This was a real Doozy of transaction! A past client of ours found herself in a real bind on an apartment building that she sold. We had previously financed the apartment building that she sold and she went into a 1031 exchange. The market was very tight on inventory and she was at the tail end of her exchange and her Real Estate Agents that had represented her on the sale abandoned her. She called nervous seeking help in finding a replacement property.
As we entered into the assignment the first major hurdle was she had about 1 week left before her drop dead date on her exchange, YIKES! Then to top it all off property inventory was scarcely low on properties that would satisfy her basis.
Our team jumped right into action first contacting the 1031 exchange intermediary and speaking with them to determine if our client would qualify for an extension that was being offered due to the federal disaster declarations, and good news they did qualify. Then part two was we brought in a co-listing agent to assist us in scouring the market for upleg properties and while our team simultaneously gathered all documents needed to build a loan file so we could get the client financed. Last part we finally got an offer accepted went into escrow obtained agency financing for the client and closed the transaction. We deserve to pat ourselves on the back on this one. LOL.