Well I stumbled Onto Another Commercial Deal
It wasn't on purpose although I take it as a compliment that my clients are so satisfied with my performance in the residential arena that they trust me with finding commercial space for their business. I'm getting comfortable in this area and find that things aren't really that different. This time my client was looking for office space to purchase for his medical practice. Now this particular client squeezes a nickel so tightly it cries so I knew I had to find a "red-hot" deal or there would be no deal.
I Find The Perfect Office Condo
After a few weeks search I found the perfect space, show the client and the offer is written up. Of course, he would never leave a penny on the table so we go in low but is willing to negotiate. I quickly find out from the other side that since this is a foreclosure, closing that month would be a very welcome negotiating point for the asset manager. My client is a cash buyer that will close as soon as the title work is ready and the price is right. We get to the right price and all is well.
We Get There - Contract Is Signed Including That Nasty Foreclosure Addendum!
Every step of the way we have overcome each hurdle including no condo docs from the seller- got those online, inaccurate information about how the non-business access hours are handled - we're in a condo building that shuts down during certain hours, the office is on the fourth floor with no other access for his clients is available, plus a variety of details but none I couldn't resolve.
Until!
Although I specified to all concerned on no less than five occasions that unless we have copies of building keys including elevator, mailbox, key cards, stairwell and restroom my buyer will not close. Since this is a foreclosure, the previous owner never left keys behind as usually happens in any foreclosure. In a residential foreclosure with a single family home, all you usually get is a set of keys from the bank for the front door. After that you're on you own. Difference here, unless you can get to the front door of the office, you have no access. It not like you can rekey the elevator!
Don't Worry - The Management Company - 20 Miles Away - Will make Sure You Have the Keys
Well, That won't fly with my client. He wants to make sure while he has the leverage before the closing that the keys are handed over when he hands over his cash. Seems fair to me, especially since the contract, yes right there in the contract, it specifies that keys and all electronic lock access cards shall be provided to the seller at the time of closing. I make my way over to the management company but even though the keys were supposed to be cut the day before closing they aren't ready. My client says, that's OK, when you get the keys we will close then even though today at 5 pm, we are out of contract. The bank says close today in 48 minutes or the deal is off. We stay firm.
Suprise! We'll Close Tomorrow and Get You Your Keys - Really, No Kidding?
I couldn't have been 100% sure, but I told my buyer that that would happen and also told him that's why I NEVER schedule a closing for a Friday - because this gives us the next day for the usual delays caused by (fill in he blank) to be resolved.
It's amazing how much the banks have changed during this challenging time in real estate and are resorting to bullying. I've all but sworn off short sales and try to avoid these foreclosures - all because of how the banks behave. What they don't seem to get is that they have inventory to move and the guys with the means to absorb it need to get a little respect!
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