Recently I ran into someone who needed to sell their home quickly because they were moving for a job and needed to buy a home where they were going. I was amazed at what he was going to be willing to take on this property, and told him so.
I was so shocked that I said I would buy it on the spot, and did. But, being who I am, I told him I would rather buy it from him on owner financing and give him the difference between what he owed and what he was asking as a down payment. That way he could use it to buy his next property where he was going, as long as he was willing to carry the contract on the last portion at 5.5%, a quarter point more than he was paying. I showed him he could make a little extra money on the property this way, and he was ecstatic!
Not only did I give him the price he wanted, but he was able to sell it to me without having to pay a real estate agent commission. I told him he was under priced and he said, "I know, but I need to dump the property today, so I can get to my new job." I'm sure I could have taken an additional 5% off if I tried, but I just couldn't, in good conscience, do that as I knew I was already getting an amazing deal!
Now, for my efforts with being honest with this seller, getting a deal and saving myself lot of finance charges, it looks like it will end up being a $120,000 profit at the end of the lease option period, plus a referral within 12 hours from a friend of his who is looking to buy. When the person called he said his friend said that he should talk to me, I was one of the most honest and ethical agents he had ever met. WOW! I was speechless upon hearing this, but it was nice getting a two for one deal for just being myself!
Todd Clark (Principal Broker)