There’s always a back story with each real estate transaction. Some are common themes ( can’t afford payments), but some are unique and unusual. We can all learn from each other by sharing the stories that go with the real estate deals we do, how we structured the deal, and why.
What’s your STRANGEST real estate story? Details please!
Way back in 2004, I went door-knocking foreclosures. This was before the runup in prices. Back then, good, newer houses were going for under $100/psf.
Wish I’d kept a few more of those, huh?
I found a very nice husband and wife who were about 90 days from losing their home. We went over the foreclosure notices and I estimated the date of the foreclosure sale at the courthouse.
They had ‘some’ time. But it went by quickly.
We negotiated for me to buy the house and give them 6 months to move.
I was unable to get them to sign and documents.
They thought they’d get a better offer.
The reason for the foreclosure was their 19-y/o son had beaten up a classmate for pinching his girlfriend. And not just beat him up, put him into a coma!
See, the son was the size of a doorway. The other kid wasn’t.
Now the son was in jail for assault and battery. The parents needed to hire a lawyer and the lawyer needed a large retainer, and the parents depleted their savings to pay the lawyer. They then fell behind on their mortgage payments.
We were unable to come to an agreement and (on the day of the foreclosure) after about 90 days from our first meeting, I got a phone call from them. It seems someone came to the door and said he was the new owner and they had to move.
They asked me what they should do. I said, “be nice to the new owner.”
What else could I do?
So, they lost 2 things that year. They lost the house and soon after the foreclosure, the beaten classmate died. And the son went to prison for 20 years.
That has to be harder than losing a property!!
So that’s ONE interesting encounter in the RE biz, more to come.