Posted by ChuckP on March 25, 2000 at 14:52:57:
He’s on the backside of a divorce and I think he has feelings for the house. I have never seen a deed like the one he had. As a matter of fact, the county had even mis-filed the deed. It was a Special Assumption Deed with vendor’s lien from his former wife to him. He was gungho and kept calling me asking when was I going to take his house. However, when I got there he didn’t want to sign, but I “reasoned” with him and he signed. I cannot speculate as to his reasons. When I sat down with him the guy was staring blankly at the Austin (Travis County) doppler radar station talking about how two realtors had tried to sell the house and how his mother was in the hospital.
Anyway, I’ll lock him in with a L/O and record a memorandum of option. I’ll try to get a deed, but I’m not going to push him. This is a capital gain deal and not a cash flow deal, so I plan to create a note and sell quick. That’s my exit given the equity and how fast things are going in that section of town.