This has happened twice with similar results so I thought it would be interesting to relate so you are aware if it happens to you. In the first case we were looking at a duplex that didn’t have a meter on the exterior of the building. The student involved took pictures for me to see the inside and outside of the building but I couldn’t see the electric meter. The power was on in the units, so I asked him to go back out and look again.

Actually the closing agent walked the check over to me as they are across the hall. The buyer’s funds had been wired in two days before so the closing was somewhat cast in stone. My net check from the proceeds of the sale was $80,898.35. I mention this because I always see real estate gurus having students hold up closing checks that are irrelevant to what the student actually made on the sale.

With the problems associated with selling distressed REOs (bank owned) properties, one would think that an asset manager for a lender would be glad to close out each and every headache he has in the lender’s portfolio. With this in mind, we were totally shocked when on the day of closing on a six-unit multi-family property the asset manager for the sale (A – B) decided to cancel the closing with no explanation.