It took a while.
It was grueling to the end!
But the Seller is happy to get almost what he wanted for this property.
It would have Sold sooner for a cheaper price if the Buyer hadn't been so stupid!
YES! The previous Buyer stupidly canceled escrow the day before closing because he feared the US Travel Ban and the COVID19 virus was going to have an adverse effect on his property ownership.
Neither was a reason to cancel. Thus, his $250,000 Earnest Money Deposit (EMD) was going to be forfeited if he hadn't stepped back up and made another deal.
Because of his actions, he had to pay a penalty. You do know that if you cancel escrow (default), your EMD becomes nonrefundable and is released to the seller, right?
Especially, if you are scheduled to fund and closed the next day.
Some Buyers are just too dumb to realize they are NOT that smart.
So, The Economy Motel is in a new owners control. We'll see just what happens to it in the next year or so.
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
It was grueling to the end!
But the Seller is happy to get almost what he wanted for this property.
The Economy Motel
It would have Sold sooner for a cheaper price if the Buyer hadn't been so stupid!
YES! The previous Buyer stupidly canceled escrow the day before closing because he feared the US Travel Ban and the COVID19 virus was going to have an adverse effect on his property ownership.
Neither was a reason to cancel. Thus, his $250,000 Earnest Money Deposit (EMD) was going to be forfeited if he hadn't stepped back up and made another deal.
Because of his actions, he had to pay a penalty. You do know that if you cancel escrow (default), your EMD becomes nonrefundable and is released to the seller, right?
Especially, if you are scheduled to fund and closed the next day.
Some Buyers are just too dumb to realize they are NOT that smart.
So, The Economy Motel is in a new owners control. We'll see just what happens to it in the next year or so.
To Contact David Howes try: 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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