One of my long-time clients contacted me recently expressing interest in a listing in an up-and-coming area of town, and wanted to make an offer. Unfortunately, the home currently had a "condemnation" label attached.
My clients wanted me to add a provision to the contract that they would close at the end of July, but if the "condemned" label was still on the house, they would purchase it for a lesser amount than the original contract price. Thankfully for the sellers, the closing had to be delayed until today because our preferred closing attorney could not close until August 11th. This gave the owners enough time to complete all of the repairs that the City required to remove the label.
I did not receive the letter from the City telling the owner that they had completed all of the repairs until earlier this week. Because of this closing delay, the sellers brought home more money at closing, and my clients received a house that was in better condition for their renovation project.
This was the first purchase of a condemned house in my career, but I have learned much that will help me in my next effort.
Have a great weekend!