07/07/2023
This face of confusion is me trying to see my screen from the insane glare of a sunny Summer day in Atlanta haha! π
Behind me is a lot in Mechanicsville that we finally Closed this past Wednesday. What we thought was going to take less than 30 days turned into 14 months. Here's the breakdown:
My investors originally asked me to sell this property in 2019, but the price they wanted was a little ahead of the market at that time. Fast forward through COVID to the Spring of 2022, we tried to sell again as the market and pricing were more in sync. We went under contact quickly, and title came back with two big snags.
#1 The City condemned the house, tore it down, and hit my sellers with a very expensive demo lien. After a little running around at City Hall and pulling an open records request I discovered that the City sent the warnings and notices to the wrong address. It was a small spelling error by the City admin. So my sellers never received notice and never had the opportunity to address the situation before the City took action and demolished the house.
Bummer City, right?
After I collected all the records from the City, we had to hire a lawyer to spend a few months pushing the case until the City eventually forgave the demo lien. Problem #1 solved!
#2 Questionable Tax Lien? My investors originally purchased this property years ago, before I started working with them. All of the old liens were supposed to be paid out of the proceeds of that original Closing. Unfortunately somewhere in the process that didn't happen or wasn't recorded properly. Thankfully it was covered by the Title Insurance company, which meant we had to file a Quiet Title Action (QTA). It took almost a year to to go through that process and clean that up. We didn't have to do any heavy lifting, but we did have to wait. THIS IS WHY YOU GET TITLE INSURANCE! Problem #2 solved!
So what was supposed to be a pretty straight forward deal turned out to be a little messy, but we got it done. It can be easy for people to get frustrated with deals that drag out like this, but you just got to play it cool and problem solve.
Over the years I've worked on quite a number of, "hairy," deals. All you can do is put your best effort forward to learn the lessons each deal has to teach you and get it to the Closing table.
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If you're in the middle of a tough deal, or just thinking about buying or selling your first property?
Bring me your thoughts and questions! I'm happy to help you out whether you need me to represent you in a deal, or just need a second opinion from a friend.
Cheers y'all! π»π₯³