Protocol for T/B Applications...what is the law?? - Posted by Emmett-NC

Posted by Tim Jensen on March 25, 2000 at 07:04:09:


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,


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:


Re: Protocol for T/B Applications…what is the law?? - Posted by GregNorman

Posted by GregNorman on March 25, 2000 at 22:29:40:


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.