Salvaging A Disaster

[Dan McCluskey]

Had a package of 7 properties under contract, after 7 months of going back and forth on price, properties, etc.  Buyer is an attorney and missed a loan commitment date.  No loan, no response, or anything.  I thought he nailed the financing and he thought he had another day to respond to the loan commitment.

GULP!!!!  Now we're in a breach of contract, with only $3,500 deposit at stake on a $333,500 package.

Gave an extension of 2 weeks to hammer out some type of deal agreeable to all parties involved.

Cut 2 properties from the package ($160,000),  Buyers came back with half-down and Seller agreed to finance the other half for 1 year with guaranteed monthly income.

The Buyers will have enough time to finish repairs, get all units occupied, obtain permanent financing, and everyone comes out a winner.

Hard to make up 7 months of your life.