Save Thousands: Hire A Duplex Expert

said on January 23rd, 2013 categorized under: Buying A Duplex

duplex expertA recent duplex listing of mine received four offers within 24 hours of being put on the market.

Of the offers the seller received, not a single one of them asked him to assign the rights to the leases or the security deposits to the new owner.

Since it isn’t in the purchase agreement (contract), theoretically, the seller doesn’t have to turn them over.

Imagine the chaos that would cause if the tenants asked for a security deposit refund when they move out, only to discover it no longer exists.

My seller will do the right thing, and turn those over anyway. However, it’s important to note that not every Realtor has experience with duplexes or investment property. ¬†Using an agent whose experience is limited to single family homes could well have cost these buyers thousands of dollars.

It’s a good reminder as to the importance of using a specialist when you buy an investment property.