That's essentially the response I got from a buyer today, and I have to agree. For this sale at least.

My buyer is an investor. The building's positioned to make some money right away and has the potential to be a real earner after some upgrades are made. You can't ask for much more than that when looking for investment properties, except one with a money tree in the back yard. When I got the call to make the appointment to see the property, I did my research.

Wilkes-Barre, PA is a great place for the investors these days. There is a plethora (ever since The Three Amigos came out years ago I've wanted to use that word...sorry, I digress) of properties in our area that have the potential for an immediate cash flow and are great long term investments. I always do my duty to the client and research every property. I want to make sure theirs is a good investment and will pan out for them. I love referrals!! So, I do my research, verify the facts and review all documents thoroughly before we get to the appointments. I always feel much better when I can answer the questions right away instead of writing them down and getting back to my client later. Today, I came fully prepared.

We arrived at the property early. The owner was there and we had a few minutes to talk before his agent arrived. He explained to us that he is 3 weeks out from his foreclosure date and really needs to sell fast. He explained that they had had another offer on the buidling that fell through, wasting his valuable time, which he had no more of. He explained that he had an ARM that was adjusting him out of position to earn money on the building any longer, to the point that his own residence was in danger of being lost. He was going on and on about how he needs to sell his property and my clients are practically watering at the mouth. That's the point that I realized that none of the research I'd done made any difference. We were dealing with a situation that can't be picked up by a CMA. We were dealing with desperation.

At this point, it doesn't matter what the numbers say. The owner spoke louder than anything else involved. He wants to sell the building, at whatever cost, and he let my buyers know it. His list price means nothing any longer. The facts don't mean anything either. I really feel that he would have been much better off if he had waited for his Realtor to get there to present the building, but I'm not complaining. We would have found out about the foreclosure through the Realtor anyway, but wouldn't have known just how desperate this seller was. My research would have shown that the building was a good investment at the list price as long as it was structurally sound. My clients probably would have bought it at that price, but now my clients will get a money maker, well below market price and fully occupied. This is the nature of our business. With the ARMs adjusting, I'm sure we'll see even more of it.

We went through the building and it checked out fine. We met all of the tenants, who seemed to be good people. There was nothing that jumped out to cause us alarm enough not to make an offer. I've spoken with the other agent involved and we have a verbal acceptance until we get everything signed off on. We'll close in 3 weeks and the seller will be out from under this building that's smothering him to death and my buyers will have a building that will earn them immediate profits and be a great long term investment.

And I will go put all of my research away on this one...it really didn't matter.

If you are looking for a good investment property in the Wilkes-Barre, PA area, give me a call or check out my website at www.wilkesbarrehomesales.com for more info. I am a Realtor with Realty World, Rubbico Real Estate, located in Plains, PA

Until next time...