Posted by Tim Jensen on March 25, 2000 at 07:04:09:
Emmett,
I have had that happen to me before.
What I have done is to just grin and bear it. I am not a lawyer, but my impression is that you would have a verbal agreement with the first guy and that would be enorcable. Not that he would enforce it. Ethically, I think you also owe him the place.
Good Luck,
Tim
Protocol for T/B Applications…what is the law?? - Posted by Emmett-NC
Posted by Emmett-NC on March 24, 2000 at 20:17:06:
Hey all! ABout to move a T/B into my first L/O house. I have gotten a lot of calls about the home, since it is waterfront, and one guy met me at the house and gave me $25 for an app deposit. His credit is shaky, but he will qualify in a year, he is paying the rent I want now, and will pay $2500 O/C. I gave him a lil discount cause the house needs some cosmetic work.
Well I got another response from my Internet ad on Yahoo (Which work better than the normal paper…go figure!) And the lady saw the house, loves it, and I quote “I will wire $3000 to your bank account”. I have already told the first T/B applicant that he has the house. The lady sent me the E-mail after I did my screening of the first tenant. Is there a law that says he gets the house or is it an ethics thing? I am gonna let the first guy have it, but I was wondering for such a case in the future. Is it legal to reject the first applicant for one with more $$? Thanks in advance!
congrats on getting you first l/o signed up!!! - Posted by Tarun_md
Posted by Tarun_md on March 26, 2000 at 02:28:55:
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Re: Protocol for T/B Applications…what is the law?? - Posted by GregNorman
Posted by GregNorman on March 25, 2000 at 22:29:40:
Emmett,
Congrats on the deal!
I’ve had that happen a lot in the past. Now I run all my apps thru the same mortgage guy. He runs them for free and tells me if/when they would qualify. If they meet his guidelines and my minimum option consideration, I do it (and don’t look back).
I also try to have everyone show up at the same time to take multiple applications. Then you can pick and choose if you get multiple apps and varying credit/option consideration.
But I think it could raise a flag if you said ‘sure’ then ‘sorry’… especially if there was a hint of discrimination.
GregNorman