3471 E Ludlow Drive, AZ 85032
4 (5?) Bedroom / 2 Bath / 2 Car Garage
Brian R. was in his 50’s and desperately wanted to downsize; the home was now too big, he no longer needed the space, and the cost of the maintaining the home was more than he could handle, both physically and financially.
There were several pressing issues with this home. Structurally, it was more than 40 years old, had not been well maintained, needed repairs, and both yards were basically dirt and weeds. Brian and his family were also smokers, which meant that the walls were yellowed and the entire home smelled of cigarettes. There were popcorn ceilings, and the home’s layout was very odd, which made it particularly dark.
The home’s problems didn’t end there, however. A bedroom had been added, but it’s placement was poor, and a wall between two other bedrooms had been moved entirely, for no discernable reason. It also made it difficult to determine whether there were 4 or 5 bedrooms. Finally, the master bathroom had been partially removed for a remodel that never happened, leaving it with no tub or shower, simply a square of cement flooring with a drain – but no plumbing. In short, there were a number of issues with this property that made it all but impossible to market in its current condition.
What Fair Property Buyers Did The Problem
Brian contacted us and we were able to tour and assess the property, and make him a cash offer within 24 hours; the offer included closing costs and paying for the title company. Brian accepted, and we went forward with the purchase of his home.
Here is where a true anomaly occurred, one we’ve never experienced before, or since. Brian had said that he owned the property free and clear, that he had in fact written the last check for the mortgage in the early 1990’s. However, our escrow department discovered that there was a bank in Germany that had papers on the property that showed that $66,000.00 was still owed. Brian insisted he had paid this loan, and this is where we went into overdrive.
Fortunately, Brian’s father still lived in Germany at the time, so with his help, our escrow department was able to search this German bank’s archives, where it was determined that Brian had indeed paid the entire loan off, but the bank in Germany had failed to release or file the correct paperwork showing the loan had been satisfied.
The End Result
We were able to do the research that proved that the bank in Germany was at fault, and that they had, in fact, received the final payment that closed out the loan. We also arranged for the paperwork that would release the loan to be corrected and filed quickly – even though the bank was in another country entirely. In less than a month, Fair Property Buyers was able to straighten out a title problem that could have taken a year and more to fix, and Brian had the money for his home in three weeks from the time he called us.
When escrow and title problems like these occur, it can be a hassle, and when it happens outside of the United States, it can be a nightmare. We are proud of the fact that we have the experience and resources to handle any situation that comes up when it comes to selling – or buying – problem real estate!