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What happens when a million-dollar home is built on the wrong lot

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Mortgage Professional America | 17 Oct 2014, 02:33 PM Agree 0
So you've helped finance the construction of a home, only to find out later it wasn't built where it was supposed to be. Now what?
  • billyjimbob | | 17 Oct 2014, 03:33 PM Agree 0
  • Cary M Cox | | 17 Oct 2014, 04:29 PM Agree 0
    Pray the surveryor has some serious E&O insurance.
  • Realtor Terry | | 17 Oct 2014, 05:47 PM Agree 0
    That happened to me once. I was the realtor representing the buyer. The listing agent put the sign on the wrong lot. Everyone in the entire transaction missed it until right before close when I HAPPENED to drive by and saw someone pulling the sign out of the ground. It was the real owner of the lot that HAPPENED to be in town from out of state. That started the phones burning up. Luckily my customer actually liked the "correct" lot better and all ended up as a story that buyers told for years to come. It was scary how easy the mistake occurred and taught me a lesson about not assuming anything.
  • cheryl m | | 17 Oct 2014, 08:42 PM Agree 0
    bow out gracefully and start a planned unit development. Build 3 more, form an HOA and move on. Is this guy really looking for help? Is there no more creative millionaires out there anymore? These are not mistakes this is just plain old lazy stupid people. Money can't buy smarts apparently....typical realtor list it and let someone else sell it mentality.
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