Pot-growing renters: will it hurt your sale?
Team Zen agent Danielle Gary was recently hired to sell a lovely two-bedroom condo in central Denver. Everything was going smoothly as they got ready to put it on the market until the seller called to say her roommate had been arrested and the city was threatening to seize the property – meaning for three years she could not live in, rent out, or sell. That would have been a serious financial crisis for our client who was moving out of state to care for an elderly parent.
So what put the home in jeopardy? The seller told us her garage opener was broken and we couldn’t get into the garage. Buyers need to see the garage so Danielle did a little investigating. Turns out the seller had a roommate who was growing pot in the garage and selling it out of the condo. When our electrician showed up to fix the garage door opener, he discovered an illegal electrical panel that was tapped directly into the HOA service, stealing their power. Needless to say the seller was worried about the cost of fixing all this, but thanks to a good relationship with the electrician, he offered to put everything back to the way it should be for no charge other than to keep the parts he removed.
Danielle talked with the city attorney about the upcoming sale and they were willing to allow it to move forward, but did require that a notice of illegal activity be posted on the front door at all times and that the new buyer go through a background check. This meant we had to prep agents and buyers before they looked at the property and it could have made the sale more difficult. As it turned out we found great buyers who love the property and were used to security screening at their jobs.
Pay attention to what your roommates or tenants are doing at your property. If they get in trouble you could be the one who suffers for it.