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The CRE Humor Jokes

Due Diligence Says Clean, Surveyor Brings a Snorkel

Broker: Clean deal, minimal hair Due diligence: Phase I plume, roof older than my Excel model, T-12 vs rent roll = multiverse, 0/17 estoppels returned šŸ˜µā€šŸ’« Lender: Just need updated ALTA, PCA, SNDA, and proof the parking lot isn't a wetland Client: Can we close Friday? Me: Sure, if time travel was in the PSA Expectation: 6.5% cap; Reality: cap trap and a raccoon in Unit 104 demanding TI šŸ¦

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Phase I Said 'Minor REC' And My Cap Rate Started Screaming

Broker: DD is light; me opens data room: FINAL_v12_FINAL2 šŸ˜µā€šŸ’« Lender: need one more thing—PCA, updated ALTA, zoning letter, 10 estoppels, SNDA from ghost tenant Phase I: minor REC (1997 dry cleaner

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When the ALTA hits and your pro forma taps out

Broker: Off-market, 'light lift' 🧮 My model: 47 tabs, 19 IRR cases, cell G37 chained to a prayer Lender: Need refreshed Phase I, ALTA v3, estoppels, SNDAs, and your Q4 soul Seller: BTW NOI includes m

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