My project manager Nikki has been in Europe for the last week and still has a few days before she gets back to town. While she was gone she had some clients who wanted to see a house. She is also a licensed real estate agent and some of her friends have been looking for a house for quite some time.
They wanted to see a $645,000 country property and I agreed to show it to them on Saturday. I also happened to have an interview with a dude from CNBC for a possible rental property show, but those rarely go anywhere. I showed the house and the buyers loved it! The problem was they have to sell their house before they can buy another home. This scenario happens all the time in the real estate world. In this case, the owner of the home they wanted to buy was using a relocation company. They relocation company would not even consider an offer where the buyer's had to sell their house unless it was already under contract. The seller's also already had offers and we did not have time to get the buyer's house under contract.
https://investfourmore.com/2018/07/02/how-to-scale-a-house-flipping-business/
While I was at the pool, I was racking my brain with how to make this deal work. I thought what if I just buy their house? I talked to them about it and they were okay with the idea. They knew I could not pay full market value, because I would be selling it and hopefully making a small profit.
This morning (Sunday) I drove out to there house to take a look at it. It is in the country as well with four acres and a lot of farm animals! I figured I could pay $320,000 for their house and make a little money. This is not a flip I would normally do, if I was not trying to get them into this other house as well. They were all for the scenario that I laid out and I went off to write all the paperwork.
I wrote up both contracts, they were going to offer more than list price on the home they wanted to buy and were even willing to bring $15,000 more to closing if the appraisal came in low. I thought it was a great offer, but the listing agent told me they had three offers. Around 5:30 the other agent told me the sellers had accepted another offer. Dang! I thought I was a genius for coming up with all this and getting the deal done. Nikki had no idea all this was happening and I was going to surprise the sh"" out of her when she gets back. But, it was not happening. It was still fun coming up with everything to get the deal done, but I sure wish it would have worked!
https://investfourmore.com/2016/09/30/how-to-be-a-great-real-estate-agent/
Below you can see the turkeys the buyers had at their property!
Love the fact that from this story the excitement you had most was helping one of your agents. Even if you didn't close the deal I'm sure you built tremendous respect and loyalty from the client.
Thanks, I wish it would have worked!
You almost did it. At least you demonstrated creativity.
You almost did it.
At least you demonstrated
Creativity.
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