SOLD SEPTEMBER 2020 - REPRESENTED SELLER
This was an interesting one and has me thinking of a new strategy change. My client had a loan with a smaller bank and was not aware of a prepayment penalty he'd incur until after the counter was signed. At that point, we are in a binding contract. He didn't want to sell in the beginning so we held their feet to the fire. The more we told them we weren't interested in selling the more they dug their heels in. No concessions were given at all. By the end my client became very excited to leg up in his 1031 exchange we helped him get set up with, and find a great tri- or 4-plex. You make money when you buy a property, not when you sell. We will find him a great deal and more than make up for the small penalty he incurred!
It's always good to check the fine print and ask questions about your loan products.
So, I'm thinking the reverse psychology move will be added to the toolbox!
Listing courtesy of