A cautionary tale for all my friends and colleagues who represent buyers in real estate transactions. I had the good fortune to help a long time client close on her purchase of a three flat last Friday. In a year that has been replete with difficult transactions, this one was pretty easy. An all cash purchase of a bank owned property. Clean title to boot. (What can possibly go wrong, right?) The deal came together pretty quickly. We closed in just three weeks. It is a lovely building (purchased by a delightful client). The bank that was selling had foreclosed on a developer who (like many others) had apparently run out of money before he could complete a conversion from a rental to condominiums. Overall the place was in good shape. The first floor unit lacked finish plumbing, fixtures and appliances on the first floor, but the second and third were pretty much rent-able and ready to go. The purchase price seems a bargain. My client is v...
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