Here we will disclose some of the most common ‘dirty tricks’ that property sellers use to dupe you, during the process of purchasing a property.
Dirty Trick 1- Load it with felons
There are some sellers who in desperate times, will powder the performance numbers on their property by reducing their tenant screening standards. They will load the property with crooked tenants in the months prior to the sale. This is particularly problematic in joint families and it can also happen in all kinds of properties. On paper everything appears to be very hunky dory, where you have met with a good property manager with a viable property.
Here’s the catch!
While glancing through the lease audit, ensure you go through the screening procedures of each and every tenant. When you go through every page, you will realize that the pages are stacked with felons! Since you are still in the earlier stages of the contract, you can easily get your money back and save yourself.
Dirty Trick 2 – The Contract Bonus
From several years contract for services on laundry usually comprise of a huge signing bonus. Some sellers will sign a new laundry contract by putting a property on the market, or when you are still under contract. They actually assume that they can guard that 15,000/- bonus to themselves and you will never find out!
Here’s the catch!Ensure that your purchase contract clearly states that the seller will provide you with the necessary vendor contracts. It also must consist of a “Pro-rations “clause too. It will ensure that the seller will only get that fraction of the signing bonus that is equal to their fraction of the time in ownership.
Dirty Trick 3- Let it die
The period between signing your original purchase, sale contract, and closing on the property can be huge. The typical number of days can be ninety days and even if it is longer, then it is not uncommon. When the property is under contract, then at that time the seller will stop maintaining the property. The tenant will put the work orders and the seller will just avoid them. They will allow the property to die. If you do not catch them, then you will buy a property that will have a number of tenants and you will have to pay all the repair charges.
Here’s the catch!
Make it a point to add a purchase contract in the clause, where it must be added that the seller will resume with the normal operations and the maintenance activities during the period of the contract. Review the property reports till you are under the contract period.
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