This week we had one of our property management clients ask us to start advertising a property for rent. The property is an REO property they were purchasing and escrow had not closed.
I can think of the following reasons not to do it:
1. The bank would need to give approval, good luck with that.
2. Since the client did not own the property, they could not sign a management agreement which assigns liability to the owner. The property manager would be at risk.
3. The escrow might get delayed so we could not give a move in date with any certainty.
4. Working on or moving into a property in escrow is one of the biggest mistakes a buyer could make. It really plays havoc with negotiations that might be necessary during an escrow. Bad idea.
We told the owner we could only help them when they had title to the property.
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