Through my advertisements I found this homerun deal. It was an 3/2 1800sf SFR inherited property. The house was a few payments behind on the mortgage and seller had some medical issues and needed to be cashed out. There was only $40k left on the mortgage and the homes ARV was close to $200k. The house was in deacent shape and needed upgrading and minimal repairs,(estimated at $30k). I had sat down with her and talked about her plans and what she needed. I had ran my numbers and came up with $80k as a purchase price. We talked for a bit more after makong my offer, and she verbaly agreed to selling the home for $80k cash. Not being prepaired I did not have any contracts on me at the time. So I told her I will have one drawn up and she can sign it later that day. Little did I know she had another appointment for showing the house. The guy came with a higher offer, and she signed his contract right there on the spot.

If I would have had a contract on me at the time I could be looking at a nice payday. So moral of the story is be prepared at all times, you never know what you might need until you need it