Selling property, going sideways. Don’t know what to do.
Ok. Have a situation here that I am unsure how to navigate. Hoping I can get some pointers.
So. I have a 3-family investment property. It stopped paying a couple of years back, and became a liability. Has ended up costing me 100’s monthly instead of making money. I tried to weather the storm, so to speak, and recently gave up and listed the property for sale. A couple of weeks in, and had a few offers. I accepted a full price offer a couple of days ago, and relished in my future freedom from this weight.
Not so lol.
Part of the issue over the last couple of years was tenants. My 1st floor tenant is a dream. Pays on time, every time. For years. 3rd floor has been vacant for 2 years. Previous tenant caused a lot of damage, and over time I’ve fixed as much as I could before I ran out of money. My 2nd floor tenants are nightmares. They are the nightmares that nightmares have.
Former “family friends”. And you know how that goes.
I moved out of state, and gave them a good deal. Market value at the time was 1200, I did it for 1050, plus an additional 150 per month discount to handle lawn care and snow removal year round. Making it 900 bucks monthly.
Well, they never did any of it. In fact, they refused to do the lawn care, and then withheld rent for weeks due to the lawn being overgrown. rolleyes I had to hire a third party to take care of it.
They refuse snow removal. They refuse to relinquish the discount of 150 bucks also. Continuing to only pay 900. Due to the states eviction rules, I couldn’t throw them out. So dealt with it. My mistake.
They filled the common hallways with appliances and bins of items, and I got violated by the fire Marshall. (I wasn’t aware until the Marshall called me)
They were told to remove the stuff, as they were a fire hazard, and blocking egress. They then withheld rent again, due to the trouble I was causing them by having the violation. That they caused.
Recently, their dishwasher broke. I provided a dishwasher, they removed it and bought their own. Threw mine out. (Again, I was unaware of any of this) Well, the one they bought broke, and they contacted me insisting I buy them a new one. I talked to them and once I figured out what was happening, refused. They proceeded to text me 80-100 times over the next 5 hours. “I want my money” “how much are you paying me” “I just need a number” “why won’t you pay me for the dishwasher” “why won’t you answer me. I want my money”.
I told them to stop harassing me, and again, asserted I was not paying for THEIR dishwasher.
This was October. He proceeded to ask me for money, rent discounts, etc…for weeks.
That’s when we had it. Advised all tenants house was being listed. I’m done.
There’s more, but that’s enough I think.
Fast forward to this week. I signed on a full price offer on Monday. Yay.
Today, I get contacted by the 1st floor, telling me 2nd floor was increasing their rent. Whaaaaat?
Made a lot of phone calls, and did a lot of inquiry.
Come to find out, so far anyway, the 2nd floor tenants had gotten the contact info for the prospective buyer from his agent. Contacted him, and had him over for a meeting. And they are very open at acknowledging exactly what they did. Conversation about raising 1st floor hundreds, for a correlating reduction of their own rent. Discussion about “issues” that buyer needs to be compensated for, which 2nd floor would fix for fees and rent reductions.
Telling the buyer how I am just trying to screw them over, by selling “their” house out from under them.
They gave the buyer a 2nd “showing”, one without his or my agents present.
And lots and lots of how I’m a slumlord, just keep screwing them over, and need to get what’s coming to me.
I am not comfortable with any of this. At all. But I signed Monday, and don’t think I can back out.
I feel so many laws are being broken here. What recourse do I have, and what the heck do I do now?