I Bought a House for My Client
Last week I attended an open house which was
planned for real estate brokers and agents to preview a house. The
house was beautiful, great curb appeal, with very good quality of
materials and in a nice area of the town. My input to the seller was
that the price was too high and it is time to reduce the asking
price. They had derived the selling price for a market that was OK 4
months ago at the heat of the market, but now for now. The house was
in the market about 4 months. Every other attendance gave their
opinion and suggestions to the seller on what they need to do to
speed up the selling.
At the end everybody was talking about some
interesting thing that had happened to them and among us there was a
lady that said “I bought a house for my client”. Everybody looked at
her and said what? What do you mean? She explained as follow:
I had shown several houses to one of my
clients, but he didn’t like any of them and had excuse for every of
them. I found a beautiful house in the neighborhood that he was
looking for and had everything he wanted and the price was great,
much below the market. I showed the house to him and he saw that it
had everything he wanted and also I showed him the comp and the
asking price was great and below the market price. He made an offer,
which finally agreed by seller and became the contract. However,
after few weeks, the lender did not approve him and the deal fell
off.
I liked the house and the price was about $10K
below the market. I told him that this is a great house and great
price. I didn’t want to pass on this great deal and purchased the
house all cash for myself. After about a month later, he asked me to
sell the house to him, which I did. I sold him at the market price
then, about $10K higher than I bought, and financed myself (owner
financing). These days no bank gives you even 1% interest on your
money, but now I am getting much higher interest for my money and I
made about $10K at the beginning.
At the end, everybody thought that is a great
inspiration story and the open house host said to her “can you do
the same for this house too!”
