OfflineNobody Ever said Real Estate was boring
I have a deal ready to go down, buyer has deposited funds into escrow, sellers were scheduled to go in and sign the papers, this deal was ready to close.
Then all hell breaks loose. First off the sellers are Asian. This couple purchased this house 20 years ago and then they moved to Chicago. They then paid off the house and gave it to their father. The father and his mistress and kids have lived there rent free for all these years.
Now the father is on his deathbed with cancer. The original couple have come back to California to help and to get the house sold. The father decided to give them the house back because after all it was their house in the beginning and he never paid a dime on it.
Now all of a sudden when were ready to slam this deal and I was going to make a sizable assignment fee, the old man is demanding money for him and his mistress and his 5 brothers. He says it's for taking care of the house for all these years.
He's refusing to sign the friking deed over.
I can see the humor in this even though it's a serious blow to my finances.
The seller called me and told me the entire story, I suggested she just shell out 10-20K to the old man and 5K each to the mistress and brothers. I told her that might cost you 60 Grand but we can get this deal done and you can get back to Chicago. She says, "yea but I will have all this capital gains taxes".
I told her the alternative is you walk away with nothing, my buyer is not going to wait around.
I've had other deals with similar problems and sometimes they work themselves out.
Here's hoping.
Do you have any crazier stories?
Let's make some Money.....
Rando
Rando
wow, what a deal breaker, hopefully everything will work out, win-win for ALL!
good story, geeze sounds tricky, I don't really have any story like that but i like yours.
Tony
Go faster do more! GFDM!
The Realtor I'm flipping this deal to has suggested we do the entire transaction outside of escrow. Because the old man already signed the deed over and it's recorded. His buyer agreed, my seller agreed, I got the Prelim report that shows there are no liens,
I wonder if this cud work. Were supposed to have a meeting and put it together.
Realtor buyer says the seller will just write separate checks to seller, myself and to him.
It sounds too simple, what cud go wrong?
Rando
Your killing this, happy for you.
Wish Everybody a great success in their Real Estate Business
My big deal seemed to be going down the crapper fast.
All because of the sellers father, as I said before he started demanding money, for his mistress and his 4 or 5 brothers and this was after he had signed the house back to his son and daughter and they went and had it recorded. They had purchased the house and paid for it.
He thinks because he lived there for free for 20 years he and his family shud be compensated for watching the place. He's refusing to go into Title and sign the final paperwork.
These Asian people are something else, I shud know, I married one.
Now my greedy Realtor buyer said his buyer is willing to do this purchase outside of escrow, we are all meeting at the house in 2 days to do the paperwork and close this deal on the frikin kitchen table. I got the preliminary Title Report that shows a clean title. I asked the sleezy Realtor, well how are we all getting paid, he said the buyer will make out the sellers checks for 120 Grand in 2 dif cashiers checks and will pay us in cash.
The sellers were asking me if this is all legal. I told them my partner is a licensed Realtor and knows what he's doing, and yes it's all legal and will be recorded down at the Courthouse.
It's funny cuz we are working out a deal that they receive 2 checks, one for 50K and one for 70K and the paperwork will only show that the house was sold for 70 K to save them a shipload on taxes, and then they want to know if this transaction is legal.
Oh the insanity of it all, if this deal comes together and I get my $8,000 in cash I'm gonna run down Shaw Ave wearing nothing but a 13" Green dildo, a zoro mask and orange mohawk. And then afterwards I'll do something really crazy, haha
Rando
Rando
We all met at the Realtors house. I sat at a table where $132,000 in cash was counted out. I got my $8,000 in Cash, the Realtor Buyer got $4,000 and the Notary got $45.
Some exciting times.
I have another for 5K closing tomorrow and I have a few more in escrow.
Let's make some Money.....
Rando
Rando
I just got the call my check for 5 Grand is ready to pick up.
I was concerned because things started out slow & I've only done 4 deals this year so far for a total of $21,500
But then I'm thinking, Wow that averages out to over $5,000 a month.
I used to make 3 Grand a month doing construction just a few years ago and take home was a lot less when I figured in taxes, gas and vehicle maintenance and lunches and tool repair and saw blades etc. I had to get up at 6 Am and work my butt off. The worst part was putting up with my psychotic boss.
Who wud complain about making 5K a month sitting on their ass? Not me.
Let's make some Money.....
Rando
Rando