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Had a tenant back out of a signed lease for a Corktown retail space last month
Honestly, I was finalizing the paperwork for a 1,200 sq ft spot on Michigan Ave. The tenant signed, then called two days later saying their funding fell through. Tbh, it left me scrambling because I'd already turned down other interest. I ended up reaching out to a local broker I know, and we got it re-listed fast. Ngl, it was a stressful 48 hours. Has anyone else had a signed deal fall apart at the last minute in Detroit, and how did you handle it?
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jordan_webb5mo ago
Oh man, don't get me started... I had a guy sign for a small office spot in Midtown, then ghosted me. Found out later he took a different space and just... never told me. My own fault for celebrating with a fancy coffee before the check cleared, I guess.
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joseph_ellis855mo ago
Yeah that's the worst feeling... I started taking a small deposit just to hold the space after they sign. Not the full amount, just enough that it hurts to walk away. It filters out the people who aren't serious real fast. Lost a couple of maybe-clients that way, but the ones who do pay always follow through. Saves you from the ghosting thing almost completely.
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