My first L/O deal (NOT!)- final update - Posted by rayrick
Posted by rayrick on January 26, 1999 at 14:17:02:
So, my seller (or was he?) called today and cancelled our 5:00 meeting. Turns out his live-in girlfriend doesn’t really want to move after all and at the very least wants the option to move back after renting it for a year. Plus, he’s been getting a lot of interest from potential renters at his $2100/mo asking rent. So, as they say, on to the next…
Never trust the seller’s statments about the price they paid, the amount they put down, or the amount of their mortgage. (he fed me a line on ALL THREE of these things)
People can give a pretty good impersonation of being motivated without REALLY being motivated.
Estimating fair market rents on high end houses is a tricky business. Some people are willing to pay a LOT, especially, if their aren’t many available houses of this type. Multiple real estate agents and even a builder of this sort of home can all be WRONG.
So, anyway, thanks for all the help, everyone. Sorry to make you all listen to my blatherings. But I got some great ideas for the future on houses of this type. All part of the educational process…