Adam Leitman Bailey, P.C. Negotiates Price Credit to Allow Short Sale to Close
This was a short sale and Adam Leitman Bailey, P.C.’s clients were purchasing the house from someone as a bail out from foreclosure. The seller’s attorney was not responsive, and Adam Leitman Bailey, P.C. needed to be very proactive to get this deal closed. Along the way, the firm found many issues in the house that it needed to deal with. After the original offer was accepted, the firm conducted an inspection which uncovered a plethora of issues.
The firm negotiated a substantial price reduction, as these were all issues that were not originally disclosed to the purchasers. Then Adam Leitman Bailey, P.C.’s clients were having a lot of trouble getting financing, since they also required a rehab loan. The firm worked very closely with the lender to satisfy any conditions that came up and were able to secure financing.
The next hurdle was that there was a break-in to the house, due to the fact that it was not properly secured. The firm had previously put them on notice of this fact, but the problem was not rectified. A large section of copper piping was cut out of the wall and the house was ransacked. Adam Leitman Bailey, P.C.’s clients were afraid that the damage would be even worse next time. Since the payoff lenders on the short sale would not agree to accept less money, Adam Leitman Bailey, P.C. negotiated a credit from the real estate brokers to its client. Finally the firm got past all of these obstacles and were able to close and the purchasers are already in the process of reconstructing their dream home.