Quote In Univision on Real Estate Due Diligence
I am continually amazed at the utter sloth by all participants in real estate due diligence – with the notable exception of bank lenders – who may go a bit crazy in the other direction. This is an article on Trump and his counterparties to many failed and a few successful projects. As I was reading through the material, we were also working on a case where a man forged deed transfers on 18 properties, along with forged notary seals, transferred the property into LLC, and then borrow a total of 7 million from non-bank lenders. Were there any clues? Heck yes. One residential address was a vacant field, the social security number given from the Hispanic man in Arizona resolved to Black women in Florida, the postal address given had the wrong zip code. The lenders are out 7 million, the rightful owners will have to spend about $10,000 per quiet title action to fix the issue, and not one person in the chain of sloth, title agents, title companies, escrow officers, no one will be held liable for the losses of the rightful property owners. The lenders got what they deserved; they wanted a quick cheap and cheerful loan. One cannot resolve complex matters with quick, cheap, and cheerful work. Attention to detail is a must.