This was a purchase transaction for a new client that was referred to us by the listing agents. The client was in a 1031 exchange and relocating her assets from Los Angeles to San Bernardino market area.
One of the ten buildings of the subject property had 4 units that were vacant and uninhabitable as a result of a fire. Per PSA the property was to be delivered with COO, but as it turned out time ran out and work was not completed and buyer had to close to satisfy their exchange.
We worked with all parties, Borrower, Seller, Agents, Lender, and appraisers and what we were able to structure was to close on time, and then have a portion of seller’s proceeds to be held in escrow until work was completed and COO received. Mission Accomplished.