An SVN | Landmark sale listing went under contract for $3,460,000. Eleven days before closing, the appraisal came in low, and the lender withdrew. The parties concluded there was no way to meet the buyer’s 1031 exchange deadline.
Neil Johnson, the SVN listing broker, called on some long-term lender relationships. One bank believed that they could get the deal done.
In the end, the sale closed on schedule with Neil’s recommended lender at the contract price.
“I have no doubt that if Neil didn’t have those relationships the deal would be dead.”Mark McCormick, Seller
An SVN broker from Tennessee collaborated with SVN | Landmark to list 21+ acres of light industrial land in Geneva IL..
Through a creative two-part closing – four months apart – the entire property was sold by Neil & Seth Johnson. The local buyer needed one of the two 10+ lots for their own future use. Later that same year, the SVN Landmark team succeeded in bringing in a buyer to purchase the other lot.
The combined sales totaled $6,600,000.
“Neil and Seth were very thorough and responsive to our questions and the process went very well. We highly recommend this team due to their professionalism and hard work on our behalf.”Terry Emmel, General Manager FONA International