Nightmare of a Deal
The worst transaction I have ever been involved in started out alright. A buyer had called me off some Internet advertising. He was moving to Tucson from a small town down south. He started looking more in the middle of Tucson and slowly moved south to the farthest reaches of where I feel comfortable showing. The area he settled on was about a 45-50 minute drive from my office and about an hour from my home. I showed him quite a few homes and made a few offers. He finally got a contract on the house he wanted and for a good price.
It was bank owned and the bank was very slow in responding. We did the inspection. All was good. The appraisal came in. All was good. Loan processing took a little longer than we hoped, but all was good. The day before closing we get a call from the bank/seller. They're not going to sell the house. The foreclosure process needs to be reviewed to make sure it was done right.
My buyer had already got a moving truck and had loaded all his belongings in anticipation of signing in the morning and recording by that afternoon. He had paid for the inspection, the appraisal, the moving truck and had hired a couple of young guys to help him load up. Now the seller/bank refused to sell him the home we had a contract on.
Since that time, five months ago, the bank is still reviewing the foreclosure. The buyer happened upon a friend who sold him his house for next to nothing. It wasn't listed and I wished him well. I was very good at communicating with him all along the way and he doesn't blame me one bit. He'll probably call me when he wants to sell.
This is the first time in 16 years of selling real estate where I truly thought we should get a lawyer. We're talking to one now.
So what is your nightmare of a deal?
If you're looking to buy or sell real estate in Tucson, I would love the opportunity to show what I can do for you. Please call me at 520-907-6760.
Greg McCown
Century 21 1st American
(520) 907-6760
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