ARGH! Sellers changed their mind!

[Nathan Gesner]

I have a story of failure and don't know where else to share it. Sellers had two homes that were occupied by severe hoarder parents. They cleaned up the large one and asked me to look at it for a potential sale. They did a great job cleaning it up (6 months) because this house was spotless!

In the course of viewing the home, they tell me of another one across the street. They want to "walk away" with $55,000 and I know homes go for $150,000 at the very lowest so I start to salivate without letting them on. They refuse to let me see it because they are so embarrassed by the mess but I could tell from the first house that it was probably just dirty and a few dumpsters and some cosmetic work would easily double my money.

They told me it would take about two months to clean it up and then I could buy it contingent on an inspection, which was fine. But I couldn't wait!!! I sent them the offer and then drove over to walk around and look through the windows. To my surprise (not really) the back door was wide open. I went in and looked around and this place was filthy! But I also noticed all the glass was intact, no leaks, no holes in the wall, there was a newer furnace and water heater, etc. It was much better than I had originally expected and I really got excited!

The sellers were going to clean it, and I already saw how well they could do that on the first house. My expenses would be less than $5,000 for a couple appliances, paint, and flooring. $60,000 for a home valued at over $150,000. A monthly payment under $300 for a home I could easily rent for $900. YAHOOOO!!!!

Now the rant. They called today and said they changed their mind. They have relatives living in a "dumpy trailer" in one of our tailer parks and they want to provide them with a better place to live. After cleaning the home, they will rent it to their relatives for the cost of taxes and insurance which will be roughly $100 a month. ARGH!

I was so close. Even my wife was excited, despite seeing the pictures and video. This is especially disappointing because deals like this are rare in my town with few foreclosures and a median home price of $225,000.

Thanks for listening.