Home > multifamily, Rants and nightmares, Uncategorized, Videos > Land mines and snakes and grass fires – 20 apartments

Land mines and snakes and grass fires – 20 apartments

January 19, 2012 Leave a comment Go to comments

This was a difficult property to get closed. We had to avoid land mines and kill snakes and put out grass fires.

The broker representing the seller had difficulty getting the seller to sign documents.  The seller had difficulty making mortgage payments.  The property needed extensive repairs because seller was out of state and did not personally see the property.  The first year it was for sale on the market and had four vacancies due to needed repairs. 

It needed a new roof also.  Two years previously the Appraisal District had each apartment unit appraised for approx $42,000 but dropped the value this year to approx $29,000 each.

The buyer’s lender assigned the file to an inexperienced loan processor, who promised that the appraiser would finish the appraisale in one week.  The project was assigned to an appraiser just two weeks from the expected closing date, however it took three to get the appraisal finished and then the bank needed an additional week to review the appraisal and write loan docs.

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