October 11, 2017

Keep Calm and Close the Deal

Everything that could go wrong did go wrong. Except the ending.

When the out-of-state owners of the 17,064 SF building at 339 S. Main Street in Rochester wanted to sell, they interviewed local brokerage firms and turned the job over to Chip Egbert of the Thomas Duke Company. After just a month of aggressive marketing, Chip had the building under contract.

Out-of-the-blue circumstances put the building back on the market. But the trophy property was quickly snapped up and by December 2016 was under contract again. Everything was in order for a March close. A week before the signing, Chip received an email that because of internal issues at the lender, all loans were being seized.

Chip set about finding a new lender and initiated negotiations between the buyer and seller to reinstate the purchase agreement. By the time both parties came to terms, Chip had a new lender working with them. Two weeks before the second scheduled close, that lender, uncomfortable with terms in a tenant lease, halted the transaction.

By mid-August, Chip had yet another lender onboard. Patiently, he guided all the players toward a closing date of October 1. After 45 days of underwriting and more due diligence, the deal finally came to a happy ending on September 28.

The seller later called Chip to say, “We have never worked with a broker with such persistence. You kept this deal alive—it wouldn’t have happened without you. We will definitely use your service and the Thomas Duke Company again, and we’ll recommend you to all those we know looking to sell or buy any commercial real estate.”

Real estate is an unpredictable business. Every client needs a broker who is not only knowledgeable, but also determined to persist through any obstacle. If you’re looking for a broker who can keep calm and close the deal—no matter what the business throws at him, call Chip Egbert at the Thomas A. Duke Company.

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