Wednesday, April 22, 2020

How to Screw up a Commercial Real Estate Escrow!

The corona-virus hasn't been the only thing effecting me the past 22 days.
(I am NOT infected by the virus! It has been one of many things going on around me that have had an effect on me -- like it has on so many others.)

With that said: the escrow that was canceled by the Buyer the day before Close, is still swarming around with accusations now by the Procuring Broker of being screwed; and accusations of me and the Seller screwing the Buyer, and these are from the Procuring Broker.

This accusation has become more nauseating than the Virus! (Okay, since I don't have the virus, this is an exaggeration.)

Let me explain: Recently, the Procuring Broker accused me of trying to "Sideline" his firm from any commission due to him because his client canceled escrow.

Essentially, he is accusing me of trying to screw him.

Potential Screw Job?
That's NOT true given that one of the partners in the Buying Entity is a local real estate agent who is with another firm.  That agent has made direct contact with me and continued to do so even after I told him to keep the procuring broker involved. (He didn't).

So, when I emailed this Partner, I also cc the broker and agent involved to keep them in the loop.

Yet, apparently, the Broker doesn't keep up with his email correspondence. (That's another story.)

Anyway, when a Buyer cancels an escrow the day before closing, it is a reminder that there are a lot of Buyers out there that lie.  This Buyer claimed to be qualified to buy ALL CASH, yet never had the money to close.  It also puts into focus his Proof of Funds that he presented claiming he had the ability to close. (What happened to it?)

My suspicion is, and has been, he was trying to "flip" the properties. And, his up escrow/sale canceled on him.  Now, he is trying to get his $275,000 EMD back which he is NOT entitled to per the Purchase Agreement he signed.

Since I do my best to be diligent and honest, if you are a Buyer who lies and pretends you are more than you are not, please do NOT contact me.

If you are a Buyer who is serious about acquiring a Nevada CRE Property...(and don't like screwing or being screwed)...but like being treated in an honest and forthright manner...

Contact David Howes by: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

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