Closing Day Delay: One Year Late
By Debbie Malone, From Lynchburg To The Lake (434) 546-0369
(Londeree's Real Estate & Property Management)
Last June I sold new condo's to three widows. The buyers are all friends, ready to downsize and all had homes to sell. By July, two of the homes were under contract to investors and one would be bought by a mall developer. By September 2007, all three ladies would be able to close and move in at the same time. They were thrilled. Unfortunately, there were three final walk thru's, but only two closings. Just before the third, a major investor in the mall project suddenly passed away leaving the developer without financing. The buyer's sons weren't comfortable with her buying the condo without the sale of her home. The daughter's wanted her to go ahead with the purchase and rent out her house. We talked about a bridge loan and she anguished over what to do. For several more months she w...