They Painted Over the M@#$%!
Last week was a hurray and now the work starts! So excited for my investor client as we successfully beat out 32 other offers on an investment condo. Not only that, but it’s in a premo location. Way cool!
I’m sure there are primary buyers who are upset about not “winning” this bid. But let me tell you what they missed:
No surprise, this was an As Is purchase, with all the ensuing paperwork. (We are a non-judicial state.)
One bank was servicing for another on this Foreclosure and paperwork went from Texas to New York.
They chose a title company in California, condo is in Arizona.
There was a $100,000 IRS Lien on the property that had to be released, of course.
The bank crossed through language in the contract AFTER we signed it.
All legal language regarding arbitration and mediation was removed.
The listing agent screamed at me and my home inspector because he assumed we left a water line from the washer dripping (which we didn’t.) The M@#$%! was already there.
The sale took 2 months when I usually close these in 2 - 3 weeks maximum.
My buyer in Greece doesn’t speak English so his brother-in-law interpreted.
This brother-in-law called from Berlin & London as late as 11:00 pm to review the contract, frequently.
The brother-in-law flew in a week early to close, doesn’t get a rental car, and I must drive 100 miles round trip to show him the condo we just purchased.
The crew for the servicing bank painted over the M@#$%! after I disclosed it from the inspection report.
We finally closed last week and work started this Monday on the M@#$%! The good news is that we raised the values for other condos in this depressed condo development. But at what price!
I’ve never seen a bank perform any type of repair, after we’re under contract, and especially not for M@#$%! I’m exhausted just reliving this deal.
For the health and safety of an incoming tenant, it was in this buyer's best interests to tear apart the wall and discover what lie beneath the fresh paint. It's a good thing that they agreed to this request, because I doubt this would have gone away!
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