Thks Afford for your elaborate and professional experience response as I now have time to add my own personal experience to counter the perpetual nonsense. At one point of my episodic life I was a real estate developer. I had a few lots in a high end zip code, readily recognizable if cited, that I accumulated over a 10 yr period. The last key portion was one large lot that I was told by all the experts in real estate and lending: "NO bank in this economic environment will lend you money on that large lot that I was planning to subdivide and remove a "historical house": ALL done without any previous specific experience!AND I was only able to purchase that adjoining large lot with a "historical house" because when I bought the first large piece I had my real estate attorney put in the clause that should the adjoining piece ever come up for sale, I would have the right of first refusal and that became key in securing it!vs another buyer whom I was aware of. I put down a non refundable deposit with a 45 day close for all financing.So I had my work cut out for me. Found in the last week a local bank that would do the financing with the key proviso I had to collateralize it with ALL my real estate holdings and 1 yr note @ 13% rate (lots of risk entailed). So in an exceeding difficult to deal with high end community was on pins and needles to overcome wetlands issue; subdivided it in an acceptable manner to the town! with various conveyances! as well as produce a court win filed by the local historical society (no attorney used): ALL within one year and without previous specific experience and 85% DIY! and put the now sub-dividable lots for sale pending ALL final clearances. During the previous three years I witnessed high end foreclosures: waterfront lots previously sold for $1 mln 3.5 yrs later were auctioned for hi $3's to low $4's.To wrap it up and get to the point: I realized that even though I had a buyer I might not meet the mortgage date due so I hired in my travels a key Chase Manhattan real estate foreclosure attorney to RENEGOTIATE the just expired Mortgage Loan. Was successful on ALL fronts: sold one (without much of a discount) of the lots 45 days later and at that closing had to take a 20 minute time out: received another offer and my attorney and I had to decide at this crossroads: accept this incoming much higher offer or take the one at this closing. Decided that a bird in hand is best vs dealing with potential vagaries of this new buyer.Important note: I watched how a young real estate attorney band together a prominent local investment group and lose $25 mln on three separate projects. So despite the high hurdles on MANY varied and diverse fronts overcame it all through a strong constitution, maintaining an open and always inquisitive mindset, amidst an exceptionally difficult economic environment along with always onerous local authorities: ie a vacant land property owner not living in the area and paying 7G's/yr taxes could NOT use the town's local beaches!.. fortunately he was a lawyer and took it all the way to the State's Supreme Court to WIN! The above are just the highlights. So the above personal experience trumps the persistent squawking naysayers in this realm as well.
