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Imagine this scenario, a 68 year old man, $40,000 in cash, a deadline and…..me. This is the story of the elderly mafia and how the condo was purchased. Let’s start from the beginning…

 So, I once had a client who was looking to purchase an investment property, something with positive cash flow, turnkey, and 9 to 10% return on investment annually. He had about 200k in cd’s, which was yielding a measly 2%!  So, I found him an approved short sale at 25% under market value, move in ready (needed a bit of cosmetic work) , with a reasonable homeowners association dues. The downside, condo had been on the market for a while and the bank was looking to foreclose. So, it was a race against the clock!

 The upside was that he was able to purchase all cash, otherwise the bank would have passed on the offer. So, offer is accepted, escrow is open, notice of trustee sale is in effect and sale date is scheduled for a week from the opening of escrow. . My investor client had approximately 100k liquid (readily available) , the remainder to be procured from his certificate of deposits. No problem right? Wrong, one was available locally, the other cd was located back east somewhere.  So, paperwork is flowing, telephones are ringing, and deadlines are approaching…

 Two days prior to the close of escrow and my client is shy $40,000 because the bank was unable to close the account and wire the funds(don’t ask me why they couldn’t be wired, don’t remember). What to do, what to do?

Oh yeah, who doesn’t have a friend with 40k under their mattress? So, I pick up my client, drive him to his friends house (yes, his friend had the cash on him….) , run to the bank to get a cashiers check, and head to escrow. Well, the story ended happily, my client rented out the property and the elderly mafia scored another win!

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website www.carlosjamador.com or www.yourfullertonhome.com for a no obligation free consultation

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