Saturday, March 28, 2020

The Assignment has NOT been Received!

In almost 30 years of being a Real Estate Broker, this has happened to me less than a half-dozen times.
However, as of yesterday, this is the first time it happened within three days of closing escrow!

I have had the three Downtown Las Vegas Motels in escrow four times now.

In my attempt to ward off would be flippers, I have been diligent to overly vet prospective buyers.
Most approach as buyers interested in acquiring value add, net income properties that they can fix and operate.

However, I didn't see this one coming because the "Buyer" has acquired several properties in Downtown Las Vegas that he bought, fixed, and operates.

So, when all of the Buyer's contingencies expired, he suddenly wants to cancel the escrow -- and receive 100% of his Earnest Money Deposit (EMD) back!
WHAT?!

The Seller was just as surprised, too!  And, since the Buyer threatened to sue to get his EMD, the Seller sought his attorney's advice; and his attorney says the EMD belongs to the Seller.

Then, while discussing the situation with the Escrow-holder, she lets out that she had been waiting for the Assignment of the Escrow.
WHAT?!
Assignment of  Escrow
She tells me that the Buyer's assignment of the escrow has NOT been received.  I was stunned. Apparently, this Buyer either didn't have the funds to close (As he assured me); or his flip Buyer pulled out of the deal at the last minute.
(I think the latter.)

Now, the Buyer either has to close, or he loses his $275,000.00 EMD.

At this point, we shall proceed with caution.

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!

Thursday, March 19, 2020

SHUTDOWN!

Real Estate is a business that requires a lot in personal interaction.  Granted, most of it is on the telephone and through other electronic communicating, but it is still a personal relationship business.

Yet, truly it is a non-essential business -- except when you have an escrow that needs to close within the shutdown period.


Sigh!

Buyer wants to extend closing because he is restricted from re-entering the US; and Seller's attorney says close right away.

Somehow, as the Real Estate Broker in the transaction, I am stuck between a rock and a hard place.
(Boy do I feel squeezed.)

What to do? What to do?

Keep moving forward.

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!

Thursday, March 5, 2020

Taverna Costera -- A WHL Designed Restaurant!

Rarely do I ever mention my wife's design firm.

I really should mention her firm more because her team does amazing work.

Here is the latest from Carol, Larry and crew!

Vegas Eater Taverna Costra Story

Magnificent!
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!