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Updated over 9 years ago on . Most recent reply

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Sam Sam
  • Queens, NY
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5
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I really need advice on how to wrap this good deal in Queens NY.

Sam Sam
  • Queens, NY
Posted

I need advice on how to wrap up this deal. I located a mix use property in Queens NY, 2 one bedroom apartments on the top floor, store space on main level. The main floor was being used as a women's sorority. This property would easily be appraise within the high $400K and low $500K. I locked the owner in a contract to sell the property for $300K. My issue is during the process to close the deal I discovery the property was incorporate as a nonprofit. The owner does not want to dissolve the organization, she just wants to get rid of the building. During the process after preparing the paper work for the Attorney State general as advise by counsel, the owner receives a form stating she lost her tax exemption because of not filling taxes and maintaing the proper paper work. I don't know if this means anything I just want to give you all the facts. The owner is well past frustrated as well as I, because this is taking a long time; deal was put in contract in the month of february. Plus at the very beginning everybody was not on board to sell the building, even the owner at times so I received a lot of resistance gathering the necessary paperwork. Now everybody is on board and I want this done. What must I do to wrap up this deal. 

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