Strike!

One of the most important aspects of a workout is timing.  This is a critical piece which most people do not realize and even more problematic, do not appreciate when told.

My client has spent a very long time waiting for the success of a workout I am handling and we finally reached the finish line.  The real estate involved in the workout was finally approved for short sale and a closing date set and the bank handed us a golden ticket.  The document contained two of my favorite words, “On or before.”  These three words are unbelievably useful.  Why wait?  If the bank says on or before we could close that day.

My recommendation was as follows; close immediately, do not allow any other factors to enter into the equation.  When you get through the gates and out of purgatory , move swiftly, do not hang around and see what happens.  My client called a banker which we needed on our side for financing and the man quibbled.  He had paperwork issues and other excuses and said that the date on the paperwork was more than adequate.  No matter what tactic was used to argue my case, the man would not budge.

Currently another debt attached to the property and now we must remove that before the deadline to save this deal or we will be starting a two year process all over again.

Remember.  Timing is important.  Wait when you must and then strike when the opportunity presents itself, haste can be  deadly, but waiting too long is just as bad. Strike when the iron is hot. Timing.