On June 30, my client closed on a 2 bdr/2 bath absolutely stunning unit on the 24th floor of ocean Walk Wyndham Resort. The minute I received the executed HUD from out-of-town Title Company, I scanned and e-mailed it to the Resort and asked them to expedite putting the unit into rental pool. The unit was an REO and was not on rental for a long time.
I then received the e-mail from the Manager, forwarded the requirements to the new owner, waited till he got the Insurance policy for the unit (Liability & Content), and on Friday afternoon I met the owner in the resort and took him to the manager. 4th of July weekend was coming, the resort was very busy, and the manager had to stay late to make sure the unit was ready to go on rental.
And on Tuesday I have received the following e-mail:
Hello Mr. Xxxxxxxxxxx,
After a little scrambling we were able to put your unit into the rental rotation. Thank you again for allowing Extra Holidays to manage your unit.
On Sunday, July 4, 2010, Xxxxxxx, the guest staying in your unit, slipped and fell in the tub. Paramedics responded to the call and Ms. Xxxxx was transported to Halifax Hospital. I attached a copy of the resort’s incident report for your records. I will be forwarding your insurance information to Ms. Xxxxx. Ms. Xxxxx’s contact information is located on the incident report.
Feel free to contact me with any questions or concerns.
Wyndham Ocean Walk Resort
How many times in other condo-hotels we had the situation where there was a gap after the new owner obtained the insurance, and the management company kept renting the unit.
My client is a serious businessman, not just a lucky guy. He knew that chances of him getting in trouble were close to 0, but he did not risk, he got the insurance. Close to 0% risk of trouble on the first day the unit was rented and 0% could easily be a few thousand dollars.
A good lesson for me