Eric recalls the day he got a phone call from a couple that wanted to buy a home for their son. I showed them 35 plus homes untill we fould one they really liked. We placed an offer and they countered. We accepted it. Three days before closing I asked the buyer if he had insurance ready. At the closing table I asked him again. He said give him a moment and he walked outside and made a phone call. Five minutes later he came back in and said. We have a problem. My insurance company says this is a mobile home, not the block home we are supposedly purchasing. So I stepped out of the closing and called the county. I was confused, the county was confused and the seller and the title company were pushing for us to close and figure it out later. No, we are not closing. I went straight over to the property appraiser and spoke to the clerk at the desk. Before it was over, there were 7 or 8 department heads and bigwigs having a pow wow with me. Evidently the owner, which was also the Realtor, had removed the mobile and put in a block home. No permits, no certificate of occupancy. So the property was red tagged, and big fines were paid. Several months later, they got the property legal and we closed. The seller/Realtor was not happy with me, but she should be because she avoided a big law suit, that she would have lost. The buyer was happy with me because we did not close on a nightmare.
The story could have ended there, but it goes on.
Seven months later the parents realized the son was not paying the mortgage. The got him out of the house, which he had trashed, caught the mortgage up and gave it to me to resell.
I listed it and put it under contract for $99,000, $15,000 more than their purchase price. One day before closing the new buyer flakes out and decides she does not want the property. Her boyfriend steps up and says he will buy it.
So we go to closing and we close.
At the closing table the buyer gets the keys, shakes my hand says. "Now lets resell it." I reached into my brief case and grab a listing agreement and ask "What price." He says $139,900. OK. Three days later we get a contract at $129,900. A cash buyer. They close within a week. His girlfriend was very upset that he did not share the profit with her.
Live goes on.