Thursday, November 19, 2009

Another One Bites the Dust

Working in distressed assets is kind of like playing pin the tail on the donkey on the edge of a cliff. Not only can't you see, but one wrong move and you're SPLAT!

My optimism and “beingness” to succeed is being tried at this moment. Another one of my deals just all but died (and the carrot being dangled seems just as unreal).

This was a note sale on a large retail center. The property is almost done with the foreclosure process and REO is just around the corner. Our buyer (and when I say "our" I mean I was an intermediary/referral party and didn't control the buyer or the bank) repeatedly stated they wanted to buy the note before foreclosure, issued an LOI, and when the bank finally said "bring us a PSA" it was all but a done deal. At least that is what we were told.

Then at the 11th hour we get an email listing a litany of objections as to why they won't be consummating the trade. Most of the email was BS and simply "fear" and "lack of understanding" of the deal. The carrot was "we'll wait till it goes REO and revisit the trade". I won't hold my breath.

And like that another 6 figure commission is all but a memory.

I have a stomach ache. I should be used to this by now. I'm not.

I'll get over this loss soon and continue to "warrior" on.

But right now I feel like screaming on the TOP OF MY LUNGS until I can NO LONGER SPEAK.

In fact, I think I'll do just that.