By Living Room Realty, May 14, 2018
My sweet friend Jose Luis is now the proud owner of a gorgeous condo in the bustling Pearl District, with unobstructed views to the West Hills and dramatic sunsets. It was his long lasting dream to purchase a condo in the “Edge” building, an imposing bluish structure made of glass, metal and concrete where several other of his good friends live.
The condo seemed to be waiting for him when he reached out asking me to help with the move. The seller was expecting a premium price because the space was luxurious and in perfect condition, but the condo had refused to go pending. Once Jose got his financing figured out we presented a bold offer and started the negotiations until we met in the middle of the way, fair and square.
Once in contract, the whole transaction was completely stress free until we hit an unexpected roadblock. Just 3 days before closing, the lender had found issue with what was assumed to be a high proportion of comercial real estate in the building. Fortunately, while reviewing the hundreds of pages of condo documents, I had seen an official looking letter that clarified that inaccurate assumption and presented it to the lender at once. The approval of the loan was granted after a weekend of anxiety and just one day before the expected closing day. Sigh of relief!
