Complicated? It’s all right.
Defaulted mortgages, liens, judgements and more did not deter us from helping this seller close, although they certainly made it challenging.
From the first call, the pain in the seller’s voice was apparent. The caller sounded tired, worried and a little scared, describingplans to sell a townhouse in Chicago. The caller had a contract in place with a deeply discounted offer, an urgent need to close swiftly, and another real estate attorney who just became ‘unavailable.’
Our firm often fills in last-minute like this—and we’re happy to help. Yet further discussion made it clear that this deal would involve a few complications (an understatement as we would soon realize).
The title search confirmed those complications—and more. Three mortgages: one in foreclosure and two in default. HOA assessments also in default. An IHDA Hardest Hit Fund grant to be repaid. Plus, there were multiple other liens: federal taxes, Illinois State taxes. At least one judgment, maybe others.
Working through the title clearances, we became aware of a prior contract that cancelled earlier in the year. The seller’s attorney at that time couldn’t wrest control of all the issues. The buyer lost faith in the seller’s ability to close, cancelled that deal and cut their losses.
Thankfully, we fared better, but it was not easy. We quickly worked to clear all title matters, schedule the closing appointment, secure signatures on conveyance documents...and we were ready to close! But then, at the 11th hour, our client slammed on the brakes. Directed us to stop. Not to close. He gave no reason or assurances that he would reconsider. Cut all contact with us and went MIA.
So, we alerted the buyers and title company to the disruption and began a campaign to re-connect with the seller. Via email and voicemail, a visit to the property address. We tried to reassure the client of the integrity of the deal. We re-established the client’s confidence in our efforts. We also kept open lines of communication with the buyer’s side to ensure they would still move forward if we could make it happen. After days of silence, our seller came back to the deal! Ultimately, he allowed us to move forward—and close the deal, so we did.
As I often tell our team, any real estate law firm can do an ‘easy’ closing. Yet we make our bones with the tough ones. Our firm has been doing real estate closings long enough to know a thing or two about messy transactions...and how to actually get them closed.
Got a complicated closing? Bring it on—we’re ready.
From the first call, the pain in the seller’s voice was apparent. The caller sounded tired, worried and a little scared, describingplans to sell a townhouse in Chicago. The caller had a contract in place with a deeply discounted offer, an urgent need to close swiftly, and another real estate attorney who just became ‘unavailable.’
Our firm often fills in last-minute like this—and we’re happy to help. Yet further discussion made it clear that this deal would involve a few complications (an understatement as we would soon realize).
The title search confirmed those complications—and more. Three mortgages: one in foreclosure and two in default. HOA assessments also in default. An IHDA Hardest Hit Fund grant to be repaid. Plus, there were multiple other liens: federal taxes, Illinois State taxes. At least one judgment, maybe others.
Working through the title clearances, we became aware of a prior contract that cancelled earlier in the year. The seller’s attorney at that time couldn’t wrest control of all the issues. The buyer lost faith in the seller’s ability to close, cancelled that deal and cut their losses.
Thankfully, we fared better, but it was not easy. We quickly worked to clear all title matters, schedule the closing appointment, secure signatures on conveyance documents...and we were ready to close! But then, at the 11th hour, our client slammed on the brakes. Directed us to stop. Not to close. He gave no reason or assurances that he would reconsider. Cut all contact with us and went MIA.
So, we alerted the buyers and title company to the disruption and began a campaign to re-connect with the seller. Via email and voicemail, a visit to the property address. We tried to reassure the client of the integrity of the deal. We re-established the client’s confidence in our efforts. We also kept open lines of communication with the buyer’s side to ensure they would still move forward if we could make it happen. After days of silence, our seller came back to the deal! Ultimately, he allowed us to move forward—and close the deal, so we did.
As I often tell our team, any real estate law firm can do an ‘easy’ closing. Yet we make our bones with the tough ones. Our firm has been doing real estate closings long enough to know a thing or two about messy transactions...and how to actually get them closed.
Got a complicated closing? Bring it on—we’re ready.
Stay Informed
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
