Wednesday, October 24, 2007

Hope.

A couple of weeks ago we got a postcard from a local Realtor boasting that she'd recently sold a condo exactly like ours, in our complex. for $10 large more than we owe on our place. Intrigued, I called her up and invited her to assess our place with the hopes of selling it for that much. She came over and said she could easily list our place for the same amount in good conscience, however, closing costs would mean we would have to pay $10,000 at the table.

Damn.

But I got a call a couple days later from this Realtor saying she had a friend/work associate who might be able to help. Short story: he's interested in doing a lease option, which is what we were advised to do by a local RE associate/proximate mentor. That guy contacted us, and today we chatted about his and that to see what our options are.

There are no guarantees, of course. My credit isn't terrible, but it isn't great, either. We're hoping to unload this albatross condo and rent for significantly less, but he thinks there's a possibility to buy a new place. But strike that--I trust him. It's more than I can say about a lot of people out there. They all want to sell us something, or enroll us in some "mentorship program." The bullshit factor is quite robust in real estate investment. (I tried to explain that to the assistant of a local "guru" who's been calling me incessantly for the last couple of days trying to pitch me yet another "system." Note to newbs: give out your e-mail address carefully...)

Anyway, we'll see what happens, but it feels like a gift from God to have someone interested in our situation. I know he hopes to profit somehow, and God bless him for that, but he seems like a legitimate businessman who understands REAL customer service.

So much better than those buttwipes at Taco Bell, but that's another story...

3 comments:

Anonymous said...

um, without commissions that neg $10k prolly turns to break even, right?

If you FSBO you may surface some prospects to outright buy OR Lease/Op your albatross, right?

Clarence

Christopher said...

Yeah, we thought of that but we've seen FSBOs in our complex sit for almost a year. We were hoping for a quicker fix, but now our options are getting pretty thin. Depending on what our guy suggests, we may end up trying to FSBO it anyway.

Man, you guys are good for helping me to see through the fog. Thanks.

Anonymous said...

yea, I agree that it may sit as a FSBO. However, it gives you direct access to prospects who are interested in living there. You can then propose the lease option if the purchase price doesn't make you whole.

Definately listen to "the guy" ...but don't count on him as a saviour. Mom said sumpin' bout "all my eggs in one basket" ... to which I snarkly replied, "Where are we going and What am I doing in this handbasket?"

Clarence