A funny thing happened on the way to a closing...

One of our agents came into my office the other day with a quite a tale to tell. Seems she had just gotten out of a closing on an investment property for one of her clients that ended about as wierd as she had seen, so she decided to tell me about it.

The home was rather dilapidated but the investor client of hers wanted it anyway. So the price was agreed to and the bank he bought it from sold it "as-is". There was a small lien on the property as reported by the title search, but the day before the closing, the agent did one last check on the online courthouse records. She found another small lien.

She brought it to the attention of the closing attorney so that any proceeds could be adjusted. The attorney left the room to call the city government to confirm the lien amount and then returned rather red-faced.

It seems the city had demolished the house the day before the closing! The listing agent had no knowledge of it (at least claimed no knowledge) and our agent (the buyer's agent was stunned.

Had the deal closed as planned the new owner would have paid for a home that no longer existed!!

Even though it did cost our agent the commission on the deal, all they could do was laugh.

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