I couple of years ago I sold a house to a couple who were young and could barely afford anything. He was an aspiring children's pastor, and his wife was still finishing college. I asked them if they would be willing to get something that needed "TLC", and they said that would be a good idea. So, in a market where nothing was selling for less than $120K we bought at $80K, and boy did we have issues.
The day after closing I met them to help them in their move. The previous owner had left pets in the house and they had peed everywhere. The A/C had been flooding the carpet and really brought out the stench. It was foul, and to top it off the previous owner had left garbage everywhere. One of his friends came in and quietly pulled me to the side and said, "Do you feel guilty selling them this house?" I was taken back, but then asked him to close his eyes and take a deep breath. He inhaled and then looked as though he would vomit. I then told him, "That! is the smell of money."
About two years later, the wife became pregnant and they decided it was time to move up. When I asked them, "what are you looking for?" They replied without hesitation, "Another deal!" About three months ago, they purchased a $200K REO home for $165K and put 20% down. Thank God for stinky houses.
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