Realtor Practices (by Vee [OH]) Jan 9, 2021 6:06 PM
Odd Realtor Practices (by Jeff [CO]) Posted on: Jan 8, 2021 12:22 PM
Message:
As I said, I am unloading everything. I have a fourplex that went on the market a week ago and someone made a full price offer of almost $1M. They can see the units after signing the contract. Here's what's weird:
My realtor wanted to know if he could give them the keys to view the units after it's under contract. Nope. That's YOUR job! You take them through.
He then wanted to know about having the tenants sign estoppel statements. Again, NO! I'm not going to involve the tenants.
This guy has me concerned. He's the one who wanted to plant a for sale sign on the front lawn.
--76.120.xx.xxx |
Odd Realtor Practices (by TenantWhisperer [MA]) Posted on: Jan 8, 2021 1:33 PM
Message:
If the buyer has his own realtor, then it's now current practice for the buyer's realtor to conduct the unit showings.
My wife now gives the buyers realtor the keys and my wife sits in the car at the curb waiting for them to come out.
It's not laziness, it's Covid. --73.16.xxx.x |
Odd Realtor Practices (by Barb [MO]) Posted on: Jan 8, 2021 2:05 PM
Message:
He then wanted to know about having the tenants sign estoppel statements. Again, NO! I'm not going to involve the tenants.
If I was the buyer, I would insist on this one. The estoppel statement is where the tenant lists if the appliances are tenant owned or LL owned. Also verifies the rent being paid. --67.43.xxx.xxx |
Odd Realtor Practices (by Ken [NY]) Posted on: Jan 8, 2021 2:39 PM
Message:
Realtor really isnt thinking,give the keys to someone to go in on his own,realtor is an idiot,remind him how much his commission is. I personally think an estoppel statement is a waste of time and effort.Someone is spending a million bucks on a 4 unit they better know what the units are worth and who really cares about the appliances,so what if a tenant wants to claim they own the appliances? in a month when the stove breaks remind them it is theres and they can fix it. --72.231.xxx.xxx |
Odd Realtor Practices (by Jeff [CO]) Posted on: Jan 8, 2021 2:59 PM
Message:
Ken,
Agreed,
The estoppel letters are for rent - not appliances. --76.120.xx.xxx |
Odd Realtor Practices (by Mike45 [NV]) Posted on: Jan 8, 2021 3:00 PM
Message:
The estoppel letter is very important. Would you buy a place if you were at risk of the T claiming "I've pre-paid the rent for the next ten years, so I don't owe the new owner any rent for a decade"? Or "I paid a $10,000 Security Deposit and the place was a hell-hole when I moved in."?
I have rarely seen a rental purchased without an estoppel letter. It is common business practice. --71.38.xx.xxx |
Odd Realtor Practices (by Ken [NY]) Posted on: Jan 8, 2021 4:49 PM
Message:
MIKE45,I have never seen anyone use an estoppel statement and i have been primarily buying and selling for 35 years and we use attorneys here to close.Maybe more prevelant in other areas of the country. --72.231.xxx.xxx |
Odd Realtor Practices (by Ray-N-Pa [PA]) Posted on: Jan 8, 2021 9:23 PM
Message:
Also for Deposits
and if rent is paid in full so it can be pro-rated.
If you are spending seven figures on a 4 plex, appliances are not going to shape the deal.
--24.101.xxx.xx |
Odd Realtor Practices (by Robert J [CA]) Posted on: Jan 9, 2021 12:07 AM
Message:
I wouldn't every buy a multi-unit property without the "Sellers Agent" getting every tenant to sign an estoppel, listing the Rent, Deposit, what appliances the tenant has claim too and any special circumstances like an extra parking spot"!
After I purchased a very large complex, tenants appliances started to go out. In one case the lady had a 25 cubic foot side by side refrigerator with an ice maker. The replacement cost would have been around $1,000. The tenant called to complain she lost over $250 worth of food and I needed to replace "my" refrigerator ASAP! I reviewed her lease, 12 years old listing a 18 cubic foot basic used refrigerator being provided with the unit. Then I reviewed the estoppel she had signed and so did the listing agent. It said that during the tenancy the tenant got married and was given a new refrigerator, Stove and matching Microwave oven -- her property". So I refused to give her a replacement saying it must be her property since the lease listed an old 18 cubic foot. She had forgotten she signed the estoppel. She refused to pay rent and I moved to evict her. He rent was only $600 under rent control. I won the eviction and then re-rented her unit for over double that amount. So having a completely filled out signed estoppel saved me and now I'm making double the rent. --47.155.xx.xxx |
Odd Realtor Practices (by FloridaNative [FL]) Posted on: Jan 9, 2021 8:22 AM
Message:
Yep. Tenant occupied properties have tenants sign estoppels that include not only the sec dep info and appliance info but information that the tenant is (or is not) subletting, and that the lease has/has not been modified from its original form (which is supplied to the buyer by the owner). Plus, it has every occupant in the property listed as well as their move in date.
If the property is in an HOA, then that is a different estoppel filled out by the management co.
If you prevented tenant estoppels, I would doubt everything you claim about the tenancy. What's to prevent the supplied leases from being "modified" by the owner. Rethink your position. A buyer is going to want to know the actual terms and supplying the lease only shows what the landlord states the terms are even if the tenant has signed it. With an estoppel - the tenant has independently verified the lease info or lease modifications.
As to showing the property - here the keys aren't released to the buyers agent even during Covid. Sellers agent meets buyers agent and buyers at the property by appointment and each unit is shown. Keys don't get released until closing and funding. Almost never do we have a sign on a tenant occupied property, especially multi family sale. Most of the time the tenants aren't aware its on the market until it is under contract. --12.220.xxx.xxx |
Odd Realtor Practices (by Vee [OH]) Posted on: Jan 9, 2021 6:06 PM
Message:
The estoppel will show deposit, appliances, storage and parking so once dissolved you can walk away no strings or ropes left behind. That includes any pending legal battles with anyone about permits. --23.125.xxx.xx |
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